TY - BOOK AU - Bytheway,Simon James AU - Metzler,Mark D. TI - Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World T2 - Cornell Studies in Money SN - 9781501705953 AV - HG1811 .B98 2017 U1 - 332.422209041 23 PY - 2016///] CY - Ithaca, NY PB - Cornell University Press KW - Banks and banking, Central KW - History KW - Banks and banking, Central; History KW - Banks and banking, International KW - Banks and banking, International; History KW - Gold standard KW - Gold standard; History KW - Money supply KW - Money supply; History KW - Business (General) KW - Political Science & Political History KW - U.S. History KW - HISTORY / Modern / 20th Century KW - bisacsh N1 - Frontmatter --; Contents --; List of Tables and Figures --; Preface --; Acknowledgments --; Abbreviations --; Note on Conventions --; Introduction: Bases of Credit --; 1. The Beginnings of Central Bank Cooperation: Tokyo and London, 1895–1914 --; 2. World War and Globalization --; 3. Japan Emerges as an International Creditor, 1915–1918 --; 4. Postwar Alignment --; 5. Wall Street Discovers Japan, Spring 1920 --; 6. Putting the Program into Action, 1920–1928 --; 7. Making a Market: London and Gold in the 1920s --; 8. The Rush for Gold --; Conclusion: Private Networks and the Public Interest --; Appendix: Reference Material --; Notes --; References --; Index; restricted access N2 - In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center.As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics UR - https://doi.org/10.7591/9781501705953 UR - https://www.degruyter.com/isbn/9781501705953 UR - https://www.degruyter.com/document/cover/isbn/9781501705953/original ER -