British monetary policy, 1924-1931 : the Norman conquest of $4.86
Author(s)
Bibliographic Information
British monetary policy, 1924-1931 : the Norman conquest of $4.86
（Modern revivals in economic and social history）
Gregg Revivals, 1992
Available at 12 libraries
Note
Reprint. Originally published: Cambridge : University Press, 1972
Includes bibliographical references (p. 281-292) and index
Description and Table of Contents
Description
This book provides a detailed analysis of British monetary policy in the aftermath of World War I and leading up to the onset of the Great Depression. The survey commences with the successful operation of the pre-1914 gold standard and goes on to examine the policies Britain adopted for monetary reconstruction up to 1924. The decision to return to gold in 1925 is considered in detail, and Professor Moggridge argues that the "official policy" did little, if anything, to correct the basic overvaluation of stirling. He examines the underlying reasons behind the limited use of more orthodox policy instruments and suggests the authorities were forced to develop new policies to combat the effects of gold at $4-86. The final section of the book sums up the ultimate impact of the new policy instruments which were adopted.
Table of Contents
- The war of 1914 and its consequences
- the decision to return
- the implications of $4.86
- 1925-1931 - a general background
- aggregate financial policy, 1925-1931
- the pressures on the bank's policy position - the origins of moral suasion and policy innovations
- Bank of England operations in gold and foreign exchange markets
- the use of moral suasion in capital markets.
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