Eruptions of Credit

Geoffrey W. Gardiner

Chapter 13 in The Evolution of Creditary Structures and Controls, 2006, pp 195-209 from Palgrave Macmillan

Abstract: Abstract IN THE SPRING of 1988 the Bank Of England lowered Minimum Lending Rate to 7½ per cent. The huge monetary explosion which followed is blamed by monetarists upon this reduction. There was the best of reasons for lowering interest rates, and that was the need to lower the exchange value of the pound which was then far too high, pulled up by the combination of high interest rates and sterling’s status as a petro-currency.

Keywords: Interest Rate; House Price; High Interest Rate; Foreign Bank; Capital Base (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230288447_13

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