Catalogue


The Bank of Canada of James Elliot Coyne : challenges, confrontation, and change /
James Powell.
imprint
Montreal : McGill-Queen's University Press, c2009.
description
viii, 194 p. : ill., ports. ; 24 cm.
ISBN
0773535993, 9780773535992
format(s)
Book
Holdings
More Details
imprint
Montreal : McGill-Queen's University Press, c2009.
isbn
0773535993
9780773535992
catalogue key
6941863
 
Includes bibliographical references and index.
A Look Inside
Reviews
Review Quotes
"The Coyne years represent an important, yet not well documented, chapter in the history and evolution of the Bank of Canada. James Powell has produced a balanced, scholarly book, looking at the years James Coyne was Governor of the Bank of Canada through the prism of how we think about central banking today - the importance of clarity of objective, monetary policy as an active demand management tool, and the importance of transparency and accountability. It will have broad appeal to those wishing to understand the role of the Bank of Canada in the affairs of the country and the tensions that can exist between central bank independence and ultimate government responsibility for public policy." Paul Jenkins, Bank of Canada
"The subtle but immensely robust political framework within which Canadian monetary policy is nowadays conducted, not to mention the basic structure of the financial system through which it operates, are attracting much favourable attention as the current crisis unfolds, and both are products of the Coyne affair and its aftermath. James Powell tells his story with exemplary clarity and balance. This book should be required reading for policy practitioners and historians alike, and not just in Canada." David E.W. Laidler, University of Western Ontario "The Coyne years represent an important, yet not well documented, chapter in the history and evolution of the Bank of Canada. James Powell has produced a balanced, scholarly book, looking at the years James Coyne was Governor of the Bank of Canada through the prism of how we think about central banking today - the importance of clarity of objective, monetary policy as an active demand management tool, and the importance of transparency and accountability. It will have broad appeal to those wishing to understand the role of the Bank of Canada in the affairs of the country and the tensions that can exist between central bank independence and ultimate government responsibility for public policy." Paul Jenkins, Bank of Canada
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Summaries
Main Description
Nowhere is this difficulty better exemplified than in the turbulent relationship between the Bank of Canada of James Coyne and the Conservative government of John Diefenbaker. In The Bank of Canada of James Elliot Coyne, James Powell examines the views of Canada's most controversial central bank governor and assesses the central bank's clashes with the government, Canadian economists, and financial institutions that culminated in the "Coyne Affair" and Coyne's resignation in 1961. The author also examines the impact of the Coyne years on the Bank of Canada as an institution. Powell argues that the dispute between the Bank and the Diefenbaker government was not over monetary policy, as widely believed, but rather over Coyne's outspoken criticism of the government's economic policy. Coyne's term as governor marked an important stage in the development of the Bank of Canada as a modern central bank, one that is independent, transparent, and accountable.
Main Description
William McChesney Martin, former chairman of the US Federal Reserve, famously quipped that a central bank's role is to "take away the punch bowl just when the party gets going." This role has often led to a difficult relationship between a central bank and the government. Nowhere is this difficulty better exemplified than in the turbulent relationship between the Bank of Canada of James Coyne and the Conservative government of John Diefenbaker. In The Bank of Canada of James Elliot Coyne, James Powell examines the views of Canada's most controversial central bank governor and assesses the central bank's clashes with the government, Canadian economists, and financial institutions that culminated in the "Coyne Affair" and Coyne's resignation in 1961. The author also examines the impact of the Coyne years on the Bank of Canada as an institution. Powell argues that the dispute between the Bank and the Diefenbaker government was not over monetary policy, as widely believed, but rather over Coyne's outspoken criticism of the government's economic policy. Coyne's term as governor marked an important stage in the development of the Bank of Canada as a modern central bank, one that is independent, transparent, and accountable.
Main Description
William McChesney Martin, former chairman of the US Federal Reserve, famously quipped that a central bank's role is to "take away the punch bowl just when the party gets going." This role has often led to a difficult relationship between a central bank and The government. Nowhere is this difficulty better exemplified than in the turbulent relationship between the Bank of Canada of James Coyne and The Conservative government of John Diefenbaker. InThe Bank of Canada of James Elliot Coyne, James Powell examines the views of Canada_s most controversial central bank governor and assesses the central bank_s clashes with the government, Canadian economists, and financial institutions that culminated in the "Coyne Affair" and Coyne's resignation in 1961. The author also examines the impact of the Coyne years on the Bank of Canada as an institution. Powell argues that the dispute between the Bank and The Diefenbaker government was not over monetary policy, As widely believed, but rather over Coyne's outspoken criticism of the government_s economic policy. Coyne's term as governor marked an important stage in the development of the Bank of Canada as a modern central bank, one that is independent, transparent, and accountable.
Main Description
William McChesney Martin, former chairman of the US Federal Reserve, famously quipped that a central bank's role is to "take away the punch bowl just when the party gets going." This role has often led to a difficult relationship between the central bank and the government. Nowhere is this difficulty better exemplified than in the turbulent relationship between James Coyne's Bank of Canada and John Diefenbaker's Conservative government. In The Bank of Canada of James Elliott Coyne, James Powell examines the views of Canada's most controversial central bank governor and assesses the central bank's clashes with the government, Canadian economists, and financial institutions that culminated in the "Coyne Affair" and Coyne's resignation in 1961. Powell argues that the dispute between the Bank and the Diefenbaker government was not over monetary policy, as widely believed, but over Coyne's outspoken criticism of the government's economic policy. He shows that Coyne's term as governor marked an important stage in the development of the Bank of Canada as a modern central bank, one that is independent, transparent, and accountable. Book jacket.
Table of Contents
Acknowledgmentsp. vii
Introductionp. 3
The Early Years, 1935-1954p. 9
The Canadian Economy during the 1950sp. 15
An Overview of Monetary Policy during the Coyne Yearsp. 21
The Objective of Monetary Policyp. 29
Developing the Tools of Monetary Policyp. 34
The Bank and the Government on Conduct of Monetary Policyp. 44
Responsibility for Monetary Policyp. 59
The Conversion Loan of 1958p. 75
Foreign Capital, the Economy, and the Governmentp. 87
The Bank of Canada and the Academic Communityp. 105
Inside the Bank of Canadap. 119
Governor Coyne's Pension Arrangementsp. 127
Aftermath of the Coyne Affairp. 133
Conclusionsp. 137
James Coyne: Biographical Notesp. 143
Interview with James Coyne, 14 June 2005p. 146
Notesp. 157
Bibliographyp. 169
Indexp. 183
Table of Contents provided by Ingram. All Rights Reserved.

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