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