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SUMMARY:Making the market: trading securities at the Bank of England durin
 g the late eighteenth century - Dr Anne Murphy\, University of Hertfordshi
 re
DTSTART:20120611T160000Z
DTEND:20120611T180000Z
UID:TALK37075@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:As the market for the trading of the British state’s debt de
 veloped and expanded\, the Bank of England found itself in a difficult pos
 ition. It was the manager of much of the state’s debt and\, as such\, re
 garded itself as the guardian of public credit. But at the same time\, wit
 hin its walls was housed a lively market in the national debt. That market
  and its participants were\, at the very least\, accused of making profits
  from the exigencies of war and\, at worst\, were believed to be undermini
 ng the stability of the state by manipulating the price of its debt. The B
 ank dealt with this seeming contradiction within its role by attempting to
  create both physical and commercial separation between the business of ma
 naging the public credit and the business of trading the government’s de
 bt. This paper will argue that these attempts were largely unsuccessful an
 d will go on to consider the implications of the Bank’s failure to remai
 n aloof from the market for the credibility of the national debt. 
LOCATION:Jane Harrison Room\, Newnham College
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