In:
Financial History Review, Cambridge University Press (CUP), Vol. 24, No. 3 ( 2017-12), p. 331-356
Abstract:
The British monetary authorities have traditionally focused on broader monetary aggregates than their counterparts elsewhere. The reasons include: the willingness of UK banks to allow customers to make payments by drawing on time deposits, the particularities of the UK approach to managing the national debt and the foreign exchange reserves, and the flow-of-funds system of national accounts developed after World War II. This article outlines these reasons, and explores the implications for the UK's often fractious relationship with the International Monetary Fund during the 1950s and 1960s. It explains why IMF conditionality on loans to the UK focused on broad aggregates.
Type of Medium:
Online Resource
ISSN:
0968-5650
,
1474-0052
DOI:
10.1017/S0968565017000233
Language:
English
Publisher:
Cambridge University Press (CUP)
Publication Date:
2017
detail.hit.zdb_id:
2035074-0
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