Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is also a former editor of the Economic History Review, one of the leading academic journals in this discipline.
This book comprises a collection of papers by eminent scholars in the fields of historiography, banking, monetary economics both domestic and international, and tariff theory and policy, all areas to which Forrest Capie, in whose honour this book was produced, has made major contributions. Under the editorship of Geoffrey Wood, Terence Mills and Nicholas Crafts, this book brings together a stellar line of contributors – including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen and Charles Calomiris. The book analyses many of the mainstream themes in economic and financial history – monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets – where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.
This expertly written book contain original scholarly work, often with new empirical results, and will be of interest to Economics postgraduates and researchers, particularly those focussing on monetary economics, banking and economic history, as well as to Central Bankers and trade negotiators.
Preface Mervyn King Introduction Nicholas Crafts, Terence Mills and Geoffrey Wood Part 1: Writing History 1. The Commissioned Historians of the Bank of England Charles Goodhart 2. The New Monetary and Financial History Barry Eichengreen Part 2: Crisis Management 3. English Financial Markets in the 1830s: Information Networks, Risk Assessment and Banking Crisis Michael Collins and Mae Baker 4. Implementing Bagehot’s Rule in a World of Derivatives: The Banque de France as a Lender of Last Resort in the Nineteenth Century Eugene White 5. Banking Crises and the Rules of the Game Charles Calomiris Part 3: Money and Interest Rates 6. Money and Interest Rates in the United States during the Great Depression Peter Basile, John Landon-Lane and Hugh Rockoff 7. Two and a Half Centuries of British Interest Rates, Monetary Regimes and Inflation Terence Mills and Geoffrey Wood 8. Monetary Aggregates Restored? Capie and Webber revisited Alec Chrystal and Paul Mizen Part 4: Implications of Economic Integration 9. Does the Euro Need a Fiscal Union? Some Lessons from History Michael Bordo, Lars Jonung and Agnieszka Markiewcz 10. Making a Central Bank Without A State Harold James 11. Openness, Protectionism and Britain’s Productivity Performance Over the Long-Run Stephen Broadberry and Nicholas Crafts 12. The Price-cost Mark-up in the UK: A Long-run Perspective Nichoals Crafts and Terence Mills