School of Social Sciences - Economics (4 year PhD studentship) - Did the Bank of England provide lender of last resort facilities to the private sector in the first 150 years of its existence? - Lessons for crisis management today

Updated: 9 months ago
Location: Manchester, ENGLAND
Deadline: The position may have been removed or expired!

Type of award


Principal investigator

Dr Nuno Palma

Managing department

School of Social Sciences

  • Full tuition fees for each year of the programme
  • Maintenance stipend of £17,777 per year.

Specified use

The research question being asked is to what extent the Bank of England developed its private lending business and, in times of crisis, provided lender of last resort facilities to the private sector in the first 150 years of its existence - from its foundation in 1694 to the Bank Charter Act of 1844.  Using modern statistical and economics models in this brand new data will bring new insights about how to act in modern financial crisis situations, because we must look at the policy successes as well as failures. We must study "the crises that did not happen" - and for this, we need to study the behaviour of economies over the long run. This contributes to on-going research agenda at Bank of England that uses historical data to gain insights into crisis management today (see for instance, Anson et al 2017).

Tenable period

4 years full-time

Continuation of award

Continuation of the award is subject to satisfactory progress.

Number available


Funding provider

School of Social Sciences

Level(s) of study

This funding is available to students undertaking the following types of study:

Allowed study options

This funding is available to students undertaking the following modes of study:

Subject restrictions

This funding is available to students undertaking study in:

Academic requirements

UK Bachelors Honours degree (or equivalent) - minimum 2:1 in a relevant social science discipline and applications are also have/expected to gain a UK Masters degree (or equivalent) at merit level or above, including 65% taught course average, 65% in dissertation and with no mark below 55%

Nationality restrictions

This funding is available to all nationalities.

Application procedure

Applications to be emailed to;

  • Subject line; Case Studentship Application
  • CV - including details of all module grades
  • Transcripts plus GRE scores (the latter can be waived for students with a degree from the UK)
  • A letter of application detailing; Why the project is a good match for you? Why you are interested in pursuing a PhD? and why is a Case studentship right for you?
  • Names of two academic references.  They must be prepared to send a reference letter until 4 March at the latest
  • Candidates must check they satisfy the ESRC UK residential criteria to qualify for this award.  Click here .
  • The successful applicant will be required to submit a formal application to the University to undergo the standard admissions process.

Selection criteria

Assessment of application and interview

Selection body

Economics Department, School of Social Sciences

Closing date

01 Mar 2019

By this date applicants MUST have emailed all their documents to

Decision date

April/May 2019

Additional information

Year 1. Devoted to the NWSSDTP economics training programme. The summer will be spent at the Bank of England, where the student will work on the archives under the supervision of Ryland Thomas. This will lead to a preliminary phase of data collection, and to a proposal to be discussed at the upgrade/confirmation panel at the end of the academic year.

Years 2-3. No less than six months spent at the Bank's archives, collecting data. The rest of the time will be spent writing the first research paper for internal presentation..

Year 4. In the first 4 months, visit the Bank's archive a final time. Then write up the final version of the dissertation, to be presented at the Bank of England, at the NWSSDTP conference, and at an international conference.

The student will be part of the Macroeconomics research group and will have access to weekly seminars in this and other fields. The group consists currently of about 8 faculty members and twelve PhD students.

Contact details for enquiries

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