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Monetary policy and financial repression in Britain, 1951 - 59

Record Type:	Electronic resources : Monograph/item
Title/Author:	Monetary policy and financial repression in Britain, 1951 - 59William Allen.
Author:	Allen, William.
Published:	Basingstoke :Palgrave Macmillan :2014.
Description:	300 p. :24 figures, 10.
Notes:	Electronic book text.
Notes:	Epublication based on: 9781137383815.
Subject:	FinanceHistoryGreat Britain.
Subject:	Great BritainRelationsEuropean Union countries.
Online resource:	Online journal 'available contents' page
ISBN:	1137383828 (electronic bk.) :

Monetary policy and financial repression in Britain, 1951 - 59
Allen, William.

Monetary policy and financial repression in Britain, 1951 - 59[electronic resource] /William Allen. - 1st ed. - Basingstoke :Palgrave Macmillan :2014. - 300 p. :24 figures, 10. - Palgrave studies in economic history Series.

Electronic book text.

1. Introduction 2. 1945-51: Labour's Macro-economic Policies 3. 1951-52: the Reactivation of Monetary Policy 4. 1952-54: Years of Growth 5. Moves Towards Convertibility and their Implications for Monetary Policy 6. Short-term Interest Rates in Late 1952 - Mid-1954 7. Government Debt Management 1952-54 8. The Debacle of 1955 9. 1956: Macmillan as Chancellor 10. 1957: the Year of Thorneycroft 11. 1958: the Sunny Uplands 12. 1959: Here We Go Again 13. Monetary Policy Techniques 14. Financial Repression 15. Management and Communication of Monetary Policy 16. An Assessment of Monetary Policy 17. Epilogue: the Next Reactivation of Monetary Policy.

Document

British monetary policy was reactivated in 1951 when short-term interest rates were increased for the first time in two decades. The book explores the politics of formulating monetary policy in the 1950s and the techniques of implementing it, and discusses the parallels between the present monetary situation and that of 1951.Following the end of the Second World War, Britain enjoyed a period of prosperity and rapid growth in the 1950s. British monetary policy was reactivated by the newly-elected Conservative government in 1951 when short-term interest rates were increased for the first time in nearly two decades. However, inflation was a recurrent problem and there were repeated sterling crises. This text explores the politics of formulating monetary policy in the 1950s and the techniques of implementing it, and discusses the parallels between the present monetary situation and that of 1951. Drawing on official archives, this study describes how monetary policy was decided on, implemented and communicated at a time when the government was struggling with massive post-war debts while maintaining welfare and military spending and cutting taxes. It discusses the roles of the Governor of the Bank of England, Cameron Cobbold, and of successive Chancellors R.A. Butler, Harold Macmillan, Peter Thorneycroft and Derick Heathcoat Amory, and Macmillan's continued dominance of monetary policy after he became Prime Minister. It explains the intimate relationships between monetary policy, government debt management and fiscal policy, and the use of 'financial repression'. Monetary Policy and Financial Repression in Britain, 1951-59 provides an insightful view into Britain's economy in the 1950s and is essential reading for students, researchers and scholars of British history and economics.

PDF.

William A. Allen worked for the Bank of England (1972-2004) in a range of positions related to the formulation and implementation of monetary policy and government debt management. He is a visiting fellow of Cass Business School, UK, and is the author of International liquidity and the financial crisis (2013) and numerous published articles.

ISBN: 1137383828 (electronic bk.) :£70.00Subjects--Topical Terms:

690478
Finance
--History--Great Britain.Subjects--Geographical Terms:

689193
Great Britain
--Relations--European Union countries.

LC Class. No.: HG935 / .A45 2014

Dewey Class. No.: 332.494109045

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520 1 $a How do you manage an economy with long-standing rock-bottom interest rates, a financial system awash with liquidity, and uncomfortably high public sector debt and deficit ratios? While that might sound like a current problem, it was actually much worse in the early 1950s, as Bill Allen's detailed and careful history of British monetary policy in the 1950s makes clear. The answers then involved quite a lot of repression, the first persistent, non-war-related, rise in inflation, and some hotly debated upwards spikes in interest rates, largely triggered by external weakness. Although the Bank of England was subservient to Whitehall, personalities mattered, then as now; Bill Allen records how Cobbold, despite a quite weak institutional position, managed to lead the debate on domestic monetary policy, though his stance on transparency would now be regarded as antediluvian. Meticulous history and a good read.' Charles Goodhart, Emeritus Professor, London School of Economics, Member of Bank of England Monetary Policy Committee, 1997 - 2000. 'A timely and fascinating account of Britain's emergence from the previous era of cheap money and analysis of the accompanying dark arts of financial repression. Allen has a commanding grasp of monetary economics and the era.' Professor Richard Roberts, Director of the Institute of Contemporary British History, King's College London 'This is a brilliant, extended, monetary essay on the 1950s. By the end of the decade monetary policy was run out of Downing Street, directed by misplaced objectives and Keynesian dogma, with pernicious effects on inflation and the fabric of society. A lesson for today will strike the reader: monetary policy should be directed at price stability and not subordinated to debt management, however tempting that may be to politicians confronting a high debt stock.' Andrew Tyrie, MP, Chairman of the House of Commons Treasury Committee and the Parliamentary Commission on Banking Standards.
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545 0 $a William A. Allen worked for the Bank of England (1972-2004) in a range of positions related to the formulation and implementation of monetary policy and government debt management. He is a visiting fellow of Cass Business School, UK, and is the author of International liquidity and the financial crisis (2013) and numerous published articles.
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