A History of Central Banking in Great Britain and the United States

This 2005 treatment compares the central banks of Britain and the United States.

John H. Wood (Author)

9780521741316, Cambridge University Press

Paperback, published 8 December 2008

458 pages, 7 tables
22.9 x 15.2 x 2.4 cm, 0.61 kg

'This is a well-written, highly readable book … Throughout the book, Wood makes excellent use of his (mostly published) sources. He quotes extensively - often the quotes tell the story more or less by themselves - and he cleverly juxtaposes quotes from different eras, thereby demonstrating that time and circumstances may change but the basic issues in central banking by and large remain the same. … In short, Wood's book offers a catalogue of central banking theory brought to life through a vivid depiction of more than two centuries of central banking practice.' Financial History Review

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791–1811 and 1816–36, and were followed by the Independent Treasury, 1846–1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. In this 2005 book, significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets.

1. Understanding monetary policy
2. An introduction to central bankers
3. Making a central bank: I. Surviving
4. Making a central bank: II. Looking for a rule
5. Making a central bank: III. Ends and means
6. Central banking in the United States, 1790–1914
7. Before the crash: the origins and early years of the Federal Reserve
8. The fall and rise of the Federal Reserve, 1929–51
9. Central banking in the United States after the Great Depression, 1951–71
10. The Bank of England after 1914
11. Rules vs. authorities
12. Permanent suspension
13. Back to the beginning? New contracts for new companies.

Subject Areas: Banking [KFFK], Finance & accounting [KF], Economic history [KCZ], Macroeconomics [KCB]