Making a Modern Central Bank: The Bank of England 1979–2003 (Studies in Macroeconomic History)

Copyright
Contents
List of Figures
List of Tables
Acknowledgements
List of Abbreviations
1 Introductory
	Money and Banks
	Statutes and Purpose
	The Governance of the Bank of England
2 Foreign Fetters
	Humiliation
	The Abolition of Exchange Control
3 The Performance of the UK Economy
4 The Inexplicable in Pursuit of the Uncontrollable: Monetary Strategy
	Responding to Inflation
	The International Sources of Monetarism
	British Monetarism
	The Medium-Term Financial Strategy
	The Treasury and the Bank
5 ‘A Good Deal of Advice’: The Battle over Policy Control
	The Exchange Rate
	The Prime Minister’s Seminars: The Bank against the Foreigners
	The Appreciation of Sterling and the Questioning of Targets
	Economists and the Bank of England
	The 1981 Budget and a New Approach to Interest Rates
	The Operation of Monetary Policy
	The Bank’s Income
	The Exchange Rate Again
	Uncertainty about Monetary Aggregates
	The Falling Exchange Rate
	Overfunding
	Flexible interpretation
	Leigh-Pemberton as Governor
	The Beginnings of a U-Turn
6 The Long Shadow of the Deutschemark: The Exchange Rate Alternative
	The European Background
	The Plaza Moment
	The Louvre and Exchange Rates
	Inflation Worries
	The Political Row over Exchange Rates and Intervention
	Ending the Cap
	Judging Monetary Policy
7 Hong Kong: Bank Crises and Currency Crises
8 Shaved Eyebrows: Banking and Financial Supervision
	Eyebrows
	International Lending and the Latin American Debt Crisis
	Preparations for Big Bang
	Johnson Matthey Bankers
	A Succession of Small Scandals
	Stability Issues
	Internationalization
9 Tunnelling Deep: The Bank and the Management of British Industry
	A History with Industry
	3i
	Industrial Finance Unit
	Portals
	The Channel Tunnel
	The Bank and Industry
10 Great Leap in the Dark: The Bank, the Delors Committee and the Euro
11 The Spine Theory and Its Collapse: The ERM and the 1990s Recession
	The Debate about the ERM
	Recession
	Membership of the ERM
	European Interest Rates and Recession
	Instability in the EMS
	The Discussion of Realignment
	Black Wednesday or White Wednesday
	Cost of ERM
	The Longer-Term Legacy
12 ‘You Can’t Be In and Out at the Same Time’: The Legacy of Delors
13 Horses for Courses: The Drive for Independence
	Independence
	Two or Three Purposes
	The End of the ERM and the Search for a New Paradigm
	Rethinking the Bank: Personalities and Design
	A New Governor and an Organizational Revolution
	Inflation Targeting
	Monetary Policy and Debt Management
	Ken and Eddie
14 Failure of Internal Communication: The Development of Banking Supervision in the 1990s
	BCCI
	The Small Banks
	Midland
	Barings
	The Plumbing of Finance
	Assessing Financial Surveillance
15 The New Bank: A University of Threadneedle Street?
	Independence at Last
	Gold
	Financial Stability
	The Governance of the Bank
	The Financial Stability Committee
	The MPC
	The Performance of the MPC
16 Epilogue
Appendix 1 Biographies
Appendix 2 The History of Monetary Aggregates
Notes
Bibliography
Index