First Published in 1968. If this book aimed at a descriptive account of the detailed phenomena of the Money Market, it would necessarily be concerned mainly with the manner in which the market was adjusting its operations to the special disturbances arising from the war, and would deal principally with such matters as the abolition of time dealings on the Stock Exchanges, the influence of public finance on monetary conditions and the prospects of a return to an effective gold standard. But that is not its object. Its main purpose is one not of description but of interpretation. It attempts to trace the nature of the economies which the market effects as part of the organization of production, and to express those economies in terms of economic welfare.

This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1870 to 1914. In substantive chapters on each country it offers parallel histories of the evolution of their financial infrastructures - commercial banks, non-bank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market. At one level, the work constitutes a quantitative history of the development of the capital markets of five countries in the late nineteenth century. At a second level, it provides the basis for a useable taxonomy for the study of institutional invention and innovation. At a third, it suggests some lessons from the past about modern policy issues.

This book brings together fourteen essays by leading authors in the field of economics to explore the relationship between money and markets throughout economic theory and history, providing readers with the key to understanding fundamental issues in monetary theory and other important debates in contemporary economics. Addressing this popular and topical area in economic discussion and debate an impressive array of contributors, including Meghnad Desai, Charles Goodhart and John Davis examine the theory, policy and history of economics in the USA, Europe and Japan. The subjects covered include: the history of economic thought money and banking monetary economics poverty modern economic history. This volume is essential reading for postdoctoral researchers and historians of economic thought across the globe.

Annette Kleinbrod analyses the Chinese capital market and examines to what extent the stock and bond markets contribute to the financing of China's development. Her approach takes into account the relatively recent re-emergence of the stock and bond markets in China, the limited data available, and the country's current dynamics.

The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision

Cambridge University has and continues to be one of the most important centres for economics. With nine chapters on themes in Cambridge economics and over 40 chapters on the lives and work of Cambridge economists, this volume shows how economics became established at the university, how it produced some of the world's best-known economists, including John Maynard Keynes and Alfred Marshall, plus Nobel Prize winners, such as Richard Stone and James Mirrlees, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with the first in-depth analysis of Cambridge economics.

During the seventeenth and eighteenth centuries, servants in the East India Company established a private English trading network that was successful and highly competitive. How was this development maintained seeing that the group of private merchants was constantly changing? The answer must be found in the close ties connecting Madras with the City of London. London was the financial centre of the British Empire as well as the generator of overseas expansion. Colonial societies in the West Indies and North America were economically and socially dependent upon the metropolis and so was Madras. This book places the activities of the private merchants in Madras within the framework of the first British Empire. It focuses on a hitherto neglected field of study, uncovering a private trading network, a diaspora, built on gentlemanly capitalism, trust and ethnicity.