A History of Central Banking in Great Britain and the United States

by John H. Wood

• ISBN13: 9780521741316
• ISBN10: 0521741319
• Edition: 1st
• Format: Paperback
• Copyright: 2008-12-08
• Publisher: Cambridge University Press

Summary

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Independent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets.

Table of Contents

Preface

Understanding Central Bankers and Monetary Policy

An Introduction to Central Bankers

Making a Central Bank: I Surviving

Making a Central Bank: II Looking for a Rule

Making a Central Bank: III Means and Ends

Central Banking in the United States 1790-1914

Before the Crash: The origins and early years of the Federal Reserve

The Fall and Rise of the Federal Reserve 1929-1951

Central Banking in the United States after the Great Depression 1951 to the 1960s

The Bank of England after 1914

Rules versus Authorities

Permanent Suspension

Back to the Beginning? New Contracts for New Companies

References

Index

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