Cover: British Monetary Policy and the Balance of Payments, 1951–1957 in HARDCOVER

Harvard Economic Studies 116

British Monetary Policy and the Balance of Payments, 1951–1957

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Product Details


$38.50 • £30.95 • €34.50

ISBN 9780674082755

Publication Date: 01/01/1960


384 pages

25 charts

Harvard Economic Studies


A detailed study of the revolution in Bank of England policy resulting from the government’s response to the 1954–55 balance-of-payments crisis, this is a first independent analysis. The author investigates the evolution of official thinking and appraises the impact of monetary policy in this crucial period. Peter Kenen reaches the unexpected conclusion that the Bank’s orthodox monetary policies played a relatively small part in the redress of payments disequilibrium, and that its most effective weapons were its most heterodox. Finally, he proposes ways in which the Bank of England can better control the credit base.

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