The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in...

"Government securities are an essential piece of equipment for an effective state. They enable governments to borrow to finance expenditures which they cannot mmediately pay for out of taxation or accumulated savings. In the past, such xpenditures were often for the conduct of wars. Britain was...

1. The Basics of Modern Money Theory -- 2. The Basics of Macroeconomic Accounting -- 3. Spending by Issuer of Domestic Currency -- 4. The Domestic Monetary System: Banking and Central Banking -- 5. Fiscal Operations in a Nation That Issues Its Own Currency -- 6. Tax Policy for Sovereign Nations...

In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve....