The Bank of England and the Government Debt Allen Paperback 9781108469524

The Bank of England and the Government DebtOperations in the Gilt-Edged Market, 19281972\nAuthor(s): William A. Allen\nFormat: Paperback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9781108469524, 978-1108469524\nSynopsis\nThe Bank of England and the Government Debtrecounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy .