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Monetary History, Exchange Rates and Financial Markets

Essays in Honour of Charles Goodhart, Volume Two

Edited by Paul Mizen

Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart’s outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
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Forrest Capie


of ‘Charles Goodhart’s contributions to the history of monetary institutions’ and ‘Crises now and then’ Forrest Capie I am delighted to be part of this tribute. I must begin by saying that Charles on occasions describes himself as a monetary historian, and this can be a bit dispiriting for the rest of us monetary historians, since he knows more about money, monetary theory, monetary policy, and monetary practice. We can only thank David Ricardo for comparative advantage that allows us to carry on doing something moderately useful. Bordo and Schwartz have demonstrated the huge contribution to the subject Charles has made by focusing on just one strand in his portfolio of interests, the history of monetary institutions, with a heavy concentration on the Bank of England’s role in the financial system over time. In this field as in others his early interests have proved lasting and are almost invariably the big issues of today. In the football commentator’s cliché Bordo and Schwartz have produced a chapter of two halves. The first surveys Charles’s earlier writing, and the second raises some large areas of serious disagreement with his more recent work. There are many interesting questions in the early research some of which remain unresolved and are still provoking research, but it is their criticisms of his views on the role of the central bank in relation to the banking system that are of chief interest. These views derive in part from his earlier work. They argue that Charles holds distinctive...

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