By Paul Temperton
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Second, through the 'counterparts relationship' (see Chapter 3), £M3 could be linked to the stance of fiscal policy, the extent to which the fiscal deficit was financed by sales of debt to the non-bank private sector, the private sector's credit demand and external flows. Third, £M3 was well understood in financial markets. In coming to the conclusion that financial conditions had been tight in 1980/81, the government looked at four other indicators. 6 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Ratio of Nominal GOP at market prices to the stock of £M3.
2) which comprises banks which either have extensive branch networks in the UK or participate directly in the UK clearing system. 9). The figures in BEQB Table 6 are designed to show the position of the banks in relation to third parties ('non-banks'); transactions between institutions within the sector ('interbank' transactions) are netted out. In general netting out interbank transactions is appropriate in order to assess the impact of the UK banking system on the rest of the economy. The nonbanks are categorised into the UK public sector (central government local government and public corporations), the UK non-bank private sector (industrial and commercial companies, the personal sector, other financial institutions) and the non-resident or overseas sector.
In July and August the increase was 6%%. compared with a target rate of growth of 7-11% for the year as a whole. In the 1981/82 FSBR it was considered that '£M3 has not been a good indicator of monetary conditions in the past year'. Nevertheless, £M3 was retained as the sole target monetary aggregate. There appeared to be three main reasons for this. 2) could be considered a temporary aberration. Second, through the 'counterparts relationship' (see Chapter 3), £M3 could be linked to the stance of fiscal policy, the extent to which the fiscal deficit was financed by sales of debt to the non-bank private sector, the private sector's credit demand and external flows.