Did the Bank of England provide lender of last resort facilities to the private sector in the first 150 years of its existence?

研究的问题是，英格兰银行在成立后的头150年里，在多大程度上发展了其私人贷款业务，并在危机时期向私营部门提供了最后贷款人的便利。在这些全新的数据中使用现代统计和经济模型将为如何在现代金融危机情况下采取行动带来新的见解，因为我们必须看到政策的成功和失败。洛弗尔认为，银行在18世纪后半叶作为最后贷款人运作。这是基于银行从票据贴现业务中获得的收入数据，这些数据是克拉彭为他的两卷银行历史收集的。但是，与1844年以后的时期相比，这一普遍假设在这一时期并没有真正被利用英格兰银行档案中的材料进行任何详细的考察。主要的问题是这项业务是如何发展的，银行是否开发了监测其交易对手和在危机中提供紧急流动性的技术。这在多大程度上体现在世界银行复杂的簿记工作中？这包括使用大不列颠作为“美德的象征”，使用开放式办公室和银行霍尔斯，在那里展示账簿，这使它能够公开展示其勤奋的簿记。该项目的预期成果，就其对知识和理解的贡献而言，新的方法和技术将有助于更好地理解1844年《银行宪章法》颁布之前，英格兰银行在金融危机期间的运作方式，以及其贴现政策的运作方式这在多大程度上促进了英国的金融革命。在与法国的各种战争中，它是否是支持私人信贷和工业的重要因素，如奥布莱恩和帕尔马（2018）所讨论的那样？回答这些问题对于理解英国在18世纪和19世纪崛起为世界强国至关重要。本课程的时间范围包括第一年的NWSSDTP经济学培训课程。夏天将在银行度过，学生可以在瑞兰德托马斯的监督下处理档案。这将导致数据收集的初步阶段，并导致在学年结束时升级/确认小组讨论的建议。在第二年和第三年，学生将花费不少于六个月的时间在银行档案馆收集数据。其余的时间将用于撰写第一篇研究论文，该论文也将在曼彻斯特大学经济系发表。监督人员将密切监测结果和进展。在第四年的前四个月，学生将最后一次访问世界银行的档案。然后，学生将撰写论文的最终版本，提交给英格兰银行，在NWSSDTP会议和国际会议上。夏天将再次在英格兰银行度过，以敲定细节。

The research question being asked is to what extent the Bank of England developed its private lending business and in times of crisis provided lender of last resort facilities to the private sector in the first 150 years of its existence. Using the modern statistical and economical models in this brand new data will bring new insights about how to act in modern financial crisis situations, because we must look at the policy successes as well as failures. Lovell argued that the Bank operated as a lender of last resort in the second half of the 18th century. This was based on data on the Banks revenue from bill discounting business which Clapham collected for his two volume history of the Bank. But this general hypothesis has not really been looked at again in any detail for this period using material from the Bank of England archives, in contrast with the period after 1844. The main questions is how did this business evolve and did the Bank develop techniques for monitoring its counterparties and providing emergency liquidity in a crisis. To what extent is this evident in the sophistication of the bookkeeping done by the Bank? This ranged from the use of Britannia as a 'symbol of virtue' to the use of open plan offices and banking halls where the ledgers were on display, something which enabled it to demonstrate publicly its assiduous bookkeeping.The anticipated outcomes from the project, in terms of its contribution to knowledge and understanding, new methodologies and techniques would be a better understanding of how the Bank of England operated during financial crises before the Bank Charter Act of 1844 and how its discount policy worked and to what extent did this facilitate the financial revolution in England. Was it a vital element in supporting private credit and industry during the various wars with France as discussed in O'Brien and Palma (2018)? Answering these questions is of critical importance to understanding Britain's rise to a world power over the eighteenth and nineteenth centuries.The time scale of this course would include year one being devoted to the NWSSDTP economics training programme. The summer will be spent at the Bank where the student can work on the archives under the supervision of Ryland Thomas. This will lead to a preliminary phase of data collection and to a proposal to be discussed at the upgrade/confirmation panel at the end of the academic year. During years two and three the student will spend no less than six months at the Banks archives, collecting data. The rest of the time will be spent writing the first research paper, which would also be presented at the Department of Economics of the University of Manchester. The results and progress would be closely monitored by the supervisors. The first four months of year four the student will visit the Bank's archive a final time. The student will then write up a final version of the dissertation, to be presented at the Bank of England, at the NWSSDTP conference, and at an international conference. The summer would be again spent at the Bank of England, to finalise details.