Monetary Restraint Through Credit Control in the United Kingdom — the Lessons of Recent Practice

Roy A. Batchelor, Brian Griffiths and Frank Boll

Chapter 9 in Competition and Regulation in Financial Markets, 1981, pp 195-219 from Palgrave Macmillan

Abstract: Abstract This chapter presents a play within a play. Its core is an analysis of the distortions caused by the recent system of direct controls on bank liability expansion in the United Kingdom, the supplementary special deposit scheme, vulgarly termed the ‘corset’. Around this analysis we want to develop a broader thesis: that the existence of such controls should be viewed not as a response to new or transitory pressures, but as the inevitable result of the defective intellectual framework within which the authorities have tried to square their monetary, fiscal and debt management policies for the past thirty years.

Keywords: Interest Rate; Monetary Policy; Monetary Authority; Bank Lending; Treasury Bill (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05585-2_9

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DOI: 10.1007/978-1-349-05585-2_9

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