Monetary Policy and Financial Repression in Britain, 1951 - 59

W. Allen

• Publisher: Palgrave Macmillan
• Year: 2014
• Print ISBN:
  9781137383815
• eBook ISBN:
  9781137383822
• Topic: Economics
• Subtopic: Economic History
• Index: Economics

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.

Table of contents

• Cover
• Title
• Copyright
• Contents
• List of Figures and Tables
• Preface
• 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 to 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
• Appendix A Macroeconomic and Financial Data
• Appendix B ‘Above the Line’ and ‘Below the Line’ in the Exchequer Accounts
• Appendix C Clause 4(3) of the Bank of England Act 1946
• Appendix D The Unification of Transferable Sterling: March 1954
• Appendix E Cobbold’s ‘Random Thoughts’
• References
• Index