By Geoffrey E. Wood, Terence Mills, Nicholas Crafts
Forrest Capie is an eminent financial historian who has released greatly on a variety of issues, with an emphasis on banking and fiscal heritage, relatively within the 19th and 20th centuries, but in addition in different components reminiscent of price lists and the interwar economic climate. he's additionally a former editor of the commercial background assessment, one of many top educational journals during this self-discipline. This publication contains a suite of papers through eminent students within the fields of historiography, banking, financial economics either household and foreign, and tariff idea and coverage, all parts to which Forrest Capie, in whose honour this publication used to be produced, has made significant contributions. lower than the editorship of Geoffrey wooden, Terence turbines and Nicholas Crafts, this ebook brings jointly a stellar line of individuals – together with Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen and Charles Calomiris. The publication analyses some of the mainstream topics in monetary and fiscal background – financial coverage, foreign monetary rules, monetary functionality, trade cost structures, foreign exchange, banking and fiscal markets – the place ancient views are thought of very important. the present wave of globalisation has prompted curiosity in lots of of those components as ‘lessons of background’ are sought. those issues additionally mirror the breadth of Capie’s paintings by way of time classes and issues. This expertly written e-book include unique scholarly paintings, usually with new empirical effects, and should be of curiosity to Economics postgraduates and researchers, quite these focussing on financial economics, banking and fiscal historical past, in addition to to critical Bankers and alternate negotiators.
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Additional resources for Monetary and Banking History: Essays in Honour of Forrest Capie (Routledge International Studies in Money and Banking)
And Forrest’s qualities of attention to detail, of open-Â�mindedness, of theoretical understanding, and of deep concern with getting to the heart of the subject will have stood him, and us, his future readers, in good stead. Let me now turn from the historians to their books. 1â•‡ Clapham’s history Clapham’s mission was to cover 220 years, as compared with 55 for Sayers, 15 for Fforde and now 20 for Capie. He was also working under the pressures of war-Â�time (real war, not just a financial crisis) in bombed London, and under time pressure to publish in 1944.
Sayers’ doubts on the stability of the relationship between (any definition ofâ†œ) money and nominal incomes has stood the test of time much better, but he was unfortunate in the timing of the Radcliffe Report. This occurred just as the early econometric studies were proclaiming that the demand for money function was stable (though they all, then and later, soon thereafter ‘broke down’). Moreover, the emerging US monetarists, led by Milton Friedman, were using improved (mathematical) techniques to integrate monetary and macro-Â�theories in a way that left the more institutional approach of Sayers looking old-Â�fashioned and fuddy-Â�duddy.
Perhaps because it covers the most recent period, Fforde’s book is, I believe, the most readable so far, though perhaps not as technically good a history as Richard Sayers. 4â•‡ Capie And that brings us to Forrest. Forrest is the most focused monetary historian in the whole group. Clapham was a general historian, with no expertise in money and banking. Fforde was hardly a professional historian at all. The nearest comparison is with Sayers. Forrest has covered a larger and wider range of work on British monetary, banking and Central Banking histories than Sayers.