Advanced Search
MyIDEAS: Login to save this paper or follow this series

Narrow Banking, Real Estate, and Financial Stability in the UK, c.1870-2010

Contents:

Author Info

  • Avner Offer

Abstract

Banking in the UK was stable for more than a century after 1866.� Financial institutions were differentiated according to function.� The core banks did not engage in maturity transformation, but in managing a payments system for business.� Real estate was a potential source of instability due to high credit elasticity of demand and to long maturities, but credit was successfully rationed by building societies, who relied on the funds that their savers had actually withdrawn from consumption.� After 1945, credit rationing came under pressure from consumers and housebuyers.� Incremental liberalisations after 1971 released a tide of credit which created a property windfall economy.� Borrowers and lenders both prospered until the system collapsed under its own weight in 2007.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.economics.ox.ac.uk/materials/papers/12768/offer116.pdf
Download Restriction: no

Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number Number 116.

as in new window
Length:
Date of creation: 14 Jun 2013
Date of revision:
Handle: RePEc:oxf:wpaper:number-116

Contact details of provider:
Postal: Manor Rd. Building, Oxford, OX1 3UQ
Email:
Web page: http://www.economics.ox.ac.uk/
More information through EDIRC

Related research

Keywords:

Other versions of this item:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Avner Offer, 2012. "The Economy of Obligation: Incomplete Contracts and the Cost of the Welfare State," Oxford University Economic and Social History Series, Economics Group, Nuffield College, University of Oxford _103, Economics Group, Nuffield College, University of Oxford.
  2. Schneider, Eric B., 2013. "Real wages and the family: Adjusting real wages to changing demography in pre-modern England," Explorations in Economic History, Elsevier, Elsevier, vol. 50(1), pages 99-115.
  3. Burkhard Drees & Ceyla Pazarbasioglu, 1998. "The Nordic Banking Crisis," IMF Occasional Papers 161, International Monetary Fund.
  4. Radha K. Shiwakoti & John K. Ashton & Kevin Keasey, 2004. "Conversion, Performance and Executive Compensation in UK Building Societies," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 12(3), pages 361-370, 07.
  5. Offer, Avner, 2007. "The Challenge of Affluence: Self-Control and Well-Being in the United States and Britain since 1950," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199216628, October.
  6. S. Knutsen & E. Lie, 2002. "Financial Fragility, Growth Strategies and Banking Failures: The Major Norwegian Banks and the Banking Crisis, 1987-92," Business History, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(2), pages 88-111.
  7. John V. Duca & John Muellbauer & Anthony Murphy, 2010. "Housing markets and the financial crisis of 2007-2009: lessons for the future," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 33613, London School of Economics and Political Science, LSE Library.
  8. Solomou, Solomos & Weale, Martin, 1997. "Personal Sector Wealth in the United Kingdom, 1920-56," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(3), pages 297-318, September.
  9. Aled Davies, 2012. "The Evolution of British Monetarism: 1968-1979," Oxford University Economic and Social History Series, Economics Group, Nuffield College, University of Oxford _104, Economics Group, Nuffield College, University of Oxford.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:oxf:wpaper:number-116. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Caroline Wise).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.