Libros: Monetary and Banking History: Essays in Honour of Forrest Capie

Geoffrey Wood, Terence C. Mills y Nicholas Crafts han editado  "Monetary and  Banking History: Essays in Honour of Forrest Capie" publicado por Routledge.

En las conclusiones del comentario de Larry Neal, del Departamento de Economía de la Universidad de Illinois en su reseña de "Monetary and Banking History: Essays in Honour of Forrest Capie", realizada para EH.Net por , se concluye ".....go directly to Forrest Capie, /The Bank of England: 1950s to 1979/, New York: Cambridge University Press, 2011, the completion of which was the occasion for the conference volume."

Más sobre Forrest Capie: ver acá

Sin embargo cabe leer la reseña de Neal sobre la edición de los mencionados ensayos: "As Forrest Capie was wrapping up his official history of the Bank of England  covering the period 1950s to 1979, a book already a classic in the  literature, he was honored at a conference held at the Bank of England  organized by his friend, frequent co-author, and former colleague at the Cass  Business School in the City University, Geoffrey Wood.  Geoffrey solicited  papers from a wide range of fellow monetary and financial historians, even  including the present reviewer, and most responded with excellent papers,  each of which deserves reading on its own merits.  Alas for this reviewer  and potential readers, however, the papers as a group do not cohere with each  other in any obvious way.  Reflecting the variety of topics Forrest has  dealt with over his career and the number of friends and admirers he has  acquired, the papers cover a variety of subjects with a mix of methodologies,  which range from time series analysis to narrative accounts of previous Bank  of England histories.  Recognizing the problem, the editors have organized  the contributions into categories pertinent to the corpus of Forrest’s  scholarly work.

Part I, “Writing History,” has Charles Goodhart disparaging previous  histories of the Bank while setting a high bar for Forrest’s then  unpublished history (update: Forrest met the bar and then some, see my jacket  blurb) and Barry Eichengreen reviewing the literature of “The New Monetary  and Financial History,” that combines analysis of monetary disturbances  with due attention to financial innovations and crises.  Goodhart provides a  helpful guide to past histories of the Bank of England, while Eichengreen  gives a masterly overview of the recent contributions to monetary and 
financial history covering the period from mid-nineteenth century on.

Part II, “Crisis Management,” has Mae Baker and Michael Collins  evaluating the information exchanges between Bank of England officials and  private bank managers before and during the financial crisis of 1836; Eugene  N. White arguing that the Banque de France did apply Bagehot’s rule  effectively even in financial crises caused by miscalculations in the  derivatives markets in Paris in the 1880s; and Charles Calomiris insisting  that the Bank of England got the lender of last resort role right by 1856,  while the U.S. financial system was repeatedly waylaid by misguided  regulation.  Baker and Collins demonstrate how intense were personal  communications between bankers and regulators dealing with the vicissitudes  of impersonal and international money markets at the outset of global  financial markets.  White elucidates how Bagehot’s rule depended on the  role of collateral, but it took independent experts to assess the quality of  collateral.  Calomiris highlights the problems of inadequate information and  capital that plagued the fragmented American unit banking system as  contrasted with both the British and Canadian systems of concentrated branch  banking.

Part III, “Money and Interest Rates,” presents three analyses of new  financial and monetary time series to show: 1) that a true “liquidity  trap” did not exist even in the depths of Great Depression in the U.S.  (Peter Basile, John Landon-Lane and Hugh Rockoff) as shown by the junk bond  market of the time; 2) that the separate monetary regimes created in Britain  over two-and-a-half centuries created different interactions between  inflation and nominal interest rates so that Gibson’s famous paradox of a  positive relationships between the price level and the nominal interest rate  existed only during the gold standard periods (Terence C. Mills and Geoffrey  Wood); and 3) that creating a consistent broad measure of the money supply,  M4 retail, over the period of rapid monetary innovation of the 1970s and  1980s allows a stable money demand function to re-emerge despite the Bank of  England’s decision to target exchange rates rather than money supply at the  end of the 1980s (Alec Chrystal and Paul Mizen).  

Part IV, “Implications of Economic Integration,” puts together two papers  dealing with the flawed design of the euro, first from a comparative  historical perspective that briefly surveys four successful monetary unions  and two disasters leaving this reviewer convinced that the disaster examples  of Argentina and Brazil are most relevant despite the authors’ attempt to  be optimistic (Michael Bordo, Lars Jonung, and Agnieszka Markiewcz); and then  from an inside look at the turf battles between central bank governors and  finance ministers that led to the eventual creation of the euro without,  however, resolving the issue of bank regulation (Harold D. James).  These  are followed by two papers that show how the progressive lowering of tariffs by the United Kingdom after World War II and then the reforms undertaken  during the Thatcher era did improve Britain's productivity significantly and  permanently (“Openness, Protectionism and Britain’s Productivity  Performance over the Long Run,” by Stephen Broadberry and Nicholas Crafts;  and “The Price-cost Markup in the UK: A Long-run Perspective,” by  Nicholas Crafts and Terence C. Mills).  Neither contribution gives much  credit to the removal of capital controls or the financial innovations that  were key to the Thatcher reforms.

Overall, each reader can decide on the basis of his/her own interests which  of these contributions is worth checking in the university library’s copy,  but will probably not find it worthwhile to pay the $140 retail price for a  personal copy.  They will, nevertheless, be well-advised to go directly to  Forrest Capie, /The Bank of England: 1950s to 1979/, New York: Cambridge  University Press, 2011, the completion of which was the occasion for the  conference volume."

Larry Neal es professor emeritus of economics, University of Illinois at  Urbana-Champaign, investiador asociado del NBER y profesro visitante en la London School of Economics.   Su bibliografía incluye /The Rise of Financial Capitalism: International Capital  Markets in the Age of Reason/ (1990) y /“I Am Not Master of Events”:  The Speculations of John Law and Lord Londonderry in the Mississippi and South Sea Bubbles/ (2012).

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