Monetarism under Thatcher : lessons for the future
著者
書誌事項
Monetarism under Thatcher : lessons for the future
Edward Elgar, c2001
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注記
"In association with the Institute of Economic Affairs"
Includes bibliographical references (p. 105-108) and index
内容説明・目次
内容説明
This authoritative book analyses the recent problems associated with the UK's monetary system and suggests a long-term solution to control bank lending in the future. It draws on extensive historical material, discussions with former senior officials and politicians, and the perceptive insights of Gordon Pepper, an advisor to Margaret Thatcher when the foundations of monetary control were being laid, to revisit and re-examine the monetarist experiment of the 1980s.The authors argue that, in spite of the instinct of the Prime Minister, the authorities never attempted to control the supply of money in the 1980s and only paid lip service to controlling the demand for money. Extraordinary behaviour of bank lending was a significant cause of the Barber boom in the mid-1970s, of the Lawson boom of the 1980s and of the depth of the recession in the early 1990s. They assert that varying interest rates is an ineffective tool to manage lending and controversially propose that the only enduring solution is to control the banks' reserves. The authors forcefully argue that should the UK not become a member of the European Single Currency the debate surrounding monetary base control will need to be reopened.
By reassessing a significant era in British economic policy and suggesting a strategy for the future, this book will be of great interest to economic historians, monetary and political economists, policymakers and investment advisers.
目次
Contents: Foreword Preface Introduction Part I: History 1. A Brief History of Monetary Policy since Radcliffe 2. Monetarism in the UK 3. Monetarism and the Officials 4. Monetarism under Thatcher 5. Monetarism and the Politicians 6. Summary and Conclusions of Part I Part II: Policy Dilemmas 7. A Type of Supply-side Control: Control via the 'Counterparts' 8. Overfunding: A Useful Tool or Cosmetic Device? 9. Asset-Price Inflation 10. Debt Deflation 11. Summary and Conclusions of Part II Part III: Policy Solutions 12. Monetary Base Control 13. MBC versus Funding Policy 14. A Published Target for the Monetary Base 15. Summary and Conclusions of Part III Appendices References Index
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