The Pound Sterling
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Is the International Role of the Dollar Changing?
Is the International Role of the Dollar Changing? Linda S. Goldberg Recently the U.S. dollar’s preeminence as an international currency has been questioned. The emergence of the euro, changes www.newyorkfed.org/research/current_issues ✦ in the dollar’s value, and the fi nancial market crisis have, in the view of many commentators, posed a signifi cant challenge to the currency’s long-standing position in world markets. However, a study of the dollar across critical areas of international trade January 2010 ✦ and fi nance suggests that the dollar has retained its standing in key roles. While changes in the global status of the dollar are possible, factors such as inertia in currency use, the large size and relative stability of the U.S. economy, and the dollar pricing of oil and other commodities will help perpetuate the dollar’s role as the dominant medium for international transactions. Volume 16, Number 1 Volume y many measures, the U.S. dollar is the most important currency in the world. IN ECONOMICS AND FINANCE It plays a central role in international trade and fi nance as both a store of value Band a medium of exchange. Many countries have adopted an exchange rate regime that anchors the value of their home currency to that of the dollar. Dollar holdings fi gure prominently in offi cial foreign exchange (FX) reserves—the foreign currency deposits and bonds maintained by monetary authorities and governments. And in international trade, the dollar is widely used for invoicing and settling import and export transactions around the world. -
Karl Brunner and UK Monetary Debate
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Karl Brunner and U.K. Monetary Debate Edward Nelson 2019-004 Please cite this paper as: Nelson, Edward (2019). \Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.004. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Karl Brunner and U.K. Monetary Debate Edward Nelson* Federal Reserve Board November 19, 2018 Abstract Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as monetarism attracted national attention, Brunner made contributions to U.K. media discussions. In the pre-1979 period, he was highly critical of the U.K. authorities’ nonmonetary approach to the analysis and control of inflation—an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct interaction with Prime Minister Margaret Thatcher on issues relating to monetary control and monetary strategy. -
The Politics of Inflation Management
University of Warwick institutional repository This paper is made available online in accordance with publisher policies. Please scroll down to view the document itself. Please refer to the repository record for this item and our policy information available from the repository home page for further information. To see the final version of this paper please visit the publisher’s website. Access to the published version may require a subscription. Author(s): Watson, Matthew Article Title: The Politics of Inflation Management Year of publication: 2003 Link to published version: http://dx.doi.org/ 10.1111/1467-923X.00538 Publisher statement: The definitive version is available at www.blackwell-synergy.com The Politics of Inflation Management Matthew Watson Published in the Political Quarterly, 74 (3), 2003, 285-297. The Politics of Inflation Management I. Introduction An unanticipated and almost wholly unexpected coincidence of economic events occurred in Britain in July 2002. Taken together, these raise serious questions about the stated rationale that has guided the conduct of British macroeconomic policy for at least a generation. Yet they remained entirely unremarked upon in the financial and broadsheet press. On Monday, 15th July, the FTSE 100 index fell below 4,000 for the first time in 5½ years, a full 43% below its peak of 6,950.6 reached on 30th December 1999. Before the London Stock Exchange opened for trading the next morning on Tuesday 16th July, the Treasury announced the latest figures for the Retail Price Index measure of underlying inflation in Britain, which had fallen to an annual equivalent of 1.5%. -
A History of Money in Palestine: from the 1900S to the Present
A History of Money in Palestine: From the 1900s to the Present The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Mitter, Sreemati. 2014. A History of Money in Palestine: From the 1900s to the Present. Doctoral dissertation, Harvard University. Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:12269876 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA A History of Money in Palestine: From the 1900s to the Present A dissertation presented by Sreemati Mitter to The History Department in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the subject of History Harvard University Cambridge, Massachusetts January 2014 © 2013 – Sreemati Mitter All rights reserved. Dissertation Advisor: Professor Roger Owen Sreemati Mitter A History of Money in Palestine: From the 1900s to the Present Abstract How does the condition of statelessness, which is usually thought of as a political problem, affect the economic and monetary lives of ordinary people? This dissertation addresses this question by examining the economic behavior of a stateless people, the Palestinians, over a hundred year period, from the last decades of Ottoman rule in the early 1900s to the present. Through this historical narrative, it investigates what happened to the financial and economic assets of ordinary Palestinians when they were either rendered stateless overnight (as happened in 1948) or when they suffered a gradual loss of sovereignty and control over their economic lives (as happened between the early 1900s to the 1930s, or again between 1967 and the present). -
Virtual Currency Schemes of 2012
VIRTUAL CURRENCY SCHEMES OCTOBER 2012 VIRTUAL CURRENCY SCHEMES OctoBer 2012 In 2012 all ECB publications feature a motif taken from the €50 banknote. © European Central Bank, 2012 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN: 978-92-899-0862-7 (online) CONTENTS EXECUTIVE SUMMARY 5 1 INTRODUCTION 9 1.1 Preliminary remarks and motivation 9 1.2 A short historical review of money 9 1.3 Money in the virtual world 10 2 VIRTUAL CURRENCY SCHEMES 13 2.1 Definition and categorisation 13 2.2 Virtual currency schemes and electronic money 16 2.3 Payment arrangements in virtual currency schemes 17 2.4 Reasons for implementing virtual currency schemes 18 3 CASE STUDIES 21 3.1 The Bitcoin scheme 21 3.1.1 Basic features 21 3.1.2 Technical description of a Bitcoin transaction 23 3.1.3 Monetary aspects 24 3.1.4 Security incidents and negative press 25 3.2 The Second Life scheme 28 3.2.1 Basic features 28 3.2.2 Second Life economy 28 3.2.3 Monetary aspects 29 3.2.4 Issues with Second Life 30 4 THE RELEVANCE OF VIRTUAL CURRENCY SCHEMES FOR CENTRAL BANKS 33 4.1 Risks to price stability 33 4.2 Risks to financial stability 37 4.3 Risks to payment system stability 40 4.4 Lack of regulation 42 4.5 Reputational risk 45 5 CONCLUSION 47 ANNEX: REFERENCES AND FURTHER INFORMATION ON VIRTUAL CURRENCY SCHEMES 49 ECB Virtual currency schemes October 2012 3 EXECUTIVE SUMMARY Virtual communities have proliferated in recent years – a phenomenon triggered by technological developments and by the increased use of the internet. -
Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time. -
Bank of England List of Banks
LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 31 October 2017 (Amendments to the List of Banks since 30 September 2017 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc Access Bank UK Limited, The Duncan Lawrie Limited (Applied to cancel) Adam & Company Plc ADIB (UK) Ltd EFG Private Bank Limited Agricultural Bank of China (UK) Limited Europe Arab Bank plc Ahli United Bank (UK) PLC AIB Group (UK) Plc FBN Bank (UK) Ltd Airdrie Savings Bank FCE Bank Plc Al Rayan Bank PLC FCMB Bank (UK) Limited Aldermore Bank Plc Alliance Trust Savings Limited Gatehouse Bank Plc Alpha Bank London Limited Ghana International Bank Plc ANZ Bank (Europe) Limited Goldman Sachs International Bank Arbuthnot Latham & Co Limited Guaranty Trust Bank (UK) Limited Atom Bank PLC Gulf International Bank (UK) Limited Axis Bank UK Limited Habib Bank Zurich Plc Bank and Clients PLC Habibsons Bank Limited Bank Leumi (UK) plc Hampden & Co Plc Bank Mandiri (Europe) Limited Hampshire Trust Bank Plc Bank Of America Merrill Lynch International Limited Harrods Bank Ltd Bank of Beirut (UK) Ltd Havin Bank Ltd Bank of Ceylon (UK) Ltd HSBC Bank Plc Bank of China (UK) Ltd HSBC Private Bank (UK) Limited Bank of Cyprus UK Limited HSBC Trust Company (UK) Ltd Bank of Ireland (UK) Plc HSBC UK RFB Limited Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P. -
Problems of the Sterling Area with Special Reference to Australia
ESSAYS IN INTERNATIONAL FINANCE No. 17, September 1953 PROBLEMS OF THE STERLING AREA WITH SPECIAL REFERENCE TO AUSTRALIA SIR DOUGLAS COPLAND INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS PRINCETON UNIVERSITY Princeton, New Jersey This essay was prepared as the *seventeenth in the series ESSAYS IN INTERNATIONAL FINANCE published by the International Finance Section of the Depart- ment of Economics and Social Institutions in Prince- ton University. The author, Sir Douglas Copland, is an Austral- ian economist and was formerly Vice-Chancellor of the Australian National University. At present he is Australian High Commissioner in Canada. The views he expresses here do not purport to reflect those of his Government. The Section sponsors the essays in this series but it takes no further responsibility for the opinions expressed in them. The writers are free to develop their topics as they will and their ideas may or may not be shared by the editarial committee of the Sec- tion or the members of the Department. The Section welcomes the submission of manu- scripts for this series and will assume responsibility for a careful reading of them and for returning to the authors those found unacceptable for publication. GARDNER PATTERSON, Director International Finance Section ESSAYS IN INTERNATIONAL FINANCE No. 17, September 1953 PROBLEMS OF THE STERLING AREA WITH SPECIAL REFERENCE TO AUSTRALIA SIR DOUGLAS COPLAND INTERNATIONAL/ FINANCE SECTION • DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS PRINCETON UNIVERSITY Princeton,- New Jersey 9 PROBLEMS OF THE STERLING AREA WITH SPECIAL REFERENCE TO AUSTRALIA SIR DOUGLAS COPLAND I. INTRODUCTION N the latter stages of the 1939-45 war, when policies were being evolved for a united world operating through a new and grand Iconception of a United Nations and its agencies, plans for coopera- tive action on the economic front, in international finance and trade, were discussed with much fervour and hope. -
Big Bang 20 Years On
Big Bang 20 years on New challenges facing the financial services sector COLLECTED ESSAYS WITH A FOREWORD BY NIGEL LAWSON CENTRE FOR POLICY STUDIES 57 Tufton Street, London SW1P 3QL 2006 THE AUTHORS LORD LAWSON was Chancellor of the Exchequer from 1983 to 1989. MICHAEL SNYDER is Chairman of the City of London’s Policy and Resources Committee. DOUGLAS MCWILLIAMS is chief executive and JONATHAN SAID senior economist from the centre for economics and business research (cebr). ANDREW HILTON is director of the Centre for the Study of Financial Innovation (CSFI). MALCOLM LEVITT is EU Adviser at the City of London Corporation. ALAN YARROW is Chairman of the London Investment Banking Association (LIBA). ANGELA KNIGHT is Chief Executive of the Association of Private Client Investment Managers and Stockbrokers (APCIMS). PETER LINTHWAITE is Chief Executive of the British Venture Capital Association (BCVA). ISBN No. 1 905 389 38 8 Centre for Policy Studies, October 2006 Printed by 4 Print, 138 Molesey Avenue, Surrey CONTENTS Foreword Nigel Lawson 1. The challenges ahead 1 Michael Snyder 2. The importance of the City of London to the UK economy 11 Douglas McWilliams and Jonathan Said 3. All regulation is bad 24 Andrew Hilton 4. The City and the EU 32 Malcolm Levitt 5. The challenges facing investment banking in the UK 42 Alan Yarrow 6. Wealth Management: London a global centre 51 Angela Knight 7. UK Private Equity 59 Peter Linthwaite Appendix: technical issues in calculating employment data in the City The City of London Corporation FOREWORD NIGEL LAWSON THE 20TH ANNIVERSARY of the radical reform of the London Stock Exchange that came to be known as ‘Big Bang’ thoroughly deserves the thoughtful celebration this collection of essays provides. -
The Exchange Rate and Inflation in the UK
p External UNIT time Discussion Paper No.11 The Exchange Rate and Inflation in the UK by Amit Kara and Edward Nelson External MPC Unit Discussion Paper No. 11* The Exchange Rate and Inflation in the UK By Amit Kara and Edward Nelson September 2002 ISSN: 1748 – 6203 Copyright Bank of England 2002 (*) Disclaimer: These Discussion Papers report on research carried out by, or under supervision of the External Members of the Monetary Policy Committee and their dedicated economic staff. Papers are made available as soon as practicable in order to share research and stimulate further discussion of key policy issues. However, the views expressed are those of the authors and do not represent the views of the Bank of England or necessarily the views of External Members of the Monetary Policy Committee. The Exchange Rate and Inflation in the UK Amit Kara* and Edward Nelson** External Monetary Policy Committee Unit Bank of England September 2002 Abstract The United Kingdom is a highly open economy, and has a monetary policy strategy of targeting inflation in consumer prices. In this paper, we look at the evidence from the UK on inflation behaviour, and examine the propositions from several theoretical models about inflation dynamics in an open economy, focussing in particular on the hypothesised connections between the exchange rate and consumer price inflation. Theoretical open-economy macroeconomic models ‘cover the waterfront’ on this issue, ranging from ‘exchange rate disconnect’ to a rigid link between nominal exchange rate changes and inflation. We estimate on UK data the open-economy Phillips curves implied by the alternative explanations. -
Presentation-From-Roundatable-4-Out
Central Europe & eurozone Saturday, 6 October 2018 Grand Hotel Kempinski High Tatras dr. Kinga Brudzinska [email protected] Overlapping Europes *Kosovo and Montenegro use Euro but are not part of the EU European Commission, “White Paper on the Future of Europe: Reflections and scenarios for the EU27 by 2025”, 2017 Short history of the euro ⊲ The Delors report (1989), proposed to articulate the realisation of Economic and Monetary Union (EMU) in different stages, which ultimately led to the creation of the single currency: the euro. ⊲ The Maastricht Treaty (1992), signed by twelve member countries of the, at the time called, European Community, now the EU. Among the many topics discussed, the European Council decided to create an Economic and Monetary Union. It entered into force on 1 November 1993. ⊲ Euro entered into force for the first time on 1 January 1999 in eleven of the, at the time, fifteen Member States of the Union, but only for non-physical forms of payment. The old currencies co-existed with the new currency until 28 February 2002, the date on which they ceased their legal tender and could not be accepted for payments. ⊲ The Lisbon Treaty (2009) The observance of the parameters established in the various European Treaties, is then merged into this treaty to try to get out of the crisis (Lehman Bank, 2008) and prevent it from being repeated in the future. ⊲ On 9 May 2010 the Council of the European Union agreed on the creation of the European Financial Stability Fund (EFSF) (to provide aid to debt-laiden Eurozone countries) and the European Financial Stabilisation Mechanism (EFSM). -
Countries Codes and Currencies 2020.Xlsx
World Bank Country Code Country Name WHO Region Currency Name Currency Code Income Group (2018) AFG Afghanistan EMR Low Afghanistan Afghani AFN ALB Albania EUR Upper‐middle Albanian Lek ALL DZA Algeria AFR Upper‐middle Algerian Dinar DZD AND Andorra EUR High Euro EUR AGO Angola AFR Lower‐middle Angolan Kwanza AON ATG Antigua and Barbuda AMR High Eastern Caribbean Dollar XCD ARG Argentina AMR Upper‐middle Argentine Peso ARS ARM Armenia EUR Upper‐middle Dram AMD AUS Australia WPR High Australian Dollar AUD AUT Austria EUR High Euro EUR AZE Azerbaijan EUR Upper‐middle Manat AZN BHS Bahamas AMR High Bahamian Dollar BSD BHR Bahrain EMR High Baharaini Dinar BHD BGD Bangladesh SEAR Lower‐middle Taka BDT BRB Barbados AMR High Barbados Dollar BBD BLR Belarus EUR Upper‐middle Belarusian Ruble BYN BEL Belgium EUR High Euro EUR BLZ Belize AMR Upper‐middle Belize Dollar BZD BEN Benin AFR Low CFA Franc XOF BTN Bhutan SEAR Lower‐middle Ngultrum BTN BOL Bolivia Plurinational States of AMR Lower‐middle Boliviano BOB BIH Bosnia and Herzegovina EUR Upper‐middle Convertible Mark BAM BWA Botswana AFR Upper‐middle Botswana Pula BWP BRA Brazil AMR Upper‐middle Brazilian Real BRL BRN Brunei Darussalam WPR High Brunei Dollar BND BGR Bulgaria EUR Upper‐middle Bulgarian Lev BGL BFA Burkina Faso AFR Low CFA Franc XOF BDI Burundi AFR Low Burundi Franc BIF CPV Cabo Verde Republic of AFR Lower‐middle Cape Verde Escudo CVE KHM Cambodia WPR Lower‐middle Riel KHR CMR Cameroon AFR Lower‐middle CFA Franc XAF CAN Canada AMR High Canadian Dollar CAD CAF Central African Republic