Financial Intermediaries and the Saving‐investment Process*

The Substitutability of Financial Assets in the U.K. And the Implications for Monetary Aggregation*

“…In particular, this function has apparently been unstable throughout the 1970s and into the 1980s. This was predicted by Gurley and Shaw (1955, 1956, 1960 in the 1950s. They argued that the growth of nonbank financial intermediaries (NBFIs) could seriously hamper monetary control if the liabilities of these NBFIs were such close substitutes for money that substitution occurs between bank and non-bank liabilities.…”

Free banking and credit creation: Implications for business cycle theory

“…Selgin (1996, p. 125, n.1) argues that the view was "typical around the turn of the century" and that Edwin Carman was the "last eloquent champion prior to its revival by Tobin." The revival is associated with Tobin (1963), The Radcliffe Report (Gurley 1960), and Gurley andShaw (1956 and1960). See Selgin (1996, p. 125) for a discussion of other contributors to this revival.…”

The Economic Architecture of the Two De Kocks

“…This period represents South Africa's reaction to the so-called Radcliffe Report (see Committee on the Working of the Monetary System Shaw (1956 and in the United States of America. Their conclusions indicated that money is just one of many liquid assets and its role should therefore not be overstated, while retail banks do not differ fundamentally from other financial institutions and therefore should not be the sole focus of monetary policy efforts.…”