Bank of England operations in the British government securities market, 1928 - 1972

<br><div>This data set provides information about the operations of the Bank of England in the market for government securities between 1928 and 1972. It supports the narrative in my book 'The Bank of England and the government debt: operations in the gilt-edged market, 1928 - 1972' (Cambridge University Press, 2019). </div><div>The Bank of England's portfolio of government securities increased massively in 1928, when the Issue Department of the Bank absorbed the currency notes that has been issued by the Treasury since 1914, and the accompanying assets. The Issue Department became an increasingly influential participant in the market, underwriting new issues by the government. In the 1950s and 1960s it acted as market-maker of last resort, and this activity led to conflicts with its monetary policy objectives. It also provided covert financial support to the Stock Exchange jobber, who were the principal market-makers. <br></div><div>The conflict between market making and monetary policy was largely resolved in 1971, when the Bank of England curtailed its market-making activities.<br></div><br>

本数据集收录了1928年至1972年间英格兰银行（Bank of England）在政府证券市场的业务信息，用以支撑本人专著《英格兰银行与政府债务：1928-1972年金边债券市场（gilt-edged market）业务》（剑桥大学出版社，2019年）中的相关论述。

1928年，英格兰银行发行局（Issue Department）承接了自1914年起由财政部发行的流通纸币及配套附属资产，该行持有的政府证券投资组合规模大幅扩容。此后，发行局逐渐成长为该市场中影响力与日俱增的核心参与主体，负责承销政府新发证券。20世纪50至60年代，该行承担了最终做市商（market-maker of last resort）的职能，此类业务与其货币政策目标产生了显著冲突。此外，英格兰银行还向作为市场主要做市主体的证券交易所自营商（Stock Exchange jobber）提供了秘密金融支持。

1971年，英格兰银行缩减其做市业务，做市职能与货币政策目标之间的冲突得到了基本化解。