By Duncan Needham
This publication charts the process financial coverage within the united kingdom from 1967 to 1982. It exhibits how occasions reminiscent of the 1967 devaluation, the cave in of Bretton Woods, the stagflation of the Nineteen Seventies, and the IMF mortgage of 1976 all formed coverage. It exhibits that the 'monetarist' scan of the Nineteen Eighties used to be in response to a primary misreading of Nineteen Seventies financial coverage.
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Extra resources for UK Monetary Policy from Devaluation to Thatcher, 1967–82
This implied that the authorities had been misled by Radcliffe into underestimating the potential of monetary policy. 42 This might just mean that ‘Keynesian’ demand for money equations had been mis-specified. The transmission mechanism could still be along a liquidity spectrum; it may just be that the prices of financial assets, such as gilts, were less sensitive to short-term interest rates than had previously been believed. In any event, if the relationship between the money supply and incomes was weak, that is.
103 This was the ‘cashier’s theory’ of the gilt market, where lower prices meant lower demand, until the market fell to a level at which buyers could be confident of making capital gains as prices rebounded. Consequently, the authorities sacrificed tight control over the money supply in order to maintain an orderly market for gilts. 104 Significantly, the first element of CCC to be implemented in May 1971 was a withdrawal of the Government Broker from all but very short-dated gilts. Hire purchase controls Although not strictly speaking a tool of monetary control, hire purchase controls proved to be an effective measure for reducing the demand for credit.
7 per cent in 1968, this represented a significant real drop in advances. The Treasury rarely had direct contact with individual lenders, so the burden of enforcing the ceilings fell upon the Bank. This was not a responsibility that sat easily with Bank officials who were forced to send out hundreds of letters and summon bankers to explain breaches of the prescribed limits. 108 As with special deposits, ceilings fell disproportionately on the banks at the top of the ‘ladder of recognitions’. The structure of this book Chapter 1 examines the practical and theoretical developments in monetary policy between devaluation in November 1967 and the introduction of CCC in September 1971.
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