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英国指导金融课程assignment Speak of the fourth British banking industry The next few speak we mainly discuss 1914 years ago the European banking development, still focuses on examination kingdom Don't differences. We need to think about the following questions: (1) from the origin of the banking industry, Western Europe banking industry and the business contact close, but the banking industry and the The relationship between the industrial countries condition? According to JinDeEr's point of view, British bank main for trade Financing, the bank and the industrial contact the most compact country is Germany, Austria, Sweden. The industrial revolution need money, Why did the industrial revolution happened in the bank and the industrial connection not only British than the relatively in Germany, England silver Whether the industry to promote the industrial revolution? (2) in Western Europe in the history of the bank, even in the 15 th century Spain into a large American silver, with invincible 英国指导金融课程assignment The ascendancy still no fleet development up his own advanced banking? Why failed to support the banking industry Class of teeth sustained economic development? This lecture outline: A, the bank of England's growth Second, other Banks Three, bank and industry Four, the liquidation The first section of the growth of the bank of England The bank of England's special status is its business franchise, is to lower rates to the British government Borrowing, then get the rights issue bank notes, the charter make bank in special status to effectively strong Big our own strength, and eliminate the threat of competitors. The bank of England is in competition with opponents constantly to survive. 1, the bank of England's strengths and weaknesses The bank of England issue bank notes is its biggest competitive advantage, yet at the same time also is its biggest weakness. 2, the bank of England's main business (1) the government debt business, financial revolution; (2) the issuing bank coupons Three, the bank of England was challenge (1) run: trust crisis. In 1707, had been the east India company's attack. The east India company first London COINS outflow (reduce the bank of England available COINS, gold and silver COINS), then the bank certificate issued by England to eng Aram bank for coin exchange, is the traditional of the runs said. The queen and the duke of nobility and loans to its large amount of cash Item before they make it through the crisis. In 1745 WangWeiZhe coveted the cause runs along the behavior. The bank of England the face value of the six pence hard Currency to slow down and pay runs the time using win the businessman called London signed a says it is willing to take By the bank of England's bank notes instead of coin of the statement. In 1797 the war caused a laissez-faire approach. To suspend the exchange. And once within one day organization 1140 Merchants signed statement. (2) blade bank and the south sea company 1707 blade bank and England competition government bonds intermediary charter, forced the bank of England to increase The government loan amount and cut interest rates. The south sea company is by the blade bank (sword blade bank) was established in 1711, blade Banks get 2 million pounds of lottery tickets in the project, the formation of the south sea company, engaged in the south Atlantic trade in the region. Government bonds The holder, including life annuity and pension holders of the permanent, can change the south sea company stock, England The Treasury to new intermediary (the south sea company) pay interest (asset securitization? Asset replacement). Later is Fraud, insider through the abnormal illegal means drive up the stock price, and to profit. When prices are high to a Set point, started to decline, the south sea company into a difficult position (history of famous south sea bubble, south sea Bubble). The bank of England to the most serious challenge eventually fail. Later, the bank of England or make moves aid the south sea company, make can continue for government debt financing, But refused to salvage blade, which it closed down (1720.9). In the event, the bank of England faced a dilemma, namely save financial system and eliminating competition Opponents argue. Through the south sea company and blade will differentiate between the bank and the bank of England succeeded in solving the two Difficult dilemma. 4, the bank of England's profits Mainly from COINS in tax revenue: the release of bank notes for the public accept and circulation First England bank notes issued is face value bigger, in 1759 began to issue 10 pounds 英国指导金融课程assignment Bank notes, had the smallest is 20 pounds; In 1794 the face value of the 5 pounds started issuing bank notes, in full 1793 feet to the needs of the liquidity panic; Started in 1797 with a face value of 2 pounds and issued one pound of silver Do coupons. The bank of England first established in Britain dominant position, its bank notes for businessmen and people slowly Accept; And once the bank of England's bank notes to achieve a certain number and scale, its position is no longer easy to move Shake, also no longer depends entirely on the concession shape, in the final analysis, such as the bank of England of successful development institutions do not May depend entirely on the concession form, must have their own advantages and strengths. 5, the bank of England's branch (1) the bank of England first not England more is not Britain's central bank, the franchise and shape No covers the whole England let alone the whole British. "1826 banking law, issued within 65 miles of the privilege of bank notes (2) the 65 mile range, establish a branch, the purpose is gradually from the grameen bank will release and bank notes Come, control local credit. 1827 young eight branches, 1830 up to 11 home. (3) significance: the branch and in London headquarters gradually form the central bank, support the through the draft Cover the country's remittance network, it "on one hand the support through the remittance draft nationwide network, and the other party Support the face is accelerate gradually established branch ", so "strengthen the entire structure of the banking industry, and not only London is the only the banking headquarters ". 6 and the discount policy (1) reserves: two-thirds of securities + 1/3 of COINS and gold and silver pieces (2) palmer guess: securities fixed, reserve passive change. (in Britain credit based) (3) bank certificate is issued rules A. bank school on the basis of support to credit issue pattern (in securities to give priority to, in essence is politics Government debt) B. limited credit issued the currency issue outside, monetary school support the silver and gold and bank notes issued 1-1. Issued by the rules, fixed the money supply, and that the bank of England should monopoly money issue, So as to control the money supply. C. discount: issue rules to determine the bank of England to the discount ability. Also, the bank can become the most later For the success of the central bank decision conditions. Experienced repeated the lessons of the crisis, the bank of England from the 1870 s began to take on the discount rate To fine-tune the strategy. 7, a lender of last resort The role of the lender of last resort mainly embodied in the monetary or financial crisis, as the entire system is most lacking Is money, if not a institutions provide plenty of money supply, it will cause the collapse of the entire system. for This, the money supply in the long term should not elastic (by the rules and stabilize prices), but short-term must have the flexibility to Maintain the stability of the system. The bank of England was first position himself become a private for-profit, and not for the public welfare purpose machine Structure. Just in the south China sea foam didn't realize his and public welfare side. (1) debate: need a lender of last resort? A: the moral risk and adverse selection, cause individual irresponsible behavior No: the whole system to collapse A lender of last resort is "the financial or Banks into the most harmful theory" (2) the government? Or is the bank of England? < 1844 Banks > Beginning in 1890, the bank of England started to undertake voluntarily and consciously, the central bank as a lender of last resort Duty. The second quarter other Banks 1, London's bank 18 th century London's private bank also get expanded and gradually specialization (by 1725 the 24 rise In 1785 to 52 house). (1) the city of London bank, in the city center financial district bank, the main business bill of exchange, the government bonds and The bank of England, the east India company and the south sea company stock; (2) bank of west London, close to the house, as the Dutch investors and English country bank's financial Agency, mainly for the gentleman and noble service, in the mortgage loan or overdraft. 2, the grameen bank 1750 years of outside London bank rarely (about 12 home), but after the number of the grameen bank in geometry Series rise. The confusion of specific Numbers. A saying: 1750 outside London only 12 Banks, 1772 turn over A times, 1800 up to 400. Official statistics: 1809, 1812 to 521 home, 1824 home to 547, 1842 to reduce to 311.#p#分页标题#e# (1) the London outside of the bank, usually in London correspondent bank to open a branch or. Also with Aaron As capital, tear open into a transfer of down. (2) three business: A, the local industrialist receipts and payments; B, funds transfer; C, government tax http://www.ukassignment.org/dxygassignment/2012/0401/19390.html Collection business (3) the same issue bank certificate issued price (as producers and used as a distance of the payment voucher draft The middle between monetary). Create your own currency social examples. (4) and more connected with the industry Question 1: why will give up their local bank bank notes begin? The 1833 Banks ": any bank certificate issued the privileges of the Banks are not in London business banking Travel. Some local Banks to early stock to preserve its own bank certificate business, although itself up to London Headquarters, but no business sites, the later some bank in London to engage in the banking industry, in order to save money (the internalization of profits), expand funding sources, gave up his bank certificate issue, such as national local Banks, Market selection is also making the Banks begin to the bank of England began coupons to focus. Question 2: local Banks and London bank's financial integration is how to accomplish? (1) the London financial center (liquidation center) obviously, attract local Banks to London. (2) the place to establish an early London headquarters or find agent, restricted by law, not directly A career in banking business. In order to save the cost (profit internalization), expand funding sources, risk sharing (p. 99), Local Banks began to give up their bank coupon distribution business, the London bank and local Banks began to merge the wave Chao, banking business scale economic characteristics reveal. "All kinds of association one expert A merger expansion and cover the country "(p98). Mergers and expand the tide is England's banking results are quickly Bilge, 1865 in England and wales there are 1582 Banks business, to 1892 years doubled. "Every A village will often have at least two Banks. "developed bank network also makes the bank of England will savings system Transfer to industry, better than the French financial system. 英国指导金融课程assignment Founded in 1896 as the barclays bank, several private bank itself is the association, some of them in 17 th century is the goldsmith. (3) the unity of the market price The integration of the inspection standards is a single market price. In 1850, England's banking still stroke Divided into London and the country. Funds also exist separate price. Such as midland bank deposit interest rate against Birmingham city 1.5%, while in London's deposit interest rate as loan interest rate changes. When London deposit interest rate into 4% of the transfer of the trend appears deposits (and growing stronger), when London deposit interest rate into a 7% when force The bank will city interest rates to the country from a distance promotion, and eventually spread to the country. The 1920 s, the British city The city and the countryside to a unified deposit rates. Three, the bank of Scotland And, before 1695, Scotland in the financial aspect very backward: goldsmith, money changers and drafts are Limit. (1) public bank: In 1695, the bank of Scotland: 21 years shares monopolies in the banking industry 1727 royal bank of Scotland: and Scotland the competition between Banks with each other, to collect and submit the other Bank certificate is required for coin exchange. In 1746 the British linens company (2) of the formation of the private bank shares, local bank (3) innovation: A, set up A branch B, the release smaller denominations bank notes C, cash credit/overdraft facilities D, merger The bank of Scotland in Britain's 1844 banking law of after the 1845 Banks "keep the already Some bank certificate issued privileges, but must be in bank notes and gold reserves 1:1 basis, and the excess shall not issue. (4) Scotland banking industry and the banking regulation enlightenment In 1772, al bank failures to the 1845 banking law, not the central bank of Scotland, but no silver Do collapse, whether safely draw the conclusion that "if without intervention, the market will effective operation"? Emphasize a market restraint: if excessive lending, sign for more than the bank deposit slip, some Banks issue bills collection Many of the bank instrument, it will be converted into COINS. Overestimated the role of market restraint. In addition, the bank of Scotland in London to deposit auxiliary reserves, in liquidation cash shortage can take notes Discount, appear this kind of circumstance, the bank of England in some extent indirect played a central bank of Scotland Role. 4, merchant bank: to the banking from commercial development of intermediate stage lasting (1) provide credit businessman to others (2) development process General trade, special trade, finance (3) purpose: A. to reduce the risk of A trade and pressure; B. increase the supply of import and export goods Merchant bank in the word stop proprietary trading goods after a long period of time still be retained. businessman Bankers evolved by businessmen, and local bankers, and the big London banker attitude is different, the latter is correct Actually lending industry. 5, bank shares The first was founded in 1826; In 1833 nearly 50 home, around 1841 to 118 local bank shares Home; Over the same period, the private bank from 1825 in 554 to 331 home reduction. The third quarter bank and industry Usually think, British banking only provide short-term capital (or the bank says that), and not extend borrow for a long time Money, it is a misunderstanding, due to an extension to short-term loans into long-term loans (actually borrow for a long time Money). This is especially performance in the bank in the country. Of course the risk of business failures and therefore get big. In the nineteenth century, These Banks usually with local enterprise keep close contact, such as midland bank and cotton textile enterprise relationship Close, Lloyd and close to the coal enterprise, national local Banks involved in steel industry, and even some engaged in Foreign bonds speculation. The industrial revolution to the support of the early banking industry small, mainly is the money supply risk factors (history Loans to the collapse of the industrial enterprise, even in the first world war and postwar industrial loans, "is the same Tough even disastrous "). Not only British bank so, other countries also so." It is suggested that we Develop industrial aspects of business opportunities. Admittedly, some industrial enterprise is very good, but, even planning is the best And management, the most sensible industrial enterprise also have risk... "(p108). In addition, industry, the financial needs Levy is obvious (p105). The fourth quarter liquidation 1, London Domestic revenues and expenditures of the liquidation of the center, with the bank of England's bank notes liquidation, was founded in 1773 by the clearing ; In 1854, bank shares were allowed in clearing house. 2, local liquidation At first, with the bank of England coupon settlement, then turned to use the check (bank deposit) liquidation; Regional liquidation, usually use domestic draft. And the improvement of relations traffic conditions. If the army of 17 th century Public transport. Only the other way don't work out truly shipping COINS. 3, the grameen bank In 1857, designed for rural banking services in the clearinghouse was founded in London, and later, when the bank branch 英国指导assignment Rise up later, London's total clearing house become the grameen bank of the liquidation of the center, the grameen bank finally put Leaving the bank notes issued the privilege. |
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