Category Archive: Banking reform

May 16

Sir Mervyn King as Governor of the Bank of England – Marks out of 10

As Sir Mervyn King enters his final days as Governor of the Bank of England, the time is right to assess his overall record over the past 10 years. 1. Monetary policy before the credit crunch. The initial phase of his tenure, between 2003 and 2007, appeared at the time to be a period of …

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Permanent link to this article: http://www.goldenguinea.com/sir-mervyn-king-as-governor-of-the-bank-of-england-marks-out-of-10/

Feb 04

The “electrified ring fence” – does it go far enough?

The announcement by the Chancellor of the Exchequer that the UK Government will introduce an “electrified ring fence” around core retail banking activities, with draconian sanctions for any banks that breach it, is to be welcomed. However, it begs the obvious question. If it is so desirable to keep retail banking activities separate from investment …

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Permanent link to this article: http://www.goldenguinea.com/the-electrified-ring-fence-does-it-go-far-enough/

Jan 19

Towards a new international monetary framework

Yesterday, I participated in what was, for me, a very stimulating meeting of the Joint Task Force on International Monetary Reform at the Institute of Economic Affairs in a snow-bound London. It started with a debate over the origins of the financial crisis. Charles Dumas set out his “savings glut” theory, which states that the …

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Permanent link to this article: http://www.goldenguinea.com/towards-a-new-international-monetary-framework/

Oct 27

Sir Mervyn turns Austrian

The aim of commentary on this site is to provide a longer term, more balanced perspective on economic developments than is sometimes offered by the 24/7 rolling news cycle, where today’s lurid headlines of impending disaster often metamorphose into tomorrow’s fish and chip paper.  But while headline news often proves to be of no lasting consequence, sometimes a piece of news barely …

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Permanent link to this article: http://www.goldenguinea.com/sir-mervyn-turns-austrian/

Aug 20

Schumpeter, Creative Destruction and the Regeneration of the Banking System

As a young man, Joseph Schumpeter said he had three ambitions in life – to become the finest horseman in Vienna, the greatest lover in Austria, and the most brilliant economist in the world.  In later years, he confessed to being disappointed that he had only realised two of his three goals. He did not …

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Permanent link to this article: http://www.goldenguinea.com/schumpeter-creative-destruction-and-the-regeneration-of-the-banking-system/