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Monetary adjustment and inflation of financial claims in the UK after 1980

In: Financialisation and the Financial and Economic Crises

Author

Listed:
  • John Lepper
  • Mimoza Shabani
  • Jan Toporowski
  • Judith Tyson

Abstract

This chapter explores two ways in which the UK financial system and the real economy developed out of step after 1980. It shows that companies and households took advantage of the easing of financial regulation by securing credit against assets with decreasing regard to the underlying real value of those assets. Hence, in the UK, financialisation largely took the form of inflation of financial claims.

Suggested Citation

  • John Lepper & Mimoza Shabani & Jan Toporowski & Judith Tyson, 2016. "Monetary adjustment and inflation of financial claims in the UK after 1980," Chapters, in: Eckhard Hein & Daniel Detzer & Nina Dodig (ed.), Financialisation and the Financial and Economic Crises, chapter 3, pages 68-88, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16808_3
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    Citations

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    Cited by:

    1. Eckhard Hein & Petra Dünhaupt & Ayoze Alfageme & Marta Kulesza, 2017. "Financialisation and distribution in three main Eurozone countries from a Kaleckian perspective: the US, the UK and Sweden compared – before and after the crisis," Working Papers 9/17, Sapienza University of Rome, DISS.
    2. Hein, Eckhard, 2017. "Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9," IPE Working Papers 90/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Hein, Eckhard & Dünhaupt, Petra & Alfageme, Ayoze & Kulesza, Marta, 2017. "Financialisation and distribution in the US, the UK, Spain, Germany, Sweden and France: Before and after the crisis," IPE Working Papers 85/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Hein, Eckhard, 2018. "Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession," IPE Working Papers 96/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    Keywords

    Economics and Finance;

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