The Bank of England and Central Bank Credit Rationing During the Crisis of 1847: Frosted Glass or Raised Eyebrows?

2019 ◽  
Author(s):  
Michael Anson ◽  
David Bholat ◽  
Miao Kang ◽  
Kilian Rieder ◽  
Ryland Thomas
Keyword(s):  
Central Bank ◽  
Credit Rationing ◽  
Bank Credit ◽  
Bank Of England ◽  
Frosted Glass

Lender of Last Resort, an International Perspective

1999 ◽  
Vol 48 (2) ◽  
pp. 340-361 ◽  
Author(s):  
Rosa Maria Lastra
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
International Perspective ◽  
Bank Credit ◽  
Banking Supervision ◽  
Lender Of Last Resort ◽  
Emergency Situations ◽  
The World ◽  
Bank Of England

The name “lender of last resort” owes its origins to Sir Francis Barings, who in 1797 referred to the Bank of England as the “dernier resort” from which all banks could obtain liquidity in times of crisis.1 The lender of last resort (“LOLR”) role of the central bank remains a major rationale for most central banks around the world, in both developed and developing countries.2 While other central bank functions have recently come under fire (e.g. banking supervision), the importance of having the LOLR under the umbrella of the central bank is seldom contested.3 It is the immediacy of the availability of central bank credit (the central bank being the ultimate supplier of high-powered money) that makes the LOLR particularly suitable to confront emergency situations.

Are Central Bank Digital Currencies the Future of Cash?

ITNOW ◽  
2021 ◽  
Vol 63 (3) ◽  
pp. 24-25
Author(s):  
William Lovell
Keyword(s):  
Central Bank ◽  
Bank Of England ◽  
The Future ◽  
Future Technologies

Abstract William Lovell, Head of Future Technologies at the Bank of England, explores how central bank digital currencies might change money, the problems of a cashless society and how he’s keeping bar staff guessing.

scholarly journals Central Bank Reserves during the Bretton Woods Period: New data from France, the UK and Switzerland

2021 ◽  
Author(s):  
Alain Naef
Keyword(s):  
Central Bank ◽  
Bretton Woods ◽  
Daily Data ◽  
Bank Of England ◽  
National Bank ◽  
Bank Reserves ◽  
The Uk

This paper presents new daily data on central bank reserves during the Bretton Woods period. It is the first paper to provide daily data for the Bank of France, Bank of England and Swiss National Bank directly from these central bank’s archives. I discuss some of the issue with these data and make them available to other researchers for further analysis.

scholarly journals Central Bank Credit to the Government: What Can We Learn from International Practices?

2012 ◽  
Author(s):  
Luis I Jácome ◽  
Simon Baker Townsend ◽  
Marcela Matamoros-Indorf ◽  
Mrinalini Sharma
Keyword(s):  
Central Bank ◽  
Bank Credit ◽  
The Government

scholarly journals Análisis de la integración y dependencia de las políticas monetarias de la Unión Europea

2013 ◽  
pp. 47
Author(s):  
María del Carmen González Velasco ◽  
Roque Brinckmann
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Empirical Evidence ◽  
European Central Bank ◽  
Central Banks ◽  
Uncovered Interest Parity ◽  
European Central ◽  
Long Run ◽  
Bank Of England ◽  
Interest Parity

En este artículo se efectúa un análisis de la integración y dependencia de las políticas monetarias de la Unión Europea y, en concreto, de las políticas monetarias de la Unión Económica yMonetaria y de la zona no euro para el periodo comprendido entre Enero de 1999 y Septiembre 2009. Se aplica la metodología de la cointegración de Engle y Granger (1987) y de Johansen(1988) para contrastar la hipótesis de la paridad de tipos de interés no cubierta y se llega a la conclusión de que ambas políticas están cointegradas porque mantienen una relación de equilibrio a largo plazo. También se deduce una dependencia de la política del Banco de Inglaterra de la política del Banco Central Europeo, lo que confirma la importancia y el liderazgo de la Unión Económica y Monetaria.<br /><br />This study is to investigate the long-run relationship and dependence between the UME´s monetary policy and non-euro zone´s monetary policy for the period from January 4, 1999 to September 30, 2009. We use cointegration methodology to test the Uncovered Interest Parity Hypothesis and the results indicate a long-run cointegration and empirical evidence testifies a leader-follower pattern between the two central banks. According to this pattern, the Bank of England does follow the European Central Bank.

Putting the Program into Action, 1920–1928

2016 ◽  
Author(s):  
Simon James Bytheway ◽  
Mark Metzler
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Ad Hoc ◽  
Central Banks ◽  
Financial Globalization ◽  
International Network ◽  
Bank Of England ◽  
International Monetary Policy ◽  
Central Bankers

This chapter details how Montagu Norman of the Bank of England, in partnership with Benjamin Strong of the FRBNY, turned ad hoc wartime cooperation into a formal agenda. The paired ideas that national central banks should be autonomous, and that they should cooperate with each other, were first spelled out in a private “manifesto” that Norman circulated among fellow central bankers in 1921. Central bank cooperation was internationally recognized as a principle at the 1922 Genoa Conference, and it was also put into practice. Cooperation between central banks began primarily as informational cooperation, which includes not only the sharing of information but also the sharing and propagation of worldviews. An international network of central banks thus developed out of the war, as did the world's first truly coordinated system of international monetary policy. In these and other ways, financial globalization surged to a new level in the 1920s.

Evaluating the Banking Sector Recapitalization for Economic Growth in Nigeria

2014 ◽  
pp. 349-357
Author(s):  
Peter I. Ater ◽  
Benjamin C. Asogwa
Keyword(s):  
Economic Growth ◽  
Central Bank ◽  
Growth And Development ◽  
Banking Sector ◽  
Secondary Data ◽  
T Test ◽  
Bank Credit ◽  
Significance Level ◽  
Significant Difference ◽  
Saving Deposit

The purpose of this chapter is to assess the contribution of the banking sector’s recapitalization to economic growth. Secondary data of all banks in Nigeria for 1980-2006 from Central Bank of Nigeria were used for the study. The findings of the study revealed higher mean GDP (N86.229 trillion) at post-recapitalization era compared to pre-recapitalization era (N56.860 trillion). Furthermore, 37% and 25% growth in GDP were recorded at post- and pre-recapitalization era, respectively. Selected indicators (bank credit, asset, saving deposit, and total loan) were all higher in the post recapitalization era. The result of t-test showed that there was a significant difference in GDP at pre and post recapitalization era at 5% significance level holding inflation constant. Bank asset had significant effect on GDP in the post-recapitalization era. Bank performance indicators could not fully account for growth and development in Nigeria’s economy though growth was recorded. Under subsequent initiatives, bank asset and total loan increased massively, while bank credit and saving deposits were stepped up via credit and savings incentives provisions for greater impact on growth in Nigeria.

Part I Financial Markets, 3 UK Central Banking and Financial Stability

2021 ◽  
Author(s):  
Morton Guy ◽  
Marsh Andrew
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Central Banking ◽  
Debt Management ◽  
National Debt ◽  
Legal Tender ◽  
Bank Of England ◽  
The Government ◽  
The Uk ◽  
William Iii

This chapter talks about the Bank of England as the UK's central bank, which was established in 1694 by a Charter granted by King William III and Queen Mary II under the authority of an Act of Parliament. It explains the principal object of the Act in creating the Bank as a vehicle for raising money for the government. It also discusses how the Bank was closely associated with the raising and management of the national debt since its inception, which is a function that the Bank retained until the creation of the UK Debt Management Office (DMO) in 1998. This chapter highlights how the Bank raised money by issuing of banknotes, which became widely used as a convenient means of making large—value payments. It points out that the Bank of England notes were not formally legal tender until 1833.

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