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This chapter sets the scene by observing that the twenty-five to thirty years after the Second World War was a period of unusual stability in banking, in the UK and in many other countries. Focusing upon a group of banks called the “London clearing banks”, this book explores the regulation of those banks in the period from 1946 until the early 1970s. It introduces some of the literature on the regulation of clearing banking, pointing out that the dominant interpretation suggests that stability in banking was achieved at the expense of competition. The literature also holds that the approach to regulation was largely driven by a policy of “financial repression”. The book questions aspects of this interpretation.
KeywordsClearing banks London clearing banks Stability in banking Financial repression
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