Financial Markets and Government

W. Blackman
Additional contact information
W. Blackman: The University of Calgary

Chapter 8 in Swiss Banking in an International Context, 1989, pp 174-207 from Palgrave Macmillan

Abstract: Abstract The founding of the Bank of England during the reign of William of Orange was probably the second most momentous event in history, the first being the invention of banking. It was not the monopoly of banknotes nor being the custodian of the nation’s gold reserve that was important, but the fact that the government itself had a bank of its own from which it could borrow. Government borrowing from its own bank did not mean that government was borrowing from the nation itself — its population, the nation’s business enterprise or its wealth; it was, rather, borrowing from an extraneous source. The debt so incurred by the government to its central bank represented no more than a debt; hence it consisted of the money supply.

Keywords: Exchange Rate; Interest Rate; Central Bank; Foreign Exchange; Banking System (search for similar items in EconPapers)
Date: 1989
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10656-1_8

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349106561

DOI: 10.1007/978-1-349-10656-1_8

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().