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The Monetary Foundations of Britain’s Early 19th Century Ascendency

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  • Carolyn Sissoko

    (University of the West of England, Bristol)

Abstract

This paper argues that Britain’s monetary system at the start of the Napoleonic Wars was substantially different from its monetary system at their end, and that the Restriction and the Bank of England’s discount policy during the Restriction played a determining role in the transformation of the monetary system. Specifically, I argue that Britain’s monetary system through the second half of the 18th century was built on transaction-based credit, and that by the end of the war this monetary system had been transformed into one based on personal credit. I find that the Bullion Committee deliberately reset the public’s inflation expectations in order to stabilize the monetary system. And that the Bank was acting as a lender of last resort with an explicit duty to support commercial interests in the crisis of 1810-11.

Suggested Citation

  • Carolyn Sissoko, 2019. "The Monetary Foundations of Britain’s Early 19th Century Ascendency," Working Papers 20191906, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    • Handle: RePEc:uwe:wpaper:20191906
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    File URL: https://www2.uwe.ac.uk/faculties/BBS/Documents/UWE-working-paper-The-Monetary-Foundations-of%20Britains-Early-19th-Century-Ascendency.pdf
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    Cited by:

    1. Sissoko, Carolyn & Ishizu, Mina, 2021. "How the West India trade fostered last resort lending by the Bank of England," LSE Research Online Documents on Economics 108565, London School of Economics and Political Science, LSE Library.
    2. Carolyn Sissoko, 2021. "Modern Legal Practice as the Engine of Inequality," Development and Change, International Institute of Social Studies, vol. 52(1), pages 192-201, January.
    3. Sissoko, Carolyn & Ishizu, Mina, 2021. "How the West India trade fostered last resort lending by the Bank of England," Economic History Working Papers 108565, London School of Economics and Political Science, Department of Economic History.
    4. Patricia Gomez-Gonzalez & Gabriel Mathy, 2024. "The World's First Global Safe Asset: British Public Debt, 1718-1913," Fordham Economics Discussion Paper Series dp2024-01er:dp2024-01, Fordham University, Department of Economics.

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