Index

• Ahamed, Liaquat, 35, 54
• Ansiaux, Hubert, 116
• Austria: banking crisis, 27, 65, 69, 75–82, 85, 86; currency stabilization, 56, 57; German annexation of, 71; League of Nations and, 57, 61
• Austrian National Bank, 76–79, 81, 85
• autonomy of central banks: backlash against, 177–78; constraints on, 200n46; contradictions of, 62; debates on rationale of, 25; depoliticization and, 26, 54, 133; Genoa Conference proposals on, 34; Great Depression and, 98; in interwar period, 30, 33, 62, 178–79; leadership changes and, 73; Strong and Norman on, 36–37, 41, 56, 169, 178
• Avenol, Joseph, 59

• Bagehot, Walter, 5, 139
• bailout programs, 5, 49, 135
• Bair, Sheila, 152–53
• Bank for International Settlements (BIS): banking crises and, 78–83; Basel Arrangements and, 100, 106–7, 111–13; creation and role of, 71, 74, 143, 174–75, 193n32; dinners held by, 16, 143, 145, 157, 159; in global financial governance, 13, 102–5; Harrison and, 72, 97, 192n20; liquidity assurance from, 99; personalities in shaping of, 9, 112, 175; political pressure on members, 75; RCAs and, 114, 116–19, 124, 128, 130; on reparations, 74, 92
• banking crises, 4, 22, 26–27, 49, 65, 68–69, 74–86, 95
• Bank of Canada, 112, 116, 137, 163
• Bank of England: Bank of France and, 37, 55, 63, 73, 88–90; Basel Arrangements and, 106–7, 110–14, 118; delayed extension of swaps and credits to, 13; gold reserves held by, 53, 68, 87–88; governors of, 1, 20, 27, 30, 35–37, 101, 110, 116, 131; Great Depression and, 68, 69, 87–91; interest rate cuts, 137, 150; international conference of bankers held by, 34; League of Nations and, 59; liquidity and credit to partner banks, 29; loan for Golddiskontbank from, 41, 53; monetary leadership by, 12, 31; New York Fed and, 36, 50, 52; RCAs and, 116, 118–27, 144, 148, 151, 161–63, 167; unwillingness to cooperate with Federal Reserve, 13
• Bank of France: banking crises and, 78, 81–86; Bank of England and, 37, 55, 63, 73, 88–90; currency stabilization and, 54, 59–61, 176; governors of, 2, 26, 30, 36–38, 55, 65, 73, 115; Koszul and, 27, 101, 114–15; lack of autonomy from government, 56; RCAs and, 114–15
• Bank of Italy, 27, 101, 107, 108
• Bank of Japan: credits extended by, 45, 53; gold reserves held by, 48; governors of, 20, 26, 30, 45, 131, 142; swap lines, 116, 130, 137, 148, 151, 158–63, 167, 171, 203n167
• Bank of Mexico, 131, 154, 155
• Bank of Poland, 57, 61, 170
• Baring, George Rowland Stanley. See Cromer, Lord
• Basel Arrangements, 27, 100, 106–14, 118, 127, 196n32
• Bean, Charlie, 20, 143, 145
• Belgian francs, 1, 2, 54
• Belgium: currency stabilization, 1–2, 54, 56; loans during banking crisis, 76–77; National Bank of Belgium, 1–2, 56
• Bernanke, Benjamin S., 13, 20, 27, 131, 141–42, 145–46, 149–52, 155–62, 174, 200n57
• BIS. See Bank for International Settlements
• Blessing, Karl, 107–8
• Boyle, Andrew, 44
• Bretton Woods system: collapse of, 99, 105, 106, 128, 133; faltering of, 13, 27, 97, 100, 109; gold-dollar standard and, 98, 101, 104, 106, 127, 133; heyday of, 98, 101, 103–6; institutions of, 12, 98, 99, 103; propping up, 6, 22, 97, 100, 128, 196n6
• Bridge, Roy, 109–10, 114, 118–25, 170, 196n46
• Brummer, Robert, 115
• Brunet, Jacques, 115–16
• Brüning, Heinrich, 76, 82, 84
• Bullard, James, 162, 163
• Bundesbank, 9, 27, 101–2, 106–8, 112, 117, 121
• Bytheway, Simon James, 32, 53

• Canada: Bank of Canada, 112, 116, 137, 163; RCAs and, 161–64, 167
• Capie, Forrest, 120, 122
• Carli, Guido, 27, 101, 107–9, 124, 127, 170
• central bank cooperation: collapse of, 13, 21, 26, 31, 33, 64–65, 69, 87; constructivist views of, 7; currency stabilization and, 2, 53–61; doctrine of, 34, 36; functionalist views of, 14; leadership changes and, 65, 161; patterns of, 3, 13–15, 26, 132, 168, 174–77; reparation financing and, 38–45; on return to gold standard, 47–54, 62; role of BIS in institutionalization of, 193n32; roots of, 9, 33–38; secrecy of, 34, 127, 169, 178, 179. See also credits; currency swaps; goodwill; interpersonal trust; loans; personal relationships
• Central Bank of Brazil, 131
• Central Bank of Iceland, 20, 131, 157
• central banks and bankers: academization of, 22–23; backlash against, 177–80; bureaucratization of, 103, 105; conditional assistance from, 30, 155, 170; constraints on, 22–23, 33, 65, 69, 99, 102, 143, 169; credibility of, 13, 15, 18, 30, 32, 98; hierarchies among, 25, 35, 38, 175–77, 187n99; institutionalization of modern-day practices in interwar period, 33, 179, 188n11; interdependence approach of, 26, 188n105; as lenders of last resort, 5, 26, 31; mandates of, 25, 98, 171–72, 180; noncooperation of, 30, 156–61; Norman's manifesto on, 37, 178, 188n33; origins and rationale for, 185n26; tension with norms of democratic governance, 178–80; transnational, 25, 186n43, 187n80. See also autonomy of central banks; central bank cooperation; interpersonal trust; personalities; personal relationships; secrecy; specific names of banks and bankers
• Chamberlain-Bradbury Committee, 50
• Chandler, Lester, 73–74
• Churchill, Winston, 53
• Ciechanowski, Jan, 57
• Clarke, Stephen V. O., 32, 34, 92
• Clavin, Patricia, 95
• Clay, Henry, 74
• Clemenceau, Georges, 10, 33
• climate crisis, 172–73
• Cobbold, Cameron, 27, 101, 106, 110, 113, 121–22, 127
• Cold War, 101, 103, 125
• confidentiality. See secrecy
• Connolly, Frederick, 110
• Coombs, Charles, 27, 99–101, 105–11, 114–28, 147, 167–70, 174, 196n46
• cooperation. See central bank cooperation
• COVID-19, 130, 164, 166, 173, 176–77
• Credit-Anstalt (Austria), 69, 71, 76–79, 81
• credits: for banking crises, 77–86; Bank of Japan, 45, 53; for currency stabilization, 56–61; Federal Reserve, 12, 48–52, 67, 82; flexibility of, 6, 111, 126; floating, 56, 61, 78, 80, 86, 89; IMF, 120, 122, 123, 154, 157; interpersonal trust and, 8, 29, 45; lines of credit, 1–3, 6, 52, 79, 89, 154; personal relationships and, 8, 26, 45, 50, 89; rationing, 45, 76, 80; short-term, 43, 61, 76, 118, 126; transitional, 90. See also currency swaps; loans
• Cromer, Lord, 27, 101, 113, 116–26, 170, 174
• Culpepper, Pepper D., 172
• Cunliffe, Walter and Cunliffe Committee, 36, 37, 49–52
• currency: crises involving, 32, 69, 99, 129; devaluation of, 32, 75, 76, 92, 101, 122–26, 128; exchange rates, 52, 106, 109, 116, 118, 133; fiat, 6, 128, 133. See also reserve currency; specific currencies
• currency stabilization: credits for, 56–61; in interwar period, 1–2, 26, 43–44, 53–61, 169; liquidity for, 53–54; loans for, 1–2, 43–44, 54, 56–61; personal relationships and, 53–61; politics and, 56, 58, 176; tripartite meetings on, 71, 93–94
• currency swaps: Bank of Japan and, 116, 130, 137, 148, 151, 158–63, 167, 171, 203n167; ECB and, 23, 130, 135, 137–38, 144, 147–51, 154, 161–63, 167; global financial safety net and, 4, 130–31, 167, 181–82; SNB and, 120–21, 130, 135, 137, 144, 147, 148, 161–63, 167. See also Basel Arrangements; Reciprocal Currency Arrangements

• Danatbank, 69, 71, 76, 82, 87
• Dawes Loan, 39, 43–45, 47, 56, 73–78, 84, 93, 95
• de Rothschild, Édouard Alphonse James, 84
• de Wendel, François, 84
• Dewey, Charles, 57
• Dillon, Douglas, 108, 111
• diplomacy, 7–10, 25, 71, 186n40
• discount rates, 52, 67–69, 80, 192n7
• dollars (USD): Basel Arrangements and, 106–11, 114, 118; devaluation, 92; gold standard and, 52, 98–101, 104, 106, 127, 133; as international reserve currency, 6, 12, 133; liquidity, 20, 29, 46, 53, 102, 133, 135, 153, 166, 177; stability, 13, 94
• Draghi, Mario, 173
• Drezner, Daniel, 136–37
• Dutch guilders, 106, 111

• economy: Great Depression and, 68–70, 77, 87–92; in interwar period, 2, 26, 33–35, 40, 44–46, 56–57; political, 24, 139, 174, 185n26; structural shifts within, 7. See also financial crises; global economy; inflation
• Eichengreen, Barry, 32, 34, 69–70, 74
• Einzig, Paul, 103
• emerging market economies (EMEs), 23, 129, 140, 145, 153–56, 158–61, 171, 176–77
• European Central Bank (ECB): establishment of, 133; interest rate cuts, 135, 137; as lender of last resort, 134; presidents of, 20, 131; swap lines, 23, 130, 135, 137–38, 144, 147–51, 154, 161–63, 167
• European Monetary Agreement, 102
• European Payments Union (EPU), 102
• euros, 130–34, 137

• Federal Open Market Committee (FOMC): meeting reports and transcripts, 20, 23, 132, 147, 155, 161; RCAs and, 115–17, 149–50, 154–56, 158, 161–64, 167, 176, 182; on uncertainty caused by GFC, 139
• Federal Reserve (“the Fed”): credits extended by, 12, 48–52, 67, 82; criticisms of, 25, 66–67; discount rates and, 67–68, 80, 192n7; establishment of, 68, 113; Great Depression and, 13, 66–67, 96; as ILLR, 130, 149, 175; interest rate cuts, 134–37; legal and political constraints on, 200n46, 200n57; Oral History Project interviews, 20, 151; as provider of dollar liquidity, 20; real bills doctrine and, 67; redistribution of authority within, 66; on Reichsbank relationship, 42; unwillingness of Bank of England to cooperate with, 13. See also Reciprocal Currency Arrangements
• Federal Reserve Act of 1913, 67, 135
• Federal Reserve Archival System for Economic Research (FRASER), 19, 49
• Federal Reserve Bank of New York (FRBNY): Bank of England and, 36, 50, 52; Basel Arrangements and, 108–11, 127; credits extended by, 48, 50, 52; currency stabilization and, 1, 2, 56; discount rates and, 67–68; establishment of, 31; Federal Reserve Board and, 64, 66, 72–74, 97; foreign currency transactions, 109; Foreign Department, 100; governors and presidents of, 26, 30, 31, 35–36, 57, 72, 111, 131; institutional constraints on, 110; liquidity assurance from, 29, 99; RCAs and, 100, 114–21, 149, 170; US Treasury and, 72, 73, 108
• Federal Reserve Board: BIS and, 80; chairs of, 20, 101, 118–19, 131, 141, 160, 166, 182; Great Depression and, 67; New York Fed and, 64, 66, 72–74, 97; RCAs and, 115, 116, 150
• Ferguson, Roger, Jr., 147–48
• fiat currency, 6, 128, 133
• financial crises: contagion of, 76–77, 80, 82, 86, 92; currency crises, 32, 69, 99, 129; in emerging markets, 23, 129; Panic of 1907, 35, 68; Panic of 1920, 46, 49; systemic, 5, 12, 168, 177, 180, 183; uncertainty caused by, 3, 6–8, 11, 82, 139, 149, 161, 164, 169, 172. See also banking crises; financial crisis management; global financial crisis; Great Depression
• financial crisis management: barriers to, 91, 97; domestic policies for, 145; global economy hierarchies perpetuated by, 176; institutional, 5, 104; interpersonal trust and, 4, 11, 17, 131, 149, 171; leadership changes and, 26, 70; outcomes of, 8, 9, 15, 132, 170, 174; personal relationships and, 8, 21–22, 27, 97, 144, 168, 171; stopgap nature of, 24, 181, 183; tension with norms of democratic governance, 24. See also credits; currency swaps; loans
• financial diplomacy, 7, 8, 186n40
• First World War: central banking and, 64, 98, 111; diplomatic relations following, 10; financial challenges resulting from, 4, 6, 38; gold standard suspension during, 1, 29; international politics following, 31; sterling's decline during, 35
• Fischer, Irving, 66
• Fisher, Richard, 155, 156, 163–64
• FOMC. See Federal Open Market Committee
• Fowler, Henry, 124–26
• France: currency stabilization, 1, 54, 59; Dawes Loan opposed by, 44; loans during banking crisis, 76–77; Versailles Treaty and, 33. See also Bank of France
• Franck, Louis, 1–2, 4, 56
• Franks, Oliver, 122–23
• Fraser, Leon, 83
• FRASER (Federal Reserve Archival System for Economic Research), 19, 49
• FRBNY. See Federal Reserve Bank of New York
• French francs, 1, 32, 41, 54–55, 59, 94, 115
• Frieden, Jeffry, 24
• Friedman, Milton, 11, 13, 66, 70, 96
• Fukai, Eigo, 38, 46–47, 49–50, 53

• Geithner, Timothy, 131, 150, 157, 160
• General Agreements to Borrow (GAB), 100, 104–5, 126
• Genoa Conference (1922), 34–35, 43, 75, 77, 93
• German marks, 32, 39–40, 43–45, 69, 73, 76, 106–11, 120, 122
• Germany: abandonment of gold standard, 86; Anglo-German Standstill agreement, 95–97; Austria annexed by, 71; banking crisis, 27, 65, 69, 75–77, 80–86; currency stabilization, 43–44, 56; Dawes Loan to, 39, 43–45, 47, 56, 73–78, 84, 93, 95; Golddiskontbank, 39, 41, 44, 53, 82, 85; inflation, 34, 39, 41, 45, 56, 73; League of Nations and, 58, 61, 71; Nazi Party, 85, 86, 96; Polish corridor and, 58, 191n164; remilitarization of Rhineland by, 71, 97, 187n90; reparations and, 26, 29–34, 38–45, 74–76, 82–86, 92; return to gold standard, 54; Young Loan to, 74, 76, 83, 84, 95. See also Bundesbank; Reichsbank
• Gertler, Mark, 141
• GFC. See global financial crisis
• GFSN. See global financial safety net
• Gilbert, Milton, 116
• Gilchrist, Simon, 141
• global economy: barriers to rescuing, 27; First World War and, 29; Great Depression and, 69–70, 75; hierarchies within, 25, 175–77; liquidity in, 5, 100, 117, 136f; material configurations in, 16; Norman's influence on, 35; stabilization of, 12, 34, 69; uncertainty and, 97
• global financial crisis (GFC) (2007–2010): economic and political context, 129, 132–35; interpersonal dynamics of cooperation in, 132, 179; liquidity during, 130, 134–39, 136f, 145, 147–50; prevention of second Great Depression during, 24, 130, 131, 164; RCAs and, 4, 13, 20, 22–23, 27, 130–32, 135–61, 138t, 170–71
• global financial governance: concentration of power in, 173; hierarchies within, 24, 25, 177; institutional, 13–14, 27, 98, 99, 102–7, 133, 136, 164, 187n95; personal relationships and, 9, 24–25, 27, 30; politics of, 4–6, 185n26; public goods provision of, 14; shortcomings of, 24, 130, 169, 180–81; technocratic, 24, 27–28, 183
• global financial safety net (GFSN), 4, 130–31, 141, 164, 167–68, 177, 180–82
• global financial system: alignment of interests with, 36; balance of power in, 16, 29, 103, 139; hierarchies within, 9, 35, 175–77; integration into, 158; interpersonal trust in, 17, 29; in interwar period, 29–33; management of, 64, 102, 112, 174; personal relationships and, 24, 127, 166, 181. See also Bretton Woods system; central banks and bankers
• gold: convertibility, 31, 92; free market in, 45, 51; as international reserve currency, 6; reserves, 39, 48, 53, 68, 74, 80–82, 84, 87–88, 104, 108–9
• Golddiskontbank (Gold Discount Bank), 39, 41, 44, 53, 82, 85
• gold standard: abandonment of, 27, 65, 69, 86, 91–92; doctrine of, 49–51, 70; dollars and, 52, 98–101, 104, 106, 127, 133; factors for stability of, 13; lending constraints and, 4; management of, 12, 69; return to, 31–35, 44, 47–54, 62; suspension of, 1, 29, 68
• goodwill: absence of, 3, 16, 65; Basel Arrangements and, 107, 108, 110; interpersonal trust and, 9, 19, 97, 99, 169, 171; in interwar period, 37, 45, 62; RCAs and, 118–20, 122, 142–44, 147, 151, 153, 156
• Grayson, Alan, 149
• Great Depression: autonomy of central banks and, 98; banking crises during, 68–69, 74–86, 95; Bernanke's expertise on, 13, 141, 146, 151; collapse of central bank cooperation in, 13, 21, 65, 69, 87; economic impact of, 68–70, 77, 87–92; emergence and escalation of, 6, 65–68, 71, 96; persistence of, 12, 32, 65, 69–71, 92; stock market crash and (1929), 12, 22, 63, 65–68
• Greenspan, Alan, 167, 182
• Gyohten, Toyoo, 8, 9

• Harrison, George L., 26, 57–61, 64, 66–67, 72–74, 78–94, 97, 192n20, 193n55
• Harvey, Ernest, 65, 88–91, 194n80
• Hautain, Fernand, 1–2, 4, 56
• Havenstein, Rudolf, 30, 39–42
• Hayes, Alfred, 31, 111, 118, 122–25
• Hitler, Adolf, 39, 71, 86, 92
• Holtrop, Marius, 111, 116
• Hoover, Herbert, 75, 82–85
• Horowitz, Michael, 26
• Hull, Cordell, 94, 95

• Iceland: Central Bank of Iceland, 20, 131, 157; denial of RCA requests, 20, 27, 132, 140, 145, 156–58
• Iklé, Max, 27, 101, 106–11, 114–24, 127–28, 168–70, 174, 196n46
• ILLRs. See international lenders of last resort
• IMF. See International Monetary Fund
• India: Bank of Japan swaps and, 137, 158–60, 171, 203n167; denial of RCA requests from, 20, 27, 132, 140, 145, 153–54, 158–60, 171; Reserve Bank of India, 20, 131, 158–60
• Indonesia: Bank of Japan swaps and, 137, 203n167; denial of RCA requests from, 132, 145, 160
• inflation: anti-inflationary policies, 62; disciplining effects on, 202n123; German reparations and, 34, 39, 41, 45; hyperinflation, 4, 22, 39, 41, 45, 56, 73, 85; stagflation, 128–29
• Ingves, Stefan, 156–58
• Inoue, Junnosuke, 26, 30, 38, 45–51, 62, 64, 169, 176
• institutional trust, 15, 18, 146, 172, 180
• interest rates, 45, 68, 76, 86–88, 134–37, 150, 192n7
• International Committee, 75, 77–80
• international lenders of last resort (ILLRs), 5, 26, 100, 104, 130, 139, 149, 175, 180–81
• International Monetary Fund (IMF): avoidance of, 112, 116, 127, 155, 160; central banks as advisers to, 102; as credit facility, 120, 122, 123, 154, 157; in global financial governance, 13–14, 98, 99, 103–7; as ILLR, 100, 104, 180; loans from, 5, 126, 170; revitalization of, 137
• international relations, 3, 12, 17, 24, 175–77, 186n55, 186n59
• interpersonal trust: absence of, 3, 16, 65, 70, 85; Basel Arrangements and, 27, 107–8, 114, 118; breaches of, 2, 4, 56; building, 10, 14–16, 143, 186n55; credits and, 8, 29, 45; financial crisis management and, 4, 11, 17, 131, 149, 171; goodwill and, 9, 19, 97, 99, 169, 171; identifying, 17–19, 18t, 175; international relations on, 17, 186n55; in interwar period, 29, 32–33, 40, 44–45; liquidity and, 8, 14, 16, 62, 169; loans and, 3, 4, 29, 44–45; methodology for study of, 19–23; RCAs and, 114, 116–21, 124, 142–51, 153–56, 170; sources of, 11–14; uncertainty and, 4, 9–11, 16–19, 33, 145, 171, 172. See also personal relationships
• interwar period: autonomy of central banks in, 30, 33, 62, 178–79; banking crises in, 4, 22, 26, 49; currency stabilization in, 1–2, 26, 43–44, 53–61, 169; economy in, 2, 26, 33–35, 40, 44–46, 56–57; global financial system in, 29–33; institutionalization of modern-day central bank practices in, 33, 179, 188n11; interpersonal trust in, 29, 32–33, 40; politics of, 29–38, 41–44, 46; reparations in, 26, 29–34, 38–45, 74–76, 82–86, 92; return to gold standard in, 31–35, 44, 47–54, 62; roots of relational central banking in, 9, 33–38. See also Great Depression
• Irwin, Neil, 131, 149
• Italy: banking crisis, 76–77; Bank of Italy, 27, 101, 107, 108; League of Nations and, 71

• J. P. Morgan & Co., 1, 32, 35, 46, 52, 77–79, 87, 89–90
• Jacobsson, Per, 104
• James, Harold, 103, 104
• Japan: Anglo-Japanese Alliance, 47; banking crisis, 26, 49; economic boom, 45; in global financial system, 16; Kanto earthquake and fire, 46–49; Panic of 1920, 46, 49; Russo-Japanese War, 47, 48; US assistance, 101–4. See also Bank of Japan
• Johnson, Lyndon, 124–26

• Keating, Vincent Charles, 17
• Kemmerer, Edwin and Kemmerer Commission, 57, 58
• Keynes, John Maynard, 7, 33–34, 39, 50
• Kindleberger, Charles, 2, 12, 31, 56, 66, 69, 71, 129
• King, Mervyn, 20, 27, 131–32, 141–43, 147–52, 157, 164
• Kohn, Donald, 20, 131, 139, 143, 147–52, 158, 175–76
• Koszul, Julien-Pierre, 27, 101, 114–16

• Lacker, Jeffrey, 139
• Lacour-Gayet, Robert, 55, 85, 86, 89–90
• Lamont, Thomas, 43, 44, 46–49
• League of Nations, 33, 54, 56–61, 71, 73
• lenders of last resort (LLRs), 5, 31, 134. See also international lenders of last resort
• liquidity: access to, 21, 27, 54, 62, 157, 168, 170; assurance strategies, 5–6, 99, 168; currency stabilization and, 53–54; dollar, 20, 29, 46, 53, 102, 133, 135, 153, 166, 177; in GFC, 130, 134–39, 136f, 145, 147–50; in global economy, 5, 100, 117, 136f; injections of, 6, 76, 77, 130, 137; interpersonal trust and, 8, 14, 16, 62, 169; leadership changes and, 17, 126, 174; personal relationships and, 6, 22, 132, 168–71; of reserve currency, 98, 106; shortages, 29, 30, 145, 180; sterling, 29, 53
• Lloyd George, David, 10, 33
• loans: for banking crises, 76–78, 82, 84, 86; for currency stabilization, 1–2, 43–44, 54, 56–61; Dawes, 39, 43–45, 47, 56, 73–78, 84, 93, 95; flexibility of, 6; floating, 4, 44, 87, 88; for Golddiskontbank, 41, 53; IMF, 5, 126, 170; interpersonal trust and, 3, 4, 29, 44–45; for Japanese earthquake relief, 47–48; personal relationships and, 26, 41, 48; for Russo-Japanese War, 47, 48; to stock market speculators, 67; transitional, 90; Young, 74, 76, 83, 84, 95
• Locarno Treaties (1925), 71, 97, 187n90
• Logan, James A., 34
• Long Island meeting (1927), 38, 193n20
• Luther, Hans, 26, 39, 65, 70, 73, 77, 81–86, 170

• MacDonald, Ramsay, 89, 91, 92
• Marshall Plan, 102, 103
• Martin, Jamie, 57–58
• Martin, William McChesney, 101, 111, 115–19, 122–27
• McDonough, William Joseph, 182
• McDowell, Daniel, 100
• McGarrah, Gates, 78–80, 83
• Meirelles, Henrique, 131
• Meltzer, Allan, 67, 196n46
• Mercer, Jonathan, 145
• Mereilles, Henrique de Campos, 155–56
• Metzler, Mark, 32
• Mexico: Bank of Mexico, 131, 154, 155; RCAs and, 20, 27, 145, 153–56, 162–64, 167, 171
• Mishima, Yatarō, 45
• Młynarski, Felix, 57–60
• Moley, Raymond, 94
• Moll, Victor, 38, 51
• Monnet, Jean, 59–61
• Moreau, Émile, 2, 26, 30, 36–38, 54–63, 65, 73, 176, 192n188
• Moret, Clément, 26, 65, 70, 73, 84–85, 88–89, 93–97
• Morgan, J. P., Jr., 43–49, 56, 72. See also J. P. Morgan & Co.
• Mouré, Kenneth, 31, 32
• Munich Agreement (1938), 71
• Mynors, Humphrey, 119, 125

• National Bank of Belgium (NBB), 1–2, 56
• New York Fed. See Federal Reserve Bank of New York
• Nixon, Richard, 103, 128
• Norman, Montagu: on autonomy of central banks, 36–37, 41, 56, 169, 178; banking crises and, 77–85; BIS framework and, 74, 174; currency stabilization and, 1, 2, 44, 54, 56–61; Genoa Conference and, 34, 93; as governor of Bank of England, 1, 30, 35; Harrison and, 59–60, 64, 73–74, 80–81, 88, 90, 193n55; influence of, 35, 61, 64–65, 87, 168, 174; Inoue and, 26, 38, 46–51, 62, 64, 176; International Committee and, 75, 77–80; internationalist outlook of, 36; manifesto of central banking practices, 37, 178, 188n33; Moreau and, 2, 26, 37, 54–56, 59, 62, 73, 176, 192n188; Moret and, 70, 73, 88, 93, 97; nervous breakdowns by, 35, 88, 89; relationship with deputies, 89, 194n80; return to gold standard and, 49–53, 62; Schacht and, 26, 37–45, 49–56, 62, 64, 81, 95–97, 176; Strong and, 1–2, 4, 9, 11, 34–38, 41–44, 50–64, 72, 80, 87; WEC and, 93–94
• North American Framework Agreement (NAFA), 154, 155, 162, 163

• O’Brien, Leslie, 124–26
• Oddsson, Davíð, 131, 156–58
• O’Driscoll, Gerald, 149
• Organisation for European Economic Co-operation (OEEC), 102
• Ortiz Martínez, Guillermo, 131, 142, 155

• Pallain, Georges, 37
• Panic of 1907, 35, 68
• Panic of 1920, 46, 49
• Paris Peace Conference (1919), 10, 43
• Parsons, Maurice, 119–21, 125
• People's Bank of China, 130, 137
• personalities: BIS shaped by, 9, 112, 175; central bank cooperation and, 35, 101; engagement based on, 10, 12, 38, 63; personal relationships built on, 47, 143; policymaking and, 183
• personal relationships: Basel Arrangements and, 107–8, 111–12, 114, 127; building, 12, 14–15, 47; credits and, 8, 26, 45, 50, 89; currency stabilization and, 53–61; differential ties, 9, 14–17, 27, 30, 114, 118–26, 153–61, 170–71, 177; financial crisis management and, 8, 21–22, 27, 97, 144, 168, 171; global financial governance and, 9, 24–25, 27, 30; global financial system and, 24, 127, 166, 181; in international relations, 24; leadership changes and, 21, 26, 160–61; liquidity and, 6, 22, 132, 168–71; loans and, 26, 41, 48; RCAs and, 101, 114–27, 131, 142–51, 153–56, 170; reparation financing and, 38–45; return to gold standard and, 47–54, 62; role in nonfinance areas, 171–73; roots of relational central banking, 33–38; secrecy and, 8, 10, 17–19, 36. See also interpersonal trust
• Plosser, Charles, 154
• Pöhl, Karl Otto, 9, 112
• Poland: Bank of Poland, 57, 61, 170; currency stabilization, 26, 54, 56–61, 176
• political economy, 24, 139, 174, 185n26
• political entrepreneurs, 187n78
• politics: banking crises and, 79, 80, 83, 86; currency stabilization efforts and, 56, 58, 176; domestic, 13, 29–33, 41, 46, 69, 74, 87, 187n104; of global financial governance, 4–6, 185n26; international, 3, 7, 9, 12, 31, 173–75, 186n40; of interwar period, 29–38, 41–44, 46; quiet, 172
• Powell, Jerome, 166–67, 176
• privacy. See secrecy

• Quesnay, Pierre, 54

• Rapallo, Treaty of (1922), 34
• Rasminsky, Louis, 112
• real bills doctrine, 67
• Reciprocal Currency Arrangements (RCAs): COVID-19 and, 130, 164, 166, 176–77; creation and expansion of, 27, 100, 106, 107, 114–17, 175; denial of requests for, 20, 27, 132, 138, 138t, 140, 145, 153–54, 156–60, 171; for emerging markets, 140, 145, 153–56, 171, 176–77; GFC and, 4, 13, 20, 22–23, 27, 130–32, 135–61, 138t, 170–71; interpersonal trust and, 114, 116–21, 124, 142–51, 153–56, 170; personal relationships and, 101, 114–27, 131, 142–51, 153–56, 170; secrecy of, 117, 119, 128, 143, 144, 147–50; standing arrangements, 130, 161–64, 167, 182; unconditional, 27, 138, 138t, 144–51; US bank exposure and, 140, 140f, 154
• Reddy, Y. V., 159, 160
• Reichsbank (Germany): banking crises and, 80–86; credits extended to, 53, 170; gold reserves held by, 39, 80–82, 84; liquidity injections by, 76; presidents of, 26, 30, 38–39, 41–42, 70, 73, 81; Standstill agreement and, 95, 97; strengthening of, 44–45
• rescue packages, 5, 77, 123, 131
• Reserve Bank of India (RBI), 20, 131, 158–60
• reserve currency: drawing on, 5; foreign exchange, 5, 45, 117, 160; international, 6, 12, 102, 115–17, 133; liquidity of, 98, 106; pooling, 5
• Reuff, Jacques Leon, 55
• Rist, Charles, 38, 60, 81
• Robineau, Georges, 37, 38
• Roosa, Robert, 108, 111
• Roosevelt, Franklin D., 68, 71, 92, 94–95
• Rooth, Ivar, 55
• Rosengren, Eric, 162–63
• Russia: Bolsheviks in, 33, 34; currency crisis in, 129; sanctions due to Ukraine war, 173
• Russo-Japanese War (1904–1905), 47, 48
• Ruzicka, Jan, 17

• Sayers, Richard, 44, 88, 92, 194n80
• Schacht, Hjalmar: BIS framework and, 74, 174; on collapse of sterling, 91; currency stabilization and, 58–61, 169; on Dawes and Young Loans, 43–44, 76; Golddiskontbank and, 39, 41, 44; Norman and, 26, 37–45, 49–56, 62, 64, 81, 95–97, 176; as president of Reichsbank, 26, 30, 38, 39; replacement by Luther, 26, 64–65, 70, 73; Strong and, 26, 38, 39, 43–45, 62, 64, 176
• Schwartz, Anna, 66, 70, 96
• Schwegler, Walter, 109, 120, 128
• Second World War, 71, 97, 98, 100–102
• secrecy: of Basel Arrangements, 111–14; of central bank cooperation, 34, 127, 169, 178, 179; of central bankers, 38, 49, 54, 55, 80; constraints circumvented through, 33; of currency stabilization loans, 2; of gold reserve manipulation, 53; personal relationships and, 8, 10, 17–19, 36; of RCAs, 117, 119, 128, 143, 144, 147–50
• Sheets, Nathan, 154, 155, 158, 161–64, 167
• Shirakawa, Masaaki, 20, 27, 131–32, 141–43, 148, 150–51, 158–60, 164, 171
• Siepmann, Harry, 89
• Simmons, Beth, 32
• Singleton, John, 133
• Skinner, Ernest, 89
• Smith, Michelle, 149
• Smoot-Hawley Tariff (1930), 75
• SNB. See Swiss National Bank
• social network theory, 187n78
• Sproul, Allan, 105, 118
• sterling: Basel Arrangements and, 106, 110, 114; Dawes Loan and, 44; devaluation of, 92, 122, 126, 128; dollar stability in relation to, 13; Golddiskontbank and, 41, 53; in Great Depression, 87–91; as international reserve currency, 6, 12, 102; liquidity in, 29, 53; RCAs and, 118–26; return to parity, 50–53, 168
• Stewart, Walter, 81, 193n55
• Strong, Benjamin: on autonomy of central banks, 36–37, 169; currency stabilization and, 1, 2, 54, 56–61; death of, 22, 26, 47, 63–64, 66, 70, 72–74, 96–97, 170; as governor of New York Fed, 30, 35–36; influence of, 63, 66, 174; Inoue and, 26, 38, 46–51, 62, 64, 176; internationalist outlook of, 36, 73, 193n20; Moreau and, 26, 37, 38, 55–56, 59, 61–63; Norman and, 1–2, 4, 9, 11, 34–38, 41–44, 50–64, 72, 80, 87; on personal relationships, 9, 170; real bills doctrine and, 67; Schacht and, 26, 38, 39, 43–45, 62, 64, 176
• Subbarao, Duvvuri, 20, 131, 132, 158–60, 171
• swap lines. See currency swaps
• Swedish National Bank (Sveriges Riksbank), 50, 55, 137, 156
• Swiss francs, 106, 109, 111, 137
• Swiss National Bank (SNB): Department III of, 109, 196n44; Governing Board of, 109, 110; Iklé and, 27, 101, 106, 109–10, 128; swap lines, 120–21, 130, 135, 137, 144, 147, 148, 161–63, 167