Deregulation, Debt and Downturn in the UK Economy

J.R. Sargent

National Institute Economic Review, 1991, vol. 137, 75-98

Abstract: The boom of the later 1980s was not due solely to financial institutions greater freedom to lend to the private sector. This was activated by over-optimism about the economy's performance. These two influences combined to cause the ‘over-heating’ for which the current recession is seen as the cure. Although the removal of restraints on financial institutions contributed, it was a once-for-all process which is now virtually complete. The case for returning to a regulated financial system is weaker than the case for living with an unregulated one, despite the higher debt ratios and other conditions which have resulted from the transition to it.

Date: 1991
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