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The Bank of England Over 325 Years

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  • Forrest Capie

Abstract

The Bank of England's emergence as a central bank was the end of a long process that began soon after its founding in the late seventeenth century and continued until the third quarter of the nineteenth century. Its current two core principles emerged at different times. Monetary stability came first, a consequence of its responsibility for the gold standard. Financial stability followed in the course of the nineteenth century as the Bank slowly acquired the role of lender of last resort. Its mandate was a consequence of the two‐way relationship with government and some external forces.

Suggested Citation

  • Forrest Capie, 2018. "The Bank of England Over 325 Years," Economic Affairs, Wiley Blackwell, vol. 38(3), pages 357-366, October.
    • Handle: RePEc:bla:ecaffa:v:38:y:2018:i:3:p:357-366
    DOI: 10.1111/ecaf.12307
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    References listed on IDEAS

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    2. Qvigstad,Jan Fredrik, 2016. "On Central Banking," Cambridge Books, Cambridge University Press, number 9781107150973, January.
    3. Siklos, Pierre L., 2017. "Central Banks into the Breach: From Triumph to Crisis and the Road Ahead," OUP Catalogue, Oxford University Press, number 9780190228835.
    4. Mark Billings & Forrest Capie, 2007. "Capital in British banking, 1920-1970," Business History, Taylor & Francis Journals, vol. 49(2), pages 139-162.
    5. Wood,John H., 2005. "A History of Central Banking in Great Britain and the United States," Cambridge Books, Cambridge University Press, number 9780521850131, January.
    6. Capie,Forrest, 2010. "The Bank of England," Cambridge Books, Cambridge University Press, number 9780521192828, January.
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    Cited by:

    1. Calvert Jump, Robert & Kohler, Karsten, 2022. "A history of aggregate demand and supply shocks for the United Kingdom, 1900 to 2016," Explorations in Economic History, Elsevier, vol. 85(C).

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