Monetary policy and financial repression in Britain, 1951-59:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke
Palgrave Macmillan
2014
|
| Series: | Palgrave studies in economic history series
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 287 Seiten Diagramme 23 cm |
| ISBN: | 113738381X 9781137383815 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
List of Figures and Tables viii
Preface xi
1 Introduction 1
2 1945-51: Labour s Macro-Economic Policies 3
2.1 The state of the economy and the financial
system 3
2.2 Monetary policy 6
3 1951—52: The Reactivation of Monetary Policy 19
3.1 The change of government 19
3.2 Conservative fiscal policy 21
3.3 How monetary policy was reactivated 21
3.4 Academic reaction 31
3.5 Reactivation of British monetary policy and
the accord in the U.S.A. 31
4 1952-54: Years of Growth 36
4.1 Why external pressures eased? 36
4.2 The debate on the effects of policy tightening 39
4.3 The recovery of 1953—54 42
5 Moves towards Convertibility and Their Implications
for Monetary Policy 44
6 Short-term Interest Rates in Late 1952 to Mid-1954 48
6.1 Two rate cuts 48
6.2 Afterthoughts 51
7 Government Debt Management 1952-54 55
7.1 The government s financing needs 55
7.2 Rolling over Serial Funding 55
7.3 Market conditions improve 58
7.4 Assessment 61
8 The Debacle of 1955 64
8.1 Changing market conditions, late 1954 to March 1955 64
8.2 Two budgets and a credit squeeze 73
v
vi Contents
8.3 The Tuke affair 85
8.4 The immediate effects of the credit squeeze 86
9 1956: Macmillan as Chancellor 93
9.1 Late 1955 to Spring 1956 93
9.2 The review of monetary organisation 100
9.3 The Suez crisis 109
10 1957: The Year of Thorneycroft 114
10.1 Recovery from the Suez crisis 114
10.2 The Budget and phase 1 of the struggle over
monetary policy 116
10.3 Reserve losses, phase 2 of the struggle over monetary
policy and the 7% Bank rate 122
10.4 The working group on credit control and
the aftermath of the struggle 132
11 1958: The Sunny Uplands 141
11.1 Getting Bank rate down to 5% 141
11.2 The end of the advances ceiling and the introduction
of the Special Deposits scheme 147
11.3 Getting Bank rate down to 4%, and Operation
Unicorn 150
12 1959: Here We Go Again 157
12.1 Contemporary theories of inflation 157
12.2 The Prime Minister, the 1959 election and
economic policy 158
12.3 The weakening of sterling and the beginning of a
new cycle 165
13 Monetary Policy Techniques 172
13.1 Bank rate 172
13.2 Operations in bills 172
13.3 Operations in bonds 174
13.4 Foreign exchange and gold operations 177
14 Financial Repression 181
14.1 Definition of financial repression 181
14.2 Financial repression in Britain in the 1950s 182
14.3 Moral suasion, or ear stroking 184
14.4 The effects and limits of financial repression 186
15 Management and Communication of Monetary Policy 194
15.1 Power and influence 194
15.2 Cobbold and his advisers 202
15.3 Communication 205
Contents vii
16 An Assessment of Monetary Policy 218
16.1 Excess demand, inflation and inflationary
expectations 218
16.2 Criticisms of monetary policy 219
16.3 Fiscal dominance 224
16.4 The Radcliffe report 228
16.5 Was there a better way? 231
16.6 The expansionism of 1959 233
17 Epilogue: The Next Reactivation of Monetary Policy 236
Appendix A Macroeconomic ami financial Datii 243
Appendix B Above the Line and *Below the Line in the
Exchequer A ccounis 255
Appendix C Clause 4(A) of the Batik of England Act ¡946 257
Appendix l) The Unification of Transferable Sterling: March 1954 258
Appendix E Cobhold s Random A houghts 261
References 265
Index 271
|
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| era | Geschichte 1951-1959 gnd |
| era_facet | Geschichte 1951-1959 |
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| spelling | Allen, William A. 1949- Verfasser (DE-588)170520420 aut Monetary policy and financial repression in Britain, 1951-59 William A. Allen, Visiting Senior Fellow, Cass Business School, London, UK Basingstoke Palgrave Macmillan 2014 XII, 287 Seiten Diagramme 23 cm txt rdacontent n rdamedia nc rdacarrier Palgrave studies in economic history series Geschichte 1951-1959 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Fiskalpolitik (DE-588)4071234-5 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Fiskalpolitik (DE-588)4071234-5 s Geldpolitik (DE-588)4019902-2 s Geschichte 1951-1959 z 1\p DE-604 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027610067&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Allen, William A. 1949- Monetary policy and financial repression in Britain, 1951-59 Geldpolitik (DE-588)4019902-2 gnd Fiskalpolitik (DE-588)4071234-5 gnd |
| subject_GND | (DE-588)4019902-2 (DE-588)4071234-5 (DE-588)4022153-2 |
| title | Monetary policy and financial repression in Britain, 1951-59 |
| title_auth | Monetary policy and financial repression in Britain, 1951-59 |
| title_exact_search | Monetary policy and financial repression in Britain, 1951-59 |
| title_full | Monetary policy and financial repression in Britain, 1951-59 William A. Allen, Visiting Senior Fellow, Cass Business School, London, UK |
| title_fullStr | Monetary policy and financial repression in Britain, 1951-59 William A. Allen, Visiting Senior Fellow, Cass Business School, London, UK |
| title_full_unstemmed | Monetary policy and financial repression in Britain, 1951-59 William A. Allen, Visiting Senior Fellow, Cass Business School, London, UK |
| title_short | Monetary policy and financial repression in Britain, 1951-59 |
| title_sort | monetary policy and financial repression in britain 1951 59 |
| topic | Geldpolitik (DE-588)4019902-2 gnd Fiskalpolitik (DE-588)4071234-5 gnd |
| topic_facet | Geldpolitik Fiskalpolitik Großbritannien |
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