New PDF release: A Critique of Monetary Policy

By Dow, J. C. R.; Saville, I. D.

ISBN-10: 0198283199

ISBN-13: 9780198283195

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Sample text

Greater competition in financial markets has stimulated financial innovation, and that in turn has made for greater competition. What we have described as a relaxation of banks' lending criteria may be regarded as a response of the banks to this more competitive environment (see further Chapter 11, Section 2). One result has clearly been to diminish the relative importance of bank intermediation. But although conditions are more competitive, this has not resulted in a situation where markets clear: it is still not the case that a borrower can borrow from banks (or in financial markets) on an unlimited scale if he pays above the going rate.

Along this path, which traces the moving equilibrium point, the preferences of depositors can be seen as determining the supply of deposits to the banks, which they are then able to on-lend, and the preference of borrowers, as determining the demand for bank loans. As national income rises, both the supply and demand in this sense will rise; and, in the absence of financial innovations, the rise seems likely to be in rough proportion to the rise in income. Reasons have already been given (in Section 1) for supposing that the banks will not wish to expand fully up to the potential equilibrium level.

This page intentionally left blank PART I The Behaviour of the Financial System This page intentionally left blank 2 The Macroeconomic Behaviour of the Banking System This chapter analyses how, in an economy with rising money incomes, the stock of money tends to grow. This analysis is required as a basis for our later discussion of monetary control, which can be regarded as modifying the working of the market forces that cause the money stock to grow. The discussion will be mostly in terms of broad money (£M3 — after 1987 called simply M3), or of very broad money, including deposits with building societies (of which we take PSL2 — after 1987 called M5 — as an indicator).

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A Critique of Monetary Policy by Dow, J. C. R.; Saville, I. D.

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