Moral suasion, empire borrowers and the new issue market during the 1920s

Attard, Bernard

doi:10.1017/cbo9780511496172.011

Cited by 5 publications

(2 citation statements)

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“…However, during WWI government progressively restricted access to overseas (especially non-Empire) securities, to protect Britain's foreign exchange position. Treasury restrictions were relaxed from April 1919, but were replaced by Bank of England control over new overseas issues, which remained, intermittently, very restrictive during the 1920s (Atkin 1970;Attard 2004). The 1930s witnessed much more severe controls on new London foreign issues; in 1935 these accounted for less than 40 percent of new issues and their annual value was less than one-fifth of that in the 1920s (Kynaston 1991, p. 143).…”

Section: What Caused the Fall In Top Income Shares?mentioning

confidence: 99%

The Comfortable, the Rich, and the Super-Rich. What Really Happened to Top British Incomes during the First Half of the Twentieth Century?

Scott

Walker

2019

J. Econ. Hist.

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We examine shifts in British income inequality and their causes from 1911–1949. Using newly rediscovered Inland Revenue income distribution estimates, we show that Britain had an unusually high concentration of personal incomes in 1911 compared to other industrial nations. We also find that Britain’s substantial inequality reduction over the next four decades was largely driven by a collapse in top capital incomes. This parallels findings for France, the United States, and other western countries, that reduced inequality was mainly caused by declining top unearned incomes, owing to economic shocks, policy responses, and non-market mechanisms associated with the retreat from globalization.

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Section: What Caused the Fall In Top Income Shares?mentioning

confidence: 99%