The Art of Central Banking – Ralph Hawtrey (1933) | Session 1

Welcome to our discussion of Chapter IV – The Art of Central Banking (from Ralph Hawtrey's book with the same title). For this session, we will be focusing on the following sub-chapters (pages 116 – 174):

The Lender of Last Resort
The London Discount Market
The Bank of England Before 1844
The Bank of England, 1844-73
Eligible Bills and Securities
The Bank of England and the Note Issue
Bank Rate and Foreign Exchanges
Bank Rate After 1844
Attracting Foreign Money
The Cunliffe Committee
Release and Absorption of Cash
The International System.
The Central Bank's Power Over Credit.
The Response of the Borrowers.
Credit For Fixed Capital and the Stock Exchange.
The Inherent Instability of Credit.