1,721,174 research outputs found
Monetary and banking history : essays in honour of Forrest Capie
No full textForrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is also a former editor of the Economic History Review, one of the leading academic journals in this discipline.
This book comprises a collection of papers by eminent scholars in the fields of historiography, banking, monetary economics both domestic and international, and tariff theory and policy, all areas to which Forrest Capie, in whose honour this book was produced, has made major contributions. Under the editorship of Geoffrey Wood, Terence Mills and Nicholas Crafts, this book brings together a stellar line of contributors – including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen and Charles Calomiris. The book analyses many of the mainstream themes in economic and financial history – monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets – where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics
The limits of central banking: central banks and financial crises
No full textOne of the core purposes of central banks, either explicitly or implicitly in recent times, has been the preservation of financial stability. Yet throughout the last two centuries, when there have been central banks, financial crises (financial instability) have been present. This lecture considers the experiences of: the first great financial crisis of capitalism that of 1825; the worst experience of the Great Depression in the 1930s; and briefly the latest and possibly greatest crisis of 2007/8, in an assessment of the part central banks have played.
Forrest Capie is Professor Emeritus of Economic History at the Cass Business School, City University, London. He has taught at the London School of Economics, the University of Warwick and the University of Leeds. He has been a British Academy Overseas Fellow at the National Bureau, New York, a Visiting Professor at the University of Aix-Marseille and at the London School of Economics, and a Visiting Scholar at the IMF. He was Head of the Department of Banking and Finance at City University from 1989 to 1992 and Editor of the Economic History Review from 1993 to 1999. Professor Capie has written widely on money, banking, and trade and commercial policy. He recently completed the commissioned history of the Bank of England (CUP, 2010). His latest book (with G E Wood) is Money over Two Centuries (OUP, 2012).
This lecture is the 13th Annual Sir Leslie Melville Public Lecture at The Australian National University
Price stability and financial stability: the historical record
Full text linkAlthough the economic performance of the U.S. economy in 1997 was very good, it was troubling in at least one respect for the Federal Open Market Committee. Traditional signals of inflation - rapid money growth and high levels of economic activity - were not accompanied by higher inflation. Rather, inflation fell steadily throughout the year. The committee put forth several hypotheses for the subdued inflation but found the situation puzzling, nevertheless. Compounding the problem, members did not know how long such dampening factors might last. In the end the FOMC changed the intended federal funds target once and searched anxiously for the answers to the conundrum it faced in 1997.Economic policy
The Future of Central Banking
No full textThis volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
</jats:p
Inflation Targeting: The British Experience
Full text linkThis lecture describes the United Kingdom's experience with inflation targeting. It provides a historical perspective to the introduction of inflation targeting, discusses the concept of inflation targets, and compares an inflation targeting regime with money supply and exchange rate targeting regimes. It is noteworthy that inflation targeting is based on the assumption that low inflation is the proper objective of monetary policy. A significant portion of the lecture covers the issue of the measurement of inflation. It discusses whether asset prices should be taken into account in the inflation measure and looks in particular at the experience of Japan in the late 1980s. It also considers sources of imperfection in traditional measures. It concludes that monetary policy will have to be conducted by reference to estimated price indexes that fall short of the conceptual ideal but does not regard this as seriously undermining an inflation targeting regime. The lecture goes on to discuss the issues of (1) having a target band for inflation or not, (2) the difficulty in forecasting inflation, and (3) the time horizon over which monetary policy should aim. The lecture highlights the important role that openness and transparency play in achieving credibility in monetary policy. It highlights the five devices that are now in use in the United Kingdom, and notes some of the benefits emerging from the open and transparent nature of the United Kingdom approach. It concludes by warning that inflation targeting does not promise to make monetary policy easy but does have the positive virtue of directing attention to many technical issues that need to be resolved in conducting monetary policy.Inflation, Targeting, British
Understanding the Asian crisis: systemic risk as coordination failure
Full text linkSystemic crises, such as the recent Asian crisis, may be due to an inability of individual to optimally coordinate their investment strategies.Financial crises - Asia ; Risk ; Investments
A model of financial fragility
Full text linkThis paper presents a dynamic, stochastic game-theoretic model of financial fragility. The model has two essential features. First, interrelated portfolios and payment commitments forge financial linkages among agents. Second, iid shocks to investment projects’ operations at a single date cause some projects to fail. Investors who experience losses from project failures reallocate their portfolios, thereby breaking some linkages. In the Pareto-efficient symmetric equilibrium studied, two related types of financial crises can occur in response. One occurs gradually as defaults spread, causing even more links to break. An economy is more fragile ex post the more severe this financial crisis. The other type of crisis occurs instantaneously when forward-looking investors preemptively shift their wealth into a safe asset in anticipation of the contagion affecting them in the future. An economy is more fragile ex ante the earlier all of its linkages break from such a crisis. The paper also considers whether fragility is worse for larger economies.Financial crises
La Historia Económica de la empresa como disciplina independiente: una perspectiva histórica
Full text linkEditada en la Universidad Carlos IIIPublicad
A short note on Italy’s main economic developments and monetary history since the mid 19th century
No full textA short note on Germany’s main economic developments and monetary history since the mid 19th century
No full text- …
