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Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797–1821
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Autores
Orientador(es)
Resumo(s)
The Bank Restriction Act of 1797 suspended the convertibility of the Bank of England's notes
into gold. The current historical consensus is that the suspension was a result of the state's need
to finance the war, France’s remonetization, a loss of confidence in the English country banks,
and a run on the Bank of England’s reserves following a landing of French troops in Wales. We
argue that while these factors help us understand the timing of the Restriction period, they
cannot explain its success. We deploy new long-term data which leads us to a complementary
explanation: the policy succeeded thanks to the reputation of the Bank of England, achieved
through a century of prudential collaboration between the Bank and the Treasury
Descrição
Palavras-chave
Bank of England Financial revolution Fiat money
Contexto Educativo
Citação
O'brien, P.K., Palma, N. (2020). Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821. European Review of Economic History, 24(2), 390-426. DOI 10.1093/ereh/hez008