British Monetary Policy And The Balance Of Payments 1951 1957

A detailed study of the revolution in Bank of England policy resulting from the government's response to the 1954-55 balance-of-payments crisis, this is a first independent analysis. The author investigates the evolution of official thinking and appraises the impact of monetary policy in this crucial period. Peter Kenen reaches the unexpected conclusion that the Bank's orthodox monetary policies played a relatively small part in the redress of payments disequilibrium, and that its most effective weapons were its most heterodox. Finally, he proposes ways in which the Bank of England can better control the credit base.

The first majority Labour government in Britain was pledged to maintain full employment, reform the financial system and nationalize major industries. It faced a massive balance-of-payments problem and a persistent threat of inflation. Using records of the Labour Party, the Treasury, the Bank of England and other participants in the discussions of the time, this study explains the reasons for Chancellor of the Exchequer Hugh Dalton's pursuit of cheaper money in 1945-7 and for the continuation of cheap money until the advent of a Conservative government in 1951. It also examines the consequences of Labour's monetary policies in terms of modern economic theory, as well as considering why Labour's financial reform was so limited.

Containing over 25,000 entries, this unique volume will be absolutely indispensable for all those with an interest in Britain in the twentieth century. Accessibly arranged by theme, with helpful introductions to each chapter, a huge range of topics is covered. There is a comprehensiveindex.

At head of title: Institut universitaire de hautes eÌ tudes internationales. Includes bibliographies and index.

An examination of the role of the dollar in the global financial system which presents a long-term historical perspective on the international monetary system in this century. The main focus is on the evaluation of the global financial system in the post-war period.

This book presents a penetrating new analysis of the end of the empire, located at the intersection of politics, economy and society in Britain and the colonies. In the late 1940s and early 1950s, when political control was feasible, discriminatory management of the colonies sustained Britain's postwar recovery. But synergy turned into conflict as Britain moved towards economic liberalization and financial cosmopolitanism, and found it increasingly difficult to reconcile established relations with emerging priorities. Based on a wide range of archival and other sources, this study relates political and economic developments in Britain and the colonies in original ways to overcome the gulf between peripheralist and Euro-centric explanations of postwar British imperial relations, and helps redress the neglect of the empire in modern international history. Money and the End of Empire will nourish debates in British and international economic and political history and is essential reading for historians of Britain and the empire.

Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical conclusions concerning the causes of international inflation. The authors construct a consistent data base of information for eight countries and design a theoretically sound model to test and evaluate competing hypotheses incorporating the most recent theoretical developments. Additional chapters address an impressive variety of issues that complement and corroborate the core of the study. They answer such questions as these: Can countries conduct an independent monetary policy under fixed exchange rates? How closely tied are product prices across countries? How are disturbances transmitted across countries? The International Transmission of Inflation is an important contribution to international monetary economics in furnishing an invaluable empirical foundation for future investigation and discussion.