A Monetary History of the United Kingdom: 1870-1982

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ISBN: 9780415381154 | 0415381150
Cover: Hardcover
Copyright: 4/10/2006

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This book is the culmination of a major research programme on the monetary history of the United Kingdom. This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here. This sources and assessment of data should be an essential reference to economic historians and applied economists with an interest and use to the students of money and banking and to monetary economists of other countries. This classic book was first published in 1985.

List of major tables	p. xiii
General notes to tables	p. xv
List of text tables	p. xviii
Standard abbreviations	p. xix
Foreword	p. xxi
Preface	p. xxiii
Introduction	p. 1
Monetary Aggregates and Proximate Determinants	p. 7
The Monetary Base	p. 9
Definition of the monetary base	p. 9
The statistical construction of the monetary base	p. 10
Money Supply Measures, M1, M2, Sterling M3 and M3	p. 14
M1	p. 14
M2	p. 14
Sterling M3 and M3	p. 15
The Bank of England data for the monetary aggregates	p. 16
The Money Supply and its Proximate Determinants	p. 21
Data for Money Supply and its Proximate Determinants, 1870-1921 and 1921-82	p. 25
M1, 1921-69	p. 25
M3, 1870-1921 and 1921-69	p. 25
Money multipliers for M1 and M3	p. 26
Currency/net demand deposit ratio, 1921-69, 1963-82 and 1971-83	p. 27
Net time deposit/net demand deposit ratio, 1921-69, 1963-82 and 1971-83	p. 27
Other deposits at the Bank of England/net demand deposit ratio, 1921-69, 1963-82 and 1971-83	p. 27
Net demand plus net time deposit/net demand deposit ratio, 1921-69, 1963-82 and 1971-83	p. 27
Net total deposit (including other deposits at the Bank of England)/net demand deposit ratio, 1921-69, 1963-82 and 1971-83	p. 28
Ratios to total deposits, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 28
Currency/net total deposit ratio, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 28
Net demand deposit/net total deposit ratio, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 28
Net time deposit/net total deposit ratio, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 29
Other deposits at the Bank of England/net total deposit ratio, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 29
Total reserves/net total deposit ratio, 1870-1921, 1921-69, 1963-82 and 1971-83	p. 29
Income velocity of money	p. 29
Alternative Estimates of Money Supply Data, 1870-1982	p. 30
Coin in circulation	p. 32
Total notes and currency outstanding	p. 35
Bankers' and private or other deposits at the Bank of England	p. 35
Monetary base or high powered money	p. 36
Gross bank deposits	p. 39
Net bank deposits	p. 44
Banks' holdings of notes and coin	p. 46
Currency in the hands of the public	p. 48
Banks' reserves	p. 48
Money supply (M3)	p. 49
Money supply determinants - the currency ratio and reserve ratio	p. 50
Monetary Aggregates and Proximate Determinants	p. 52
Components of the Monetary Aggregates and Monetary Measures	p. 123
The Components	p. 125
UK notes and coin in circulation outside the Bank of England and Treasury Note Redemption Account, 1870-1982	p. 125
UK bankers' balances at the Bank of England, 1870-1982	p. 126
Public sector deposits at the Bank of England, 1870-1982	p. 126
Other deposits at the Bank of England, 1870-1982	p. 126
Special and supplementary special deposits at the Bank of England, 1960-82	p. 126
Notes and coin in the Banking Department of the Bank of England 1870-1982	p. 126
Total UK bank deposits, 1870-1921 and 1921-82	p. 126
UK banks' current accounts or sight deposits, 1921-82	p. 126
UK banks' deposit and other accounts, 1921-82	p. 127
UK banks' inter-bank balances, 1870-1921 and 1921-69	p. 127
UK banks' items in transit adjustor for deposit series (60 per cent of items in transit), 1870-1921 and 1921-69	p. 127
Net UK total bank deposits, 1870-1921 and 1921-69	p. 128
Net UK current accounts or sight deposits, 1921-69	p. 128
Net UK bank deposit and other accounts, 1921-69	p. 128
UK banks' total cash and balances at the Bank of England, 1870-1921 and 1921-82	p. 128
UK banks' cash, 1870-1921 and 1921-82	p. 128
UK banks' reserves of notes and coin held against the note issue, 1870-1982	p. 129
UK banks' till money, 1870-1921 and 1921-82	p. 129
UK currency in the hands of the non-bank public, 1870-1921 and 1921-82	p. 129
UK banks' reserves, 1870-1921 and 1921-82	p. 129
The Components	p. 130
Money and Banking Data Series	p. 191
Coin in Circulation, 1868-1982	p. 193
Calculation of a gold coin series, 1868-1914	p. 193
Comparison of the gold coin series with benchmark estimates constructed in the nineteenth century	p. 202
Silver and bronze coin	p. 205
Total coin	p. 206
The coin in circulation series, 1870-1921 (monthly)	p. 206
International gold bullion and gold coin movement statistics, 1870-1914	p. 207
Coin in circulation, 1922-82	p. 208
United Kingdom Bank Notes	p. 209
Bank of England notes, Treasury notes and commercial bank notes, 1870-1982	p. 209
Bank of England notes issued, 1870-1982	p. 213
Treasury and currency notes, 1914-28	p. 214
Notes outstanding	p. 214
Notes and coin held in the Currency Note Redemption Account	p. 214
English private banks' notes, 1870-1921	p. 215
English joint stock banks' notes, 1870-1920	p. 215
Scottish banks' notes, 1870-1982	p. 215
Scottish banks' notes issued	p. 215
Authorized circulation (fiduciary issue) of Scottish bank notes	p. 216
Reserves held by Scottish banks for their note issues	p. 216
Irish banks' note issues, 1870-1982	p. 216
Irish banks' notes issued	p. 216
Authorized circulation (fiduciary issue) of the Irish banks' notes	p. 219
Irish banks' holdings of reserves for their note issues	p. 219
The Bank of England Banking Department - Certain Liabilities and Assets	p. 221
Bankers' balances and special deposits at the Bank of England, 1870-1982	p. 221
Bankers' balances at the Bank of England, 1870-1982	p. 223
Special deposits and supplementary special deposits, 1960-2, 1967-71 and 1972-80	p. 224
Public sector deposits at the Bank of England (including HM Treasury Special Account from August 1948), 1870-1982	p. 224
Other deposits (reserves and other accounts) at the Bank of England, 1870-1982	p. 225
Notes and coin in the Banking Department of the Bank of England, 1870-1982	p. 225
The United Kingdom Banking Sector: Structure and Statistics, 1870-1982	p. 226
English banking, 1870-1982	p. 226
The London clearning banks	p. 226
Non-clearing banks	p. 234
Scottish banking, 1870-1982	p. 235
Irish and Northern Irish banking, 1870-1982	p. 236
United Kingdom Bank Deposits, 1870-1982	p. 241
UK banking sector deposits, 1870-1921 (half-yearly)	p. 241
Sources of data	p. 241
The calculation of a gross UK bank deposit series	p. 242
London joint stock banks	p. 246
London private banks	p. 246
'Ephemeral' London banks	p. 249
London and provincial joint stock banks	p. 250
Provincial joint stock banks	p. 250
Provincial private banks	p. 250
Scottish banks	p. 252
Irish banks	p. 253
Foreign and colonial banks' deposits	p. 253
The bank deposit series and nineteenth-century estimates of bank deposits	p. 253
Total bank deposits and current accounts, 1921-82	p. 259
London clearing banks	p. 259
Total deposits	p. 259
Current accounts	p. 260
Non-clearing banks	p. 260
Total deposits	p. 260
Current accounts	p. 261
Scottish banks	p. 261
Total deposits	p. 262
Current accounts	p. 262
Irish banks	p. 263
Total deposits	p. 263
Current accounts	p. 264
Sterling deposits of UK residents in overseas banks in the UK, 1951-82	p. 264
UK Banks' Cash and Balances at the Bank of England, 1870-1982	p. 266
Window-dressing and the reporting of cash balances	p. 266
UK banks' total holdings of cash and balances at the Bank of England, 1870-1921	p. 269
London joint stock banks and London 'ephemeral' banks	p. 269
London private banks	p. 270
London and provincial joint stock banks	p. 270
Provincial joint stock banks	p. 270
Provincial private banks	p. 271
Scottish banks	p. 271
Irish banks	p. 271
UK banks	p. 271
UK banks' cash and balances at the Bank of England, 1921-82	p. 272
London clearing banks	p. 272
Non-clearing banks	p. 273
Scottish banks	p. 274
Irish banks	p. 277
UK Banks' Inter-Bank Deposits and Items in Transit and Collection, 1870-1969	p. 280
Inter-bank deposits, 1870-1921	p. 280
Data for inter-bank deposits	p. 281
Cheques in collection and items in transit, 1870-1921	p. 283
Data for cheques in collection and transit	p. 283
The London Clearing House and clearing system	p. 287
The provincial clearing houses	p. 290
The Scottish Note Exchange and cheque clearing	p. 290
Note Exchange	p. 291
Cheque clearing	p. 293
The Irish clearing system	p. 293
English and Welsh banks' cheques in collection and items in transit, 1870-1921	p. 295
Scottish banks' notes and cheques in collection and transit, 1870-1921	p. 297
Irish banks' cheques in collection, items in transit and notes in the process of exchange, 1870-1921	p. 297
Inter-bank balances, cheques in collection and items in transit, 1921-69	p. 298
London clearing banks	p. 298
Balances, cheques and items in transit	p. 298
Balances with other banks	p. 298
Cheques in collection and transit	p. 298
Non-clearing banks	p. 299
Balances, cheques and items in transit	p. 299
Scottish banks	p. 299
Balances with other banks, cheques, notes and items in transit	p. 299
Balances with other banks	p. 300
Notes in exchange and cheques in collection and transit	p. 301
Irish banks	p. 301
Balances, cheques and notes in collection or in transit	p. 301
Balances with other banks	p. 301
Cheques and notes in collection and transit	p. 302
The adjustment of items in transit series for calculating net deposits	p. 302
Interest Rates and the Money Market	p. 305
The presentation of data for interest rates	p. 305
Bank Rate and Minimum Lending Rate, 1870-1981	p. 305
The Treasury bill	p. 307
Treasury bill rates	p. 309
Treasury bill allotment rate, 1923-82	p. 309
Treasury Bill discount rate, 1915-74	p. 309
Yield on Treasury bills, 1960-82	p. 310
The discount market, commercial bills and bank money at call with the discount market, 1870-1982	p. 310
The discount market	p. 310
Commercial bills	p. 311
Bank money at call with the discount market	p. 313
Three-month bank bill rate (rate on prime bills), 1870-1982	p. 314
Rate of money at call with the discount market, 1870-1946 and 1945-82	p. 315
Rates of interest paid on banks' deposit accounts, 1870-1982	p. 315
Yield on Consols, 1870-1982	p. 316
Secondary sources of interest rate data	p. 320
Non-Monetary Series	p. 323
Gross national product, 1870-1980	p. 323
Retail price indices and GNP deflator, 1870-1965 and 1914-82	p. 323
Ministry of Labour cost of living index, 1914-47	p. 323
The interim index of retail prices, 1947-56	p. 323
Index of retail prices, 1956-62	p. 323
Index of retail prices, 1962-73 and 1974-82	p. 324
Retail prices, 1914-82	p. 324
Feinstein's retail price series, 1870-1965	p. 324
GNP price deflator, 1870-1965	p. 324
Money and Banking Data Series	p. 326
Interpolation Procedures, etc.	p. 537
Principal Domestic Banks and Banking Companies Operating in the United Kingdom, 1870-1983	p. 539
UK Banking Sector: Numbers of Banks and Numbers of Branches, 1870-1921	p. 576
Certain Assets and Liabilities of the National Bank, April 1921 to March 1922	p. 579
Bibliography	p. 580
Index	p. 589
Table of Contents provided by Ingram. All Rights Reserved.

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A Monetary History of the United Kingdom: 1870-1982

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