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

In: Competition and Regulation in Financial Markets

Author

Listed:
  • Roy A. Batchelor
  • Brian Griffiths
  • Frank Boll

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.

Suggested Citation

  • Roy A. Batchelor & Brian Griffiths & Frank Boll, 1981. "Monetary Restraint Through Credit Control in the United Kingdom — the Lessons of Recent Practice," Palgrave Macmillan Books, in: Albert Verheirstraeten (ed.), Competition and Regulation in Financial Markets, chapter 9, pages 195-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05585-2_9
    DOI: 10.1007/978-1-349-05585-2_9
    as

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