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

人们提出的研究问题是，在英国央行成立的头150年里，它在多大程度上发展了私人贷款业务，并在危机时期向私营部门提供了最后贷款人的安排。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，因为我们必须既看政策的成功，也看政策的失败。洛弗尔认为，在18世纪下半叶，英国央行是最后贷款人。这是基于Clapham为他的两卷本银行历史收集的银行票据贴现业务收入的数据。但这一普遍假设在这一时期并没有得到任何详细的研究，使用的是英格兰银行档案中的材料，与1844年之后的时期形成对比。主要问题是这项业务是如何发展的，以及世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英国央行簿记的复杂程度上？从将《不列颠尼亚》作为“美德的象征”，到使用开放式办公室和银行大厅来展示账簿，这可以公开展示其勤勉的簿记工作。该项目的预期结果，就其对知识和理解的贡献而言，新的方法和技术将更好地理解英格兰银行在1844年《银行宪章法》之前的金融危机期间是如何运作的，以及它的贴现政策是如何运作的，以及这在多大程度上促进了英格兰的金融革命。正如奥布莱恩和帕尔马（2018）所讨论的那样，在与法国的各种战争中，它是支持私人信贷和工业的重要因素吗？回答这些问题对于理解英国在18、19世纪崛起为世界强国的过程至关重要。这门课程的时间范围将包括第一年专门用于NWSSDTP经济学培训计划。暑假将在银行度过，学生可以在Ryland Thomas的监督下处理档案。这将导致数据收集的初步阶段，并在学年结束时的升级/确认小组上讨论一项建议。在第二和第三年期间，学生将在银行档案馆工作不少于6个月，收集数据。剩下的时间将用来写第一篇研究论文，这篇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。在第四年的头四个月，学生将最后一次参观世界银行的档案室。然后，学生将撰写论文的最终版本，在英格兰银行、NWSSDTP会议和一个国际会议上展示。今年夏天，他将再次在英国央行（Bank of England）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.