Bank of England operations in the British government securities market, 1928 - 1972

Principal Investigator(s):  View help for Principal Investigator(s) William A. Allen, National Institute for Economic and Social Research

Version:  View help for Version V1

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Bank of England operations in the British government securities market, 1928 - 1972 0

Project Citation: 

Allen, William A. Bank of England operations in the British government securities market, 1928 - 1972. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-11-24. https://doi.org/10.3886/E118563V1

Project Description

Summary:  View help for Summary
This data set provides information about the operations of the Bank of England in the market for government securities between 1928 and 1972. It supports the narrative in my book 'The Bank of England and the government debt: operations in the gilt-edged market, 1928 - 1972' (Cambridge University Press, 2019).
The Bank of England's portfolio of government securities increased massively in 1928, when the Issue Department of the Bank absorbed the currency notes that has been issued by the Treasury since 1914, and the accompanying assets. The Issue Department became an increasingly influential participant in the market, underwriting new issues by the government. In the 1950s and 1960s it acted as market-maker of last resort, and this activity led to conflicts with its monetary policy objectives. It also provided covert financial support to the Stock Exchange jobber, who were the principal market-makers.
The conflict between market making and monetary policy was largely resolved in 1971, when the Bank of England curtailed its market-making activities.


Scope of Project

Subject Terms:  View help for Subject Terms History of central banking; History of monetary policy; History of public debt management
Geographic Coverage:  View help for Geographic Coverage United Kingdom
Universe:  View help for Universe
Central bankers, government officials, traders in the Stock Exchange, bankers.
Data Type(s):  View help for Data Type(s) administrative records data

Methodology

Data Source:  View help for Data Source Bank of England archives, British National Archives.
Collection Mode(s):  View help for Collection Mode(s) record abstracts
Geographic Unit:  View help for Geographic Unit United Kingdom

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V1 [2021-11-24]

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