The Re-Emergence of Global Finance

by G. Burn

Overview

Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This is the story of the Eurodollar and the re-emergence of global capital. It tells how the City discarded sterling and reclaimed its historic role as the world's foremost financial centre.

Product Details

ISBN-13:	9781349280322
Publisher:	Palgrave Macmillan UK
Publication date:	01/01/2006
Edition description:	1st ed. 2006
Pages:	231
Product dimensions:	5.51(w) x 8.50(h) x (d)

About the Author

GARY BURN is a Visiting Research Fellow at the GPE Centre, University of Sussex, UK. He has recently published work on the German economy and the evolution of offshore finance. He won the Robert Cox Award in 2000 for his article The State the City and the Euromarkets.

Table of Contents

List of Figures List of Abbreviations PART 1: INTRODUCTION The End of a Global Age Global Finance v. National Captialism Redrawing Sovereignty in the City Accumulation and Institutional Change PART 2: THE EVOLUTION OF THE EUROMARKETS Defining Euromoney The Origins of the Eurodollar Market Developing a Foreign Market for Dollars US banks take over the London Eurodollar Market The Establishment of the Eurobond Market The State v. Market Dichotomy Historic Mechanisms PART 3: STERLING AND THE CITY-BANK-TREASURY NEXUS Sterling, the Discount Market and the Bill on London Public v. Private: Institutional Schizophrenia at the Bank of England The Return to Gold After Gold PART 4: RESTORING STERLING AFTER 1945 America v. Britain: Creating an International Monetary System Securing the Bank's Institutional Autonomy The Battle for Sterling European Payments Union Operation Robot The Climacteric of 1955 The Great Unmentionable Sterling and City Divorce PART 5: THE STATE, THE CITY AND THE EUROMARKETS Locating the Historic Mechanisms in the Eurodollar Market Sir George Bolton: The Bank of England's 'Market Man' Disassociating the Eurodollar and Eurobond Markets Discovering the Onshore External Market The Bank of England View of the Eurodollar PART 6: AMERICA AND THE EUROMARKETS US Banks Operating in the London Eurodollar Market The Federal Reserve and the Continental Dollar Market The Kennedy Administration and the US Payments Deficit The US and the Eurobond The US Treasury discovers the Offshore Market in Foreign Dollars Discussing the Euromarkets with Britain Coming Late to the Feast PART 7: PUBLIC ACCOUNTABILITY V PRIVATE INTEREST GOVERNMENT The Bank of England and Public Accountability The City and Private Interest Government Musings, Questions and Conclusions Notes Bibliography Index

Editorial Reviews

'...this is a valuable book that is well-researched and highly readable...It makes an important contribution to our understanding of the development of the international financial system...' - Ranald Michie, Bankhistorisches Archiv

From the Publisher