The Bank of England

The Bank of England

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This history of the Bank of England takes its story from the 1950s to the end of the 1970s. This period probably saw the peak of the Bank's influence and prestige, as it dominated the financial landscape. One of the Bank's central functions was to manage the exchange rate. It was also responsible for administering all the controls that made up monetary policy. In the first part of the period, the Bank did all this with a remarkable degree of freedom. But economic policy was a failure, and sluggish output, banking instability and rampant inflation characterised the 1970s. The pegged exchange rate was discontinued, and the Bank's freedom of movement was severely constrained, as new approaches to policy were devised and implemented. The Bank lost much of its freedom of movement but also took on more formal supervision.of what the government expected the Bank to do. ... The fourth edition of Sayersa#39;s Modern Banking provides a clear exposition of the Banka#39;s position and role in the banking world in the 1950s.110 ... Other work, such as banker to the government or to private customers, ... attention, Sayers was interested mainly in central bank operations and their impact on both the banking system and monetary policy.

Title:The Bank of England
Author:Forrest Capie
Publisher:Cambridge University Press - 2010-07-20


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