This article studies the changes that took place in the Bank of England's Restriction-era policies governing private sector lending. The findings show that the Bank was adapting to novel monetary circumstances, created both by the evolution of the English financial system and by the Restriction itself, and that, although the process was far from smooth, the Bank was learning to act as a central bank: during this period the Bank transformed its internal operating procedures to put regulation-based constraints on its private sector lending, established regular reviews of its policies and their effects on the money market, and adopted a distinct crisis-orientated lending policy. In addition to establishing that these core central bank activities developed over this period, the article also shows that for 18 months starting in 1809 the Bank's policies were destabilizing, and that the Bullion Committee probably played a role in a shift in Bank lending policies that took place in mid-1810. Overall, this study finds that the 1810 crisis was a turning point in the Bank's understanding of its role in the economy: the Bank directors both acknowledged privately the Bank's duty to the public, and restructured its discount policies with a view to promoting financial and monetary stability.

中文翻译：

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成为中央银行：限制期间英格兰银行私营部门贷款政策的发展

本文研究了英格兰银行在限制时期管理私营部门贷款的政策中发生的变化。调查结果表明，英国央行正在适应新的货币环境，这是由英国金融体系的演变和限制本身造成的，尽管这一过程远非一帆风顺，但央行正在学习扮演中央银行的角色：在此期间，世行转变了其内部操作程序，对私营部门贷款施加了基于监管的约束，建立了对其政策及其对货币市场的影响的定期审查，并采取了独特的以危机为导向的贷款政策。除了确定这些中央银行的核心活动是在此期间发展起来的之外，文章还表明，从 1809 年开始的 18 个月中，央行“ 1810 年中期发生的银行贷款政策转变中，金银委员会可能发挥了作用。总体而言，本研究发现 1810 年的危机是世行理解其在经济中的作用的一个转折点：世行董事私下承认世行对公众的责任，并重组其贴现政策以促进金融和货币稳定。