by Patrick O’Brien (Professor Emeritus,
London School of Economics) and Nuno Palma (Assistant Professor,
University of Groningen)
– Friday 21 October 2016
The Bank Restriction Act of 1797 suspended the convertibility of the Bank of
England’s notes into gold. The current historical consensus is that the suspension was a result of the state’s need to finance the war, France’s remonetization, a loss of confidence in the English country banks, and a run on the Bank of England’s reserves following a landing of French troops in Wales.
Read the full post here: http://positivecheck.blogspot.it/2016/10/danger-to-old-lady-of-threadneedle.html
The working paper can be downloaded here: http://www.ehes.org/EHES_100.pdf