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David Kynaston's till time's last sand: a history of the Bank of England, 1694-2013: a review essay

Bean, Charles R. (2018) David Kynaston's till time's last sand: a history of the Bank of England, 1694-2013: a review essay. Journal of Economic Literature. ISSN 0022-0515 (In Press)

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Abstract

This essay reviews Till Time's Last Sand, David Kynaston's history of the Bank of England from its foundation in 1694 to the present day. I focus on three themes running through his narrative. First, for much of that time the Bank was a private company playing a public role; how did it manage to do this and why was it eventually brought into public ownership? Second, I examine the various attempts to constrain the Bank's monetary policy to follow a simple rule; these almost invariably proved unsustainable unless the rule provided enough room for discretion. Finally, I cover the Bank's journey to becoming the lender of last resort, together with its evolving attitude to the associated risk of moral hazard.

Item Type: Article
Official URL: https://www.aeaweb.org/journals/jel
Additional Information: © 2018 American Economic Association
Divisions: Economics
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
JEL classification: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy (Targets, Instruments, and Effects)
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies
G - Financial Economics > G1 - General Financial Markets
N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N13 - Europe: Pre-1913
N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N14 - Europe: 1913-
N - Economic History > N2 - Financial Markets and Institutions > N23 - Europe: Pre-1913
N - Economic History > N2 - Financial Markets and Institutions > N24 - Europe: 1913-
Sets: Departments > Economics
Collections > Economists Online
Date Deposited: 29 Oct 2018 15:16
Last Modified: 16 Mar 2019 00:07
URI: http://eprints.lse.ac.uk/id/eprint/90516

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