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The general implication of this ‘new view’ was that the growth of monetary and non-monetary financial claims needed to be analysed in terms of the portfolio adjustments of a range of bank and non-bank financial intermediaries as well as households and firms. More specifically, ‘the quantity of money as conventionally defined is not an autonomous variable controlled by governmental authority but an endogenous or “inside” quantity reflecting the economic behaviour of banks and other private economic units’ (Hester and Tobin, 1967: viii).

Late 1985 and 1986 saw the ‘reverse oil price shock’ which was used by other countries largely to reduce their inflation rates further. However, the UK authorities chose instead to use the shock to allow a substantial stimulus to the (still rather sluggish) domestic economy via the associated fall in sterling in its capacity as a ‘petro-currency’, but without immediate inflationary implications. The depreciation was almost certainly permitted to go too far towards the end of 1986, and most of it was then locked in by the policy of shadowing the Deutschemark (DM) on which Lawson embarked in March 1987 in a quest for greater exchange rate stability and perhaps eventual entry into the ERM.

The format of this table remained the same until June 1969, following an article in Economic Trends on ‘Money supply and domestic credit’. The new format then introduced, entitled ‘Domestic credit expansion and changes in the money supply’, proceeded from the public sector borrowing requirement (PSBR), via the net acquisition of public sector debt by the private sector and bank lending to the private and overseas sectors, to domestic credit expansion (DCE) and thence, via overseas lending to the public sector (which subsumed the balance of payments deficit) and some minor adjustments, to the increase in money supply.

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