Central Bank Cooperation at the Bank for International Settlements, 1930-1973

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Cambridge University Press, 16.05.2005 - 729 Seiten
This book covers the history of the Bank for International Settlements (BIS), the first-born among the international economic institutions, from its founding in Basel in 1930 to the end of the Bretton Woods system in 1973. The first chapters explore the foundation of the BIS, its role in the financial crisis of 1931, the London economic conference of 1933, and in following years when central bank cooperation was mostly reduced to technical matters. Considerable attention is devoted to the much criticized activity of the BIS during World War II. The book then deals with the intensive central bank cooperation from the recreation of Europe's multilateral payments in the 1950s and for the support of the Bretton Woods system in the 1960s. The last chapter is devoted to the involvement of central banks in the first timid steps towards European monetary unification and to the eurodollar market.
 

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Inhalt

International Payments and Central Bank Cooperation
1
12 International Monetary Systems 18701973
5
13 Reasons and Conditions for International Monetary Cooperation
9
14 Central Bank Cooperation under the Classical Gold Standard
13
15 Central Bank Cooperation 19141922
16
An Old Cooperative Idea
20
Gestation and Birth
24
22 The Young Committee
33
711 Italian Gold
252
712 Assessing the BISs Wartime Conduct
256
Bretton Woods
260
82 The BIS at Bretton Woods
267
83 After Bretton Woods
271
84 The Restitution of Looted Gold
276
85 What Saved the BIS?
279
Reconstructing Multilateral Payments
283

23 The BadenBaden Committee
39
24 American Ambiguity
44
25 The Legal Basis
48
Comments on the Creation of the BIS
52
27 Outlook and Expectations
56
Organisation and First Operations
61
32 People and Organisation
63
33 The Capital of the Bank
67
34 Dealing with Reparations
70
35 The Banking Side
72
36 The Issue of LongTerm Lending
74
37 The Peseta
77
The 1931 Crisis and International Lending
84
The CreditAnstalt Crisis
88
43 Lending to Hungary Yugoslavia and Danzig
97
44 The BIS and the German Financial Crisis
100
45 Assessing the BIS Experience as Crisis Manager
106
The End of Reparations the Gold Standard and the 1933 London Conference
115
52 Facing the New Reality
119
53 The Wiggin Committee
123
54 The Beneduce Committee and the Lausanne Conference
127
55 Custodian of the Gold Standard
131
56 The Preparatory Commission of Experts for the London Conference
136
57 The BIS at the London Conference
144
58 The Banks Role as Trustee and the German Transfer Crisis
149
59 Emphasis on Cooperation
157
An Autarkic and Divided World
159
An Oxymoron?
162
63 The United States and the BIS
167
64 The Tripartite Agreement
175
65 People and Organisation
183
66 The Banking Side
185
67 Clearing Agent for the Universal Postal Union
189
68 The Monetary and Economic Research Department
191
69 The Governors Unofficial Meetings
195
Wartime
201
72 The Czechoslovak Gold Affair
204
73 Neutrality Declaration and Policy
213
Wartime Daily Life at the BIS
220
McKittricks Reappointment
224
76 The BIS and the Axis
226
77 The BIS and the Allies
232
78 The BIS Switzerland and the Other Neutrals
235
79 Wartime Business Activity
238
710 Wartime Gold Transactions with the Reichsbank
245
92 The Postwar Economy in the Analysis of the BIS
286
Plus ca change ?
291
94 Early Postwar Activity
297
95 The 1947 Agreement on Multilateral Monetary Compensation
301
96 The OEEC and the 1948 Agreement for IntraEuropean Payments and Compensations
305
Achieving Convertibility
309
102 International Monetary Cooperation
312
103 The BIS in the 1950s
317
104 Economic Analysis
323
105 The Birth of the European Payments Union
327
106 Central Banks the BIS and the EPU
333
107 The EPU in Operation
335
108 Convertibility and the European Monetary Agreement
339
109 Eastern European Central Banks and the BIS
346
The 1960s Patching Up the Bretton Woods System
350
112 The BIS in the 1960s
357
113 The Basel Club
363
The European Rescue of the Dollar
369
115 Origin and Operations of the Gold Pool
375
The Basel Agreement Swap Networks and Bilateral Concerté
381
117 The Defence of Sterling
388
118 The BIS the G10 and the Debate on Reforming the International Monetary System
399
The Beginning of the End
410
1110 The BIS Role in the Second Sterling Group Arrangement
423
1111 The French Franc and the Deutsche Mark
426
1112 The End of Bretton Woods
428
Monetary Union and Financial Stability
437
122 The EEC Governors Meetings in the 1960s
439
123 The Werner Plan and European Monetary Integration
444
124 The Eurocurrency Market
452
125 Central Banks Concerns about the Eurocurrency Market
455
126 Filling the Information Gap
457
127 The Eurocurrency Market and Monetary Policy
460
128 Prudential Issues
469
Epilogue
473
Notes
489
Archives Consulted
613
Bibliography
617
BIS Statutes 1930
635
BIS Balance Sheet 19302000
647
BIS Board of Directors and Management 19302005
661
Chronology of Events 19292005
667
Dramatis Personae Biographical Sketches
697
Index
713
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Über den Autor (2005)

Gianni Toniolo is Professor of Economics at the Universit... di Roma Tor Vergata (Italy) and Research Professor of Economics at Duke University. A former professor of Economics and chair of the Economics Department at the University of Venice, he has held visiting positions at All Souls College and St. Antony's College, Oxford, Hitotsubashi University, Tokyo, and the University of Connecticut. He is also a Research Fellow in the Centre for Economic Policy Research in London and a member of the European Academy. Professor Toniolo is the author of several books in Italian and English on European and Italian economic growth from 1800 to the present and the history of financial markets and institutions with special reference to central banking, including The European Economy between the Wars (1997, with C. H. Feinstein and P. Temin) and An Economic History of Liberal Italy, 1850-1918 (1990). He is the editor of 17 books, including Patterns of European Industrialization: the Nineteenth Century (1991, with R. E. Sylla), Central Banks' Independence in Historical Perspective (1988), and Economic Growth in Europe Since 1945 (Cambridge University Press, 1996, with N. Crafts). Professor Toniolo is co-editor (with P. Ciocca and G. Federico) of Rivista di Storia Economica.

Gianni Toniolo is Professor of Economics at the Università di Roma Tor Vergata (Italy) and Research Professor of Economics at Duke University. A former professor of Economics and chair of the Economics Department at the University of Venice, he has held visiting positions at All Souls College and St. Antony's College, Oxford, Hitotsubashi University, Tokyo, and the University of Connecticut. He is also a Research Fellow in the Centre for Economic Policy Research in London and a member of the European Academy. Professor Toniolo is the author of several books in Italian and English on European and Italian economic growth from 1800 to the present and the history of financial markets and institutions with special reference to central banking, including The European Economy between the Wars (1997, with C. H. Feinstein and P. Temin) and An Economic History of Liberal Italy, 1850-1918 (1990). He is the editor of 17 books, including Patterns of European Industrialization: the Nineteenth Century (1991, with R. E. Sylla), Central Banks' Independence in Historical Perspective (1988), and Economic Growth in Europe Since 1945 (Cambridge University Press, 1996, with N. Crafts). Professor Toniolo is co-editor (with P. Ciocca and G. Federico) of Rivista di Storia Economica.

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