The 1950s and 1960s: Actuarial Paper

Gordon Pepper
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Gordon Pepper: Department of Banking and Finance, City University Business School

Chapter 11 in Money, Credit and Asset Prices, 1994, pp 141-186 from Palgrave Macmillan

Abstract: Abstract This chapter is a reprint of a prize-winning paper1 by the author and R. L. Thomas that was submitted to the Institute of Actuaries on 26 March 1973. The paper laid the foundations upon which were based the subsequent Monetary Bulletin circulated by W. Greenwell & Co. The paper focuses on the relationship between the money supply and capital markets between 1950 and 1972 but data between 1927 and 1949 are also considered. The paper has not been updated: it should be read as an historical piece, giving an insight into the state of knowledge at the time it was written (some readers may prefer to skip the paragraphs in [ ] brackets on pages 142–3 as these are of interest mainly to members of the actuarial profession). Appendix 11.4 to this chapter contains a statistical update of the actuarial paper. The relationships reported in the paper were reworked using better data from A Monetary History of the UK.2 Further, modern statistical techniques were used instead of a graphical presentation. The conclusion was that the findings of the original paper were not contradicted.

Keywords: Capital Market; Current Account; Money Supply; Equity Market; Economic Cycle (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37593-2_12

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DOI: 10.1057/9780230375932_12

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