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7 - Debt and Monetary Authority

from Part II - Parliamentary Public Finance in Operation

Published online by Cambridge University Press:  16 September 2020

Will Bateman
Affiliation:
Australian National University, Canberra
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Summary

This chapter provides a case study analysis of the operation of public finance law concerning sovereign debt and monetary finance in the UK and Australia between 2005 and 2016. The legal and financial mechanics of sovereign borrowing and monetary finance are closely examined by reference to the authority of central banks and treasuries to finance the state beyond the point of fiscal deficit. The very broad powers delegated to treasuries over sovereign debt are scrutinised in the context of vastly different economic conditions, and their capacity to shrink the financial authority held by parliaments is observed. Special attention is then given to the monetary financing powers of central banks, particularly the Bank of England. The emergency monetary finance provided by the Bank of England during the financial crisis is surveyed, and the public financing aspect of 'unconventional' monetary policy, particularly quantitative easing, is examined. The chapter closes by observing the absence of meaningful legislative governance of debt and monetary finance in the context of financial or economic emergencies.

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Publisher: Cambridge University Press
Print publication year: 2020

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  • Debt and Monetary Authority
  • Will Bateman, Australian National University, Canberra
  • Book: Public Finance and Parliamentary Constitutionalism
  • Online publication: 16 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108784283.008
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  • Debt and Monetary Authority
  • Will Bateman, Australian National University, Canberra
  • Book: Public Finance and Parliamentary Constitutionalism
  • Online publication: 16 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108784283.008
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Debt and Monetary Authority
  • Will Bateman, Australian National University, Canberra
  • Book: Public Finance and Parliamentary Constitutionalism
  • Online publication: 16 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108784283.008
Available formats
×