The Bank of England and the government debt : operations in the gilt-edged market, 1928-1972 / William A. Allen

By: Allen, Bill, 1949- [Autor]Material type: TextTextLanguage: čeština Series: Studies in macroeconomic historyPublication details: 2019 Edition: First publishedDescription: xiv, 260 stran : ilustraceISBN: 9781108499835Subject(s): Bank of England | Bank of England -- History -- 20th century | měnová politika | dějiny bankovnictví | centrální bankovnictví | centrální banky | veřejný dluh | Monetary policy -- History -- Great Britain -- 20th century | Banks and banking, Central -- History -- Great Britain -- 20th century | Debts, Public -- History -- Great Britain -- 20th century | BUSINESS & ECONOMICS / Economics / Macroeconomics | Velká Británie | měnová politika centrální banky bankovnictví veřejné státní dluhy veřejný dluh Bank of England dějiny cenné papíry 20. století likvidita burzy dluhopisy řízení management gilt market konkurence kontrola governanceGenre/Form: monografie
Contents:
Machine generated contents note: 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.
Scope and content: Kniha líčí aktivity Bank of England na trhu státních cenných papírů v polovině dvacátého století. Guvernér banky, Montagu Norman, měl rozhodující vliv na politiku správy státního dluhu až do důchodu v roce 1944 a během druhé světové války založil mimo burzu pomocný trh se státními cennými papíry. Od počátku padesátých let se banka, která se obávala nedostatečné likvidity trhu, stala stále aktivnějším tvůrcem trhu se státními cennými papíry a několikrát na burze zachránila komerční tvůrce trhu. Činnosti banky v oblasti tvorby trhu byly často v rozporu s jejími cíli měnové politiky, a tak je v roce 1971 podstatně omezila, přičemž se vyvarovala škodlivých účinků na likviditu na trhu státních cenných papírů. Autor se opírá o archivní výzkum a osvětluje málo známé aspekty centrálního bankovnictví a měnové politiky. Zjišťování cen a množství, tvorba trhu a likvidita na trhu s vládními dluhopisy (Gilt Market). Vládní cenné papíry a struktura burzy. Řízení státního dluhu před rokem 1928. Gilt market a oddělení emisí 1928-39. Vládní dluh a gilt market v druhé světové válce. Poválečné období - 1945-51. Gilt market od reaktivace měnové politiky do roku 1960. Likvidita gilt market v 60. letech. Vysoký příliv intervence - 1960-66. Rozpoznání a vyřešení konfliktu s měnovou politikou - 1967-70. Konkurence a kontrola úvěru, 1970-72. Příspěvek Bank of England k likviditě trhu. Správa věcí veřejných v praxi. Závěry. Epilog - náklady na zajištění likvidity.Scope and content: "The Bank of England and the Government Debtrecounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central-banking and monetary policy"--Scope and content: "Government securities are an essential piece of equipment for an effective state. They enable governments to borrow to finance expenditures which they cannot mmediately pay for out of taxation or accumulated savings. In the past, such xpenditures were often for the conduct of wars. Britain was able to raise more money than France to fight the Napoleonic Wars because it had better arrangements for government borrowing. Governments which could not borrow have often resorted to creating money, which its citizens are forced to accept as payment, leading to serious inflation; that is why wars are frequently accompanied by inflation. This book is largely the story of how the market for United Kingdom government bonds - known as gilt-edged or gilts - developed in the middle of the twentieth century, of how the monetary authorities tried to compensate for its deficiencies, and of how they overcame the unintended consequences of their actions"--
List(s) this item appears in: 1
Tags from this library: No tags from this library for this title.
Star ratings
    Average rating: 0.0 (0 votes)
Holdings
Item type Current library Call number Status Date due Barcode
Knihy Knihy PRIGO
330.157 (Browse shelf(Opens below)) Available 462210000706

Machine generated contents note: 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.

Kniha líčí aktivity Bank of England na trhu státních cenných papírů v polovině dvacátého století. Guvernér banky, Montagu Norman, měl rozhodující vliv na politiku správy státního dluhu až do důchodu v roce 1944 a během druhé světové války založil mimo burzu pomocný trh se státními cennými papíry. Od počátku padesátých let se banka, která se obávala nedostatečné likvidity trhu, stala stále aktivnějším tvůrcem trhu se státními cennými papíry a několikrát na burze zachránila komerční tvůrce trhu. Činnosti banky v oblasti tvorby trhu byly často v rozporu s jejími cíli měnové politiky, a tak je v roce 1971 podstatně omezila, přičemž se vyvarovala škodlivých účinků na likviditu na trhu státních cenných papírů. Autor se opírá o archivní výzkum a osvětluje málo známé aspekty centrálního bankovnictví a měnové politiky. Zjišťování cen a množství, tvorba trhu a likvidita na trhu s vládními dluhopisy (Gilt Market). Vládní cenné papíry a struktura burzy. Řízení státního dluhu před rokem 1928. Gilt market a oddělení emisí 1928-39. Vládní dluh a gilt market v druhé světové válce. Poválečné období - 1945-51. Gilt market od reaktivace měnové politiky do roku 1960. Likvidita gilt market v 60. letech. Vysoký příliv intervence - 1960-66. Rozpoznání a vyřešení konfliktu s měnovou politikou - 1967-70. Konkurence a kontrola úvěru, 1970-72. Příspěvek Bank of England k likviditě trhu. Správa věcí veřejných v praxi. Závěry. Epilog - náklady na zajištění likvidity.

"The Bank of England and the Government Debtrecounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central-banking and monetary policy"--

"Government securities are an essential piece of equipment for an effective state. They enable governments to borrow to finance expenditures which they cannot mmediately pay for out of taxation or accumulated savings. In the past, such xpenditures were often for the conduct of wars. Britain was able to raise more money than France to fight the Napoleonic Wars because it had better arrangements for government borrowing. Governments which could not borrow have often resorted to creating money, which its citizens are forced to accept as payment, leading to serious inflation; that is why wars are frequently accompanied by inflation. This book is largely the story of how the market for United Kingdom government bonds - known as gilt-edged or gilts - developed in the middle of the twentieth century, of how the monetary authorities tried to compensate for its deficiencies, and of how they overcame the unintended consequences of their actions"--

There are no comments on this title.

to post a comment.

Powered by Koha