The Evolution of Australian Monetary Policy in the 1950s

The 1950s in Australia was a decade of major change in both central banking and the financial system. The changes fed upon one another: financial innovation responded to monetary policy; the authorities adapted their strategy in response. The private banks resisted the harnessing of their balance sheets to policy, and a protracted process of conflict and compromise unfolded. Meanwhile, the growth of non-bank financial institutions undermined bank-centred policy. Official controls on bank interest rates opened a space for the new intermediaries. The central bank's attempt to restrain their growth contributed to a credit squeeze at the turn of the 1960s

Balance (ability) · Balance sheet · Business · Central bank · Compromise · Economics · Financial intermediary · Financial system · Monetary economics · Monetary policy · Political science · Australian History and Society · Finance

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