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Banque centrale et finance. La Banque d’Angleterre, le taux d’intérêt et le Bank Act de 1844

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  • Laurent Le Maux

Abstract

The literature on the Bank Act of 1844 commonly adopts the interpretation that it would have been a crucial step in the construction of central banking in Britain and the analytical framework that opposes rules and discretion. Through the examination of the monetary writings of the period and the interest rate policy of the Bank of England, and also through the systematic analysis of the financial aspect of the Act of 1844, the paper shows that such an interpretation remains fragile. Hence the present paper rests on the articulation between the monetary history and the history of economic analysis and also on the institutional approach of money and banking so as to assess the consequences of the Act of 1844 on the liquidity market and the relations between the central bank and finance. Classification JEL : B12, E58, N13.

Suggested Citation

  • Laurent Le Maux, 2018. "Banque centrale et finance. La Banque d’Angleterre, le taux d’intérêt et le Bank Act de 1844," Revue économique, Presses de Sciences-Po, vol. 69(4), pages 541-574.
    • Handle: RePEc:cai:recosp:reco_pr2_0120
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    Cited by:

    1. Samuel Demeulemeester, 2021. "The 100% money proposal of the 1930s: an avatar of the Currency School’s reform ideas?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(4), pages 577-598, July.
    2. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers Series inetwp147, Institute for New Economic Thinking.

    More about this item

    Keywords

    central banking; finance; monetary history; history of ideas;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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