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Shows how the Bank of England failed in its duties to provide Northern Rock with proper lender-of-last-resort facilities. This title covers the Northern Rock affair and the subsequent instability in the UK financial system in the context of the history and desired future role of the Bank of England as a central bank.
The author covers the Northern Rock affair and the subsequent instability in the UK financial system in the context of the history and desired future role of the Bank of England as a central bank. Tim Congdon, a respected monetary economist, shows how the Bank of England failed in its duties to provide Northern Rock with proper lender-of-last-resort facilities. This helped bring down the bank itself and created instability in financial markets.
Congdon argues that the mistakes by the Bank of England arose directly from Gordon Brown’s decision to dismember the Bank in 1997. As a result, the Bank lost all its experience in commercial banking. Furthermore, the government and the Bank were unable to coordinate their actions in the way that had been envisaged by the government when it reformed the Bank of England.
Congdon proposes a radical new settlement. The Bank of England should be privatised; its capital should be provided by the commercial banks; and it should regulate banks as well as providing them with lender-of-last-resort facilities. He shows how this new structure provides just the right incentives to regulate the banking system in a way that will ensure financial stability whilst allowing banks to provide efficient services to the public.
The gap between important real-word problems and the workhorse mathematical model-based economics being taught to students has become a chasm. This book examines what economists need to bring to their jobs, and the way in which economics education in universities could be improved to fit them better for the real world.
Construction Law is the definitive work of reference for construction law practitioners. In three volumes, it provides the most comprehensive treatment of the major issues arising out of construction and engineering projects, with extensive references to case law, statutes and regulations, standard forms of contract and legal commentary.
This book addresses one of the most vexing problems facing humans today: how can we create and use technologies so that they deliver maximum benefit and pose minimum harm?
We invited eighteen leading British thinkers on the reform of the world financial system and what a financial system is for to form a Future of Finance Group. They included journalists, academics, financiers and officials from the Financial Services Authority, the Bank of England and the Treasury. The result is this book.
