The rules of Competition and Credit Control which were applied to the discount houses in 1971 remained in operation unchanged until July 1973, at which time they were radically revised. It was in the authorities’ attempts to work the new policy in the solution of economic problems during this two-year period, that the discount houses and others were to find answers to some of their most disturbing questions.
KeywordsInterest Rate Money Supply Treasury Bill Finance House Interbank Market
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- 24.See D. C. Rowan, ‘The Monetary System in the Fifties and Sixties’, Manchester School (Mar 1973), for a cogent analysis of this question.Google Scholar
- 27.J. H. Gutentag and R. Lindsay, ‘The Uniqueness of Commercial Banks’, Journal of Political Economy (1968).Google Scholar
- 29.See R. L. Harrington, ‘The Importance of Competition for Credit Control’, Issues in Monetary Economics, ed. H. G. Johnson and A. R. Nobay (Oxford, 1974) pp. 548–66.Google Scholar