Monetary History, Exchange Rates and Financial Markets Essays in Honour of Charles Goodhart, Volume Two
Essays in Honour of Charles Goodhart, Volume Two
Edited by Paul Mizen
Discussion of ‘Competition and stability: what’s special about banking?’ Michael Artis I should like to say, for a start, how much I appreciate being able to participate in this celebratory conference for Charles Goodhart. Unlike many others here I have not been a student of Charles’s nor even a colleague in the narrow sense, whether in a University department or Central Bank. But I have been a close colleague in a professional sense, sharing with Charles – albeit from a diﬀerent starting point – the highly educative vicissitudes of British monetary experience. These include the experience of a variety of monetary regimes in the policy sense – from the ‘monetarily constrained’ Keynesianism of the 1960s to Mrs Thatcher’s monetarism, via exchange rate targeting and membership of the ERM to today’s inﬂation targeting. In addition – and relevant to the chapter under discussion – they include the experience of the British monetary system (and policy) in adapting to a more competitive framework, beginning with the startling move, under the heading of ‘Competition and Credit Control’. This was a (then) revolutionary move away from a highly cartelized system with a symbiotic monetary policy which played on rationing eﬀects, towards a much more open and competitive system. As we followed together all these twists and turns in British monetary experience I never found Charles’s judgment to be other than sound, his academic merit less than ﬁrst-rate or his sense of fairness less than perfect. One of the – at ﬁrst sight, strange – results of the...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.