The Re-Emergence of Global Finance

Cover......Page 1
Contents......Page 8
List of Figures......Page 10
List of Abbreviations......Page 11
Preface......Page 12
The end of a Golden Age......Page 14
Global finance v. national capitalism......Page 15
Redrawing sovereignty in the City......Page 19
Accumulation and institutional change......Page 23
2 The Evolution of the Euromarkets......Page 28
Defining Euromoney......Page 29
The origins of the Eurodollar market......Page 31
Developing a foreign market for dollars......Page 37
US banks take over the London Eurodollar market......Page 41
The establishment of the Eurobond market......Page 42
The state v. market dichotomy......Page 46
Historic mechanisms......Page 51
3 Sterling and the City–Bank–Treasury Nexus......Page 55
Sterling, the discount market and the bill on London......Page 56
Public v. private: institutional schizophrenia at the Bank of England......Page 58
The return to gold......Page 62
After gold......Page 72
4 Restoring Sterling after 1945......Page 76
America v. Britain: creating an international monetary system......Page 78
Securing the Bank’s institutional autonomy......Page 80
The battle for sterling......Page 87
European Payments Union......Page 90
Operation Robot......Page 92
The climacteric of 1955......Page 95
The great unmentionable......Page 106
Sterling and City divorce......Page 108
Locating the historic mechanisms in the Eurodollar market......Page 112
Sir George Bolton: The Bank of England’s ‘market man’......Page 115
Disassociating the Eurodollar and Eurobond markets......Page 118
Discovering the onshore external market......Page 131
The Bank of England view of the Eurodollar......Page 136
6 America and the Euromarkets......Page 148
US banks operating in the London Eurodollar market......Page 150
The Federal Reserve and the continental dollar market......Page 153
The Kennedy administration and the US payments deficit......Page 157
The US and the Eurobond......Page 160
The US Treasury discovers the offshore market in foreign dollars......Page 164
Discussing the Euromarkets with Britain......Page 175
Coming late to the feast......Page 179
7 Public accountability v. private interest government......Page 183
The Bank of England and public accountability......Page 184
The City and private interest government......Page 191
Musings, questions and conclusions......Page 197
Notes......Page 204
Bibliography......Page 218
B......Page 234
C......Page 235
E......Page 237
H......Page 238
K......Page 239
M......Page 240
R......Page 241
T......Page 242
U......Page 243
Z......Page 244