Ranald C Michie's Books

The London Stock Exchange:A History

A History

By: Ranald Michie

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The London Stock Exchange:A History

A History

By: Ranald Michie

In 2001, the London Stock Exchange will be 200 years old, though its origins go back a century before that. This book traces the history of the London Stock Exchange from its beginnings around 1700 to the present day, chronicling the challenges and opportunities it has faced, avoided, or exploited over the years.Throughout, the history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was - and is - such an important component. One cannot be examined satisfactorily without the other. Without a knowledge of both, for example, the causes of the 'Big Bang' of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction betweeninstitution and market. Such was the importance of the London Stock Exchange that its rise to world dominance before 1914, its decline thereafter, and its renaissance from the mid-1980s, explain a great deal about Britain's own economic performance and the working of the international economy.For the first time a British economic institution of foremost importance is studied throughout its entire history, with regard to the roles played and the constraints under which it operated, and the results evaluated against the background of world economic progress.

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Page Count

688

Publisher

OUP Oxford

Published Date

ISBN 10

0199242550

ISBN 13

9780199242559

Forex Forever

The City of London and the Foreign Exchange Market since 1850

By: Ranald C. Michie

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Forex Forever

The City of London and the Foreign Exchange Market since 1850

By: Ranald C. Michie

The world's largest market is that for foreign exchange with a turnover running into trillions per day. The mystery is why this market is dominated by trading in London when the US dollar is the main currency in use. What role is played by this market? To many it is a speculator's paradise, exposed to manipulation and contributing to currency volatility. For others it plays a central role in in the operation of the global banking system and a mechanism for maintaining currency stability. In Forex Forever, Ranald C. Michie seeks to provide answers to these and other questions by examining how the foreign exchange market has developed in the City of London over the past 150 years and uncovers its secret existence in London before the First World War. Michie explores how the City of London became the centre of the global foreign exchange market before 1914 through the international banking network, trading on the floor of the Stock Exchange, and the communications revolution that began with the telegraph. He investigates how that position was sufficient to make London the centre of a new foreign exchange market that emerged between the wars, survived the era of fixed exchange rates after the Second World War, and then flourished from 1970 onwards. This in-depth study helps to explain how and why the global monetary system has functioned since the middle of the nineteenth century.

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Page Count

369

Publisher

Oxford University Press

Published Date

ISBN 10

0198903715

ISBN 13

9780198903710

Guilty Money

The City of London in Victorian and Edwardian Culture, 1815-1914

By: Ranald C Michie

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Guilty Money

The City of London in Victorian and Edwardian Culture, 1815-1914

By: Ranald C Michie

This is an engaging study of the place occupied by the City of London within British cultural life during the Victorian and Edwardian periods. Michie uses both literary and popular novels to examine socio-economic representations during this period.

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Page Count

289

Publisher

Routledge

Published Date

ISBN 10

1317315138

ISBN 13

9781317315131

British Banking

Continuity and Change from 1694 to the Present

By: Ranald C. Michie

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British Banking

Continuity and Change from 1694 to the Present

By: Ranald C. Michie

The Global Financial Crisis made its first appearance in Britain towards the end of 2007 with the failure of the Northern Rock Bank. It then reached an unparalleled intensity a year later when the government was forced to intervene to prevent the collapse of Lloyds/HBOS and RBS/Natwest. Before these events the British banking system possessed a long established reputation for resilience and competence that made it one of the most admired and trusted in the world. The financial crisis of 2007/8, and the subsequent revelations about the behaviour of bankers, destroyed that reputation and drove a desire for a complete reform of the British banking system. Forgotten in this headlong rush towards radical restructuring were the reasons why the British banking system had become so admired and trusted. The aim of this book is to explain why the British banking system gained its reputation for resilience and competence, maintained it for over 100 years, and then lost it in such a rapid and spectacular fashion. To achieve that aim requires a study of the entire banking system. Banks are key components of a complex financial system continually interacting with each other, and constantly changing over time, This makes the conventional distinctions drawn between different types of banks, including those specialising in international finance, savings and loans, corporate lending, and retail deposits and borrowing, inappropriate for any long-term analysis. The distinctions between different types of banks were neither absolute nor permanent but relative and temporary. Banks were also central to both the payments system and the money market without which no modern economy could function. What this book is about is the development of the British banking system as a whole over more than three centuries. Only with such an understanding is it possible to appreciate what the British banking system achieved and then maintained from the middle of the 19th century onwards, why it was lost in such a short space of time, and what needs to be done to return it to the position it once occupied. Without such an understanding the mistakes of the recent past are destined to be repeated time and gain.

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Page Count

352

Publisher

Oxford University Press

Published Date

ISBN 10

0191040819

ISBN 13

9780191040818

Banks, Exchanges, and Regulators

Global Financial Markets from The 1970s

By: Ranald C. Michie

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Banks, Exchanges, and Regulators

Global Financial Markets from The 1970s

By: Ranald C. Michie

Never have financial markets been subjected to a period of change as rapid and extensive as took place from the 1970s onwards. Ranald C. Michie provides an authoritative account of this upheaval based on a careful reading of the Financial Times over the last four decades.

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