Bank of England Reserve Policy

J. R. T. Hughes

The Journal of Economic History, 1967, vol. 27, issue 1, 92-93

Abstract: In his most enlightening paper on Federal Reserve policy in 1920–1921 Elmus Wicker's statement on the Bank of England's policies is not strictly in accord with the facts.The English system of no legal reserve requirements imparted a greater degree of flexibility to the monetary authorities and allowed a greater economy in the use of the gold reserve. The entire gold reserve was available in emergencies to safeguard the pound.

Date: 1967
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