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Aristocratic government and the Bank of England during the Age of Reform

In: A Comparative History of Central Bank Behavior

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The gold convertibility of the pound was suspended in 1797 to enable Britain to finance its French wars with paper money, at the end of which the government was faced with the choice between the continuation of paper money and a return to convertibility with its accompanying deflation, that is, between the protection of property by means of a stable pound and concern for short-term economic conditions, particularly employment. The former was accepted slowly and somewhat reluctantly by the private Bank, which shared the public's losses.

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  • ., 2022. "Aristocratic government and the Bank of England during the Age of Reform," Chapters, in: A Comparative History of Central Bank Behavior, chapter 2, pages 10-44, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21729_2
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