Bank of England and the Government Debt - Operations in the Gilt-Edged Market, 1928-1972

This book analyzes the operations of the Bank of England in the gilt-edged market during the mid-twentieth century. Drawing heavily on the archives and daily ledgers of the Bank of England, William A. Allen presents a specialized and revealing study of the practice and governance of British monetary policy.

List of contents

1. Introduction; 2. Price and quantity discovery, market making and liquidity in the gilt market; 3. Government securities and the structure of the Stock Exchange; 4. Government debt management before 1928; 5. The gilt market and the Issue Department 1928-39; 6. Government debt management and the gilt market in the Second World War; 7. Post-War: 1945-51; 8. The gilt market from the reactivation of monetary policy until 1960; 9. Gilt market liquidity in the 1960s; 10. The high tide of intervention: 1960-66; 11. The conflict with monetary policy recognised and addressed: 1967-70; 12. Competition and credit control, 1970-72; 13. The Bank of England's contribution to market liquidity; 14. Governance in practice; 15. Conclusions; 16. Epilogue: bearing the cost of providing liquidity.

About the author

William A. Allen is a Visitor at the National Institute of Economic and Social Research. He worked at the Bank of England from 1972 to 2004, serving as a senior official in the Gild-Edged Division from 1982 to 1986.

Summary

This book analyzes the operations of the Bank of England in the gilt-edged market during the mid-twentieth century. Drawing heavily on the archives and daily ledgers of the Bank of England, William A. Allen presents a specialized and revealing study of the practice and governance of British monetary policy.

Product details

• Authors: William A Allen, William A. Allen, Allen William A.
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Paperback / Softback
• Released: 31.10.2019
• EAN: 9781108469524
• ISBN: 978-1-108-46952-4
• No. of pages: 276
• Series: Studies in Macroeconomic History; Studies in Macroeconomic History
• Subjects: Social sciences, law, business > Law > Mercantile and commercial law; 20th Century, BUSINESS & ECONOMICS / Economics / Macroeconomics, Banking, macroeconomics, 20th century, c 1900 to c 1999, United Kingdom, Great Britain, Capital Markets & Securities Law & Regulation, Capital markets and securities law and regulation