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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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Michael Artis


of ‘Competition and stability: what’s special about banking?’ Michael Artis I should like to say, for a start, how much I appreciate being able to participate in this celebratory conference for Charles Goodhart. Unlike many others here I have not been a student of Charles’s nor even a colleague in the narrow sense, whether in a University department or Central Bank. But I have been a close colleague in a professional sense, sharing with Charles – albeit from a different starting point – the highly educative vicissitudes of British monetary experience. These include the experience of a variety of monetary regimes in the policy sense – from the ‘monetarily constrained’ Keynesianism of the 1960s to Mrs Thatcher’s monetarism, via exchange rate targeting and membership of the ERM to today’s inflation targeting. In addition – and relevant to the chapter under discussion – they include the experience of the British monetary system (and policy) in adapting to a more competitive framework, beginning with the startling move, under the heading of ‘Competition and Credit Control’. This was a (then) revolutionary move away from a highly cartelized system with a symbiotic monetary policy which played on rationing effects, towards a much more open and competitive system. As we followed together all these twists and turns in British monetary experience I never found Charles’s judgment to be other than sound, his academic merit less than first-rate or his sense of fairness less than perfect. One of the – at first sight, strange – results of the creation...

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