• T. J. Gough


In this chapter we will be concerned with the efficiency of the building societies in two senses. Firstly, the efficiency of the individual societies within the industry, and in particular the relation of cost to size of society. Secondly, there is the matter of allocative efficiency which involves the tax/subsidy treatment of building societies and the housing market. This treatment will determine the size of the building society industry relative to other industries. For example, if the societies were especially favourably treated by the tax system, the result would be that the industry would be larger than if the tax system had been more neutral.


Interest Rate House Price Housing Market Total Asset Mortgage Rate 
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© T. J. Gough 1982

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  • T. J. Gough

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