イングランド銀行金融政策の形成と一八四四年銀行法の「定着」
スポンサーリンク
概要
- 論文の詳細を見る
It is certain that the Bank Charter Act of 1844 contributed to the development of British capitalism. But the Act of 1844 was one which could not work in an expected way and caused unexpected difficulties. Although the Act of 1844 lasted for long without amendment, it could not preserve its original spirit. The Bank of England acted according to the spirit of the Act of 1844 for a few years after its enforcement, Soon, however, the Bank of England had to change her behaviour as the defects of the Act of 1844 came to the front. At first, after the crisis of 1847 the Bank of England withdrew from competition with discount market. Then, at the crisis of 1857 the Bank of England came to function as lender of last resort more than at the crisis of 1847, and. after that the Bank began to act not as a banker like other banks but as keeper of the central reserve; the Bank began to operate the Bank Rate with intent to maintain the reserve for public interest. The Bank of England harmonized her behaviour with her own position in the credit system as above, even if still imperfectly. Consequently it faded out gradually to argue about the Act of 1844. The Act of 1844 got a fixed Position in the structure of British capitalism after 1857. But it means no other than the Act of 1844 was skeletonized. Because, according to the original spirit of this act, the Bank of England should determine the amount of Notes automatically in obedience to the amount of the bullion reserve and do not do anything to maintain the reserve, moreover Banking Department should be managed as a banker like other banks. The formation of the Bank Rate policy in the Bank of England means negation of the spirit of the Act of 1844. When the Act of 1844 got a fixed position, it had become a "empty shell", and perhaps it could not get a fixed position without becoming a "empty shell".
- 社会経済史学会の論文
- 1983-05-25