By Forrest Capie

This choice of essays by means of the eminent monetary and fiscal historians Forrest Capie and Geoffrey wooden examines and gives motives of the elements performed by way of funds and the banking method within the British economic climate during the last centuries.

Structured in 3 chronological components, it covers: the interval of the classical greatest from 1870 until eventually the 1st international conflict, and the linked key problems with the time; the not easy interwar years, while there has been a breakdown within the overseas economic system, the second one global struggle and speedy post-War years; and the foreign dimensions of the post-War interval as much as the current day. It bargains with monetary crises, sessions of balance, and Britain within the overseas process, and covers issues corresponding to debt administration, funds and the trade cost, rates of interest and pace, in addition to significant financial institution independence, financial unions, fee controls and the position of the IMF.

Combining empirical examine and monetary concept, this well timed ebook is vital analyzing for all students of monetary, financial, and financial heritage.

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Extra resources for Money over Two Centuries: Selected Topics in British Monetary History

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3) was the source of our money stock 4 Wicksell had attributed the decline in the real rate in the first part of the period to an expansion in bank-created money increasing the supply of savings. But Cagan (1965) found that, at any rate in the US, changes in the monetary base dominated money growth. 28 Money Over Two Centuries data. Because the relationships between money and the other variables could perhaps be influenced by the definition of money used, two series are considered here: the narrow, money base, definition, denoted M0, and the broader series, M3.

M. (1976) Time Series Analysis: Forecasting and Control, revised edn, San Francisco: Holden-Day. Cagan, P. (1965) Determinants and Effects of Changes in the Stock of Money 1875– 1960, New York: Columbia University Press for NBER. ——(1972) The Channels of Monetary Effects on Interest Rates, New York: NBER. ——(1984) ‘Mr. ’, in M. D. Bordo and A. J. ), A Retrospective on the Classical Gold Standard, 1821–1931, University of Chicago Press for NBER, 604–10. Capie, F. H. and Webber, A. (1985) A Monetary History of the United Kingdom, Volume 1: Data, Sources, Methods, London: George Allen and Unwin.

1984) ‘The Gibson Paradox: A Cross-Country Analysis’, Economica, 51, 109–27. ——(1985) ‘Money, Income and Prices in the United Kingdom: 1870–1913’, Economic Inquiry, 23, 415–35. Elbaum, B. and Lazonick, W. ) (1986) The Decline of the British Economy, Oxford: Clarendon Press. Engle, R. F. and Granger, C. W. J. (1987) ‘Cointegration and Error Correction: Representation, Estimation and Testing’, Econometrica, 55, 251–76. Feinstein, C. H. (1972) National Income, Expenditure and Output in the United Kingdom, Cambridge University Press.

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