Structural Change in the British Financial System

  • David T. Llewellyn

Abstract

A different perspective is taken in this chapter. While the other contributions consider various aspects of ‘money’ and credit, the focus here is on two related aspects of the British financial system: the major changes in its structure that have been a feature of the 1980s, and the acceleration in the pace of financial innovation. Both are pertinent to the theme of this volume, and after considering their nature and implications, their relevance for money and credit are highlighted. The focus is upon financial innovation and the nature of structural change in the British financial system as a whole rather than a detailed discussion of particular subsectors such as building societies, the stock exchange, etc. In particular three aspects of the subject are considered: the precise nature of structural change and financial innovation, the forces producing these changes, and their implications.

Keywords

Europe Income Marketing Volatility Conglomerate 

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Bain, A. D. (1981) Economics of the Financial System (Oxford: Mart in Robertson).Google Scholar
  2. Bank for International Settlements (1986) Recent Innovations in International Banking (Basle).Google Scholar
  3. Bank of England (1983) ‘Competition, Innovation and Regulation in British Banking’, Quarterly Bulletin (September).Google Scholar
  4. Buckland, R. and E. Davis (1984) ‘The Unlisted Securities Market’, Lloyds Bank Review (October).Google Scholar
  5. Carron, A. (1983) ‘Political Economy of Financial Regulation’, in R. E. Noll and B. M. Owen (eds) The Political Economy of De-regulation (Washington: American Enterprise Institute).Google Scholar
  6. Goodhart, C. A. E. (1987) ‘Structural Change in the British Capital Markets’, in Goodhart et al., Operation and Regulation of Financial Markets (London: Macmillan).Google Scholar
  7. Heggestad, R. (1975) ‘Riskiness of Investments in Nonbank Activity by Bank Holding Companies’, Journal of Economics and Business (June).Google Scholar
  8. Llewellyn, D. T. (1983) ‘Banks in the Mortgage Market’, Building Societies Institute Journal (November).Google Scholar
  9. Llewellyn, D. T. (1985) The Evolution of the British Financial System (London: Institute of Bankers).Google Scholar
  10. Llewellyn, D. T. (1986) The Regulation and Supervision of Financial Institutions (London: Institute of Bankers).Google Scholar
  11. Llewellyn, D. T. (1987) ‘Competition and the Regulatory Mix’, National Westminster Bank Review (August).Google Scholar
  12. Llewellyn, D. T. (1987) ‘Financial Intermediation and Systems: Global Integration’, in D. E. Fair and C. de Boissieu (eds) International Monetary and Financial Integration: European Dimension (The Hague: Martinus Nijhoff).Google Scholar
  13. Llewellyn, D. T. (1989) ‘Competition and Structural Change in the Financial System’, in E. P. M. Gardener (ed.) The Future of Financial Systems and Services (London: Macmillan).Google Scholar
  14. Revell, J. R. S. (1973) The British Financial System (London: Macmillan).Google Scholar
  15. Wall, L. and R. Eisenbeis (1984) ‘Risk Considerations in De-Regulation of Bank Activities’, Federal Reserve Bank of Atlanta, Economic Review (autumn).Google Scholar

Copyright information

© Economic Research Council 1989

Authors and Affiliations

  • David T. Llewellyn

There are no affiliations available

Personalised recommendations