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Cheap Money and the Housing Boom in Interwar Britain: An Econometric Appraisal

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  • Broadberry, Stephen N

Abstract

The author presents an econometric model of housing investment and establishes the quantitative importanc e of cheap money in the British housing boom of the 1930s. Cheap mone y is shown to account for about half of the initial rise in housing i nvestment. In addition, he examines the transmission mechanism by mod eling building society behavior. He shows that it was a fall in the l iquidity ratio, rather than a rise in net deposits, which was the pri mary source of the initial increase in building society advances. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Broadberry, Stephen N, 1987. "Cheap Money and the Housing Boom in Interwar Britain: An Econometric Appraisal," The Manchester School of Economic & Social Studies, University of Manchester, vol. 55(4), pages 378-391, December.
    • Handle: RePEc:bla:manch2:v:55:y:1987:i:4:p:378-91
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    Cited by:

    1. Nicholas Crafts, 2013. "Returning to Growth: Policy Lessons from History," Fiscal Studies, Institute for Fiscal Studies, vol. 34(2), pages 255-282, June.
    2. Barry Eichengreen, 2016. "The Great Depression in a Modern Mirror," De Economist, Springer, vol. 164(1), pages 1-17, March.
    3. Nicholas Crafts, 2014. "What Does the 1930s' Experience Tell Us about the Future of the Eurozone?," Journal of Common Market Studies, Wiley Blackwell, vol. 52(4), pages 713-727, July.
    4. Kerttula, Anne & Mikkola, Anne, 1988. "Monetary policy and housing prices," Bank of Finland Research Discussion Papers 15/1988, Bank of Finland.
    5. Nicholas Crafts, 2013. "Returning to growth: lessons from the 1930s," Working Papers 13010, Economic History Society.

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