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43
banks in Britain and to overseas central banks and international monetary institu-
tions.
The principle deposit banks are the five London clearing banks, three Scottish
clearing banks and two Northern Ireland banks. There are also the Cooperative
Bank and Trustee Savings Banks. The Post Office National Girobank, operated
through most post offices in Britain, provides a low-cost, current account banking
and money transfer service.
Apart from banks and finance houses, the latter specialising in instalment
credit for individuals and companies, the main groups of financial institutions and
building societies, which take deposits from the public and make loans for house
purchase, pension and life insurance funds and investment and unit trust. In addi-
tion there are various markets: the Stock Exchange (with a turnover roughly equal
to that of all the other European exchanges combined); the commodity markets;
the gold market; and the Baltic Exchange (for shipping and aviation) and Lloyd's
(for insurance), both pre-eminent in their own fields.
The City of London contains within its small area probably the greatest con-
centration of financial expertise in the world. It has the world's largest insurance
market, the highest proportion, of the euro-dollar market and a larger listing of
overseas securities than any other centre. A recent development in the City is the
establishment of additional futures markets - in, for example, potatoes, petroleum,
gold and financial instruments.
Impact of Trade Restrictions
The 1980s have been a time of complexity for economic policy-makers in
both developed and developing countries. Increasing impredictability has been
manifested in the unilateral adoption of trade restrictions specific to countries and
products, and in the appearance of massive and often distorting flows of funds
within international currency and commodity markets. Associated with these
phenomena have been interrelated problems arising from currency misalignments,
persistent payments inbalances, an uneven distribution of international liquidity,
and net out-flows of financial resources from many developing countries.
Both policy-makers and enterpreneurs are being challenged by an acceleration
in the pace of structural changes which are very difficult to harness. These
changes can be traced to a number of underlying factors, the most important of
which are the impact of scientific advance and applied technology and govern-
ment policy. These factors are affecting production, consumption and trade pat-
terns; producing far reaching developments in the service sector, particularly fi-
banks in Britain and to overseas central banks and international monetary institu-
tions.
The principle deposit banks are the five London clearing banks, three Scottish
clearing banks and two Northern Ireland banks. There are also the Cooperative
Bank and Trustee Savings Banks. The Post Office National Girobank, operated
through most post offices in Britain, provides a low-cost, current account banking
and money transfer service.
Apart from banks and finance houses, the latter specialising in instalment
credit for individuals and companies, the main groups of financial institutions and
building societies, which take deposits from the public and make loans for house
purchase, pension and life insurance funds and investment and unit trust. In addi-
tion there are various markets: the Stock Exchange (with a turnover roughly equal
to that of all the other European exchanges combined); the commodity markets;
the gold market; and the Baltic Exchange (for shipping and aviation) and Lloyd's
(for insurance), both pre-eminent in their own fields.
The City of London contains within its small area probably the greatest con-
centration of financial expertise in the world. It has the world's largest insurance
market, the highest proportion, of the euro-dollar market and a larger listing of
overseas securities than any other centre. A recent development in the City is the
establishment of additional futures markets - in, for example, potatoes, petroleum,
gold and financial instruments.
Impact of Trade Restrictions
The 1980s have been a time of complexity for economic policy-makers in
both developed and developing countries. Increasing impredictability has been
manifested in the unilateral adoption of trade restrictions specific to countries and
products, and in the appearance of massive and often distorting flows of funds
within international currency and commodity markets. Associated with these
phenomena have been interrelated problems arising from currency misalignments,
persistent payments inbalances, an uneven distribution of international liquidity,
and net out-flows of financial resources from many developing countries.
Both policy-makers and enterpreneurs are being challenged by an acceleration
in the pace of structural changes which are very difficult to harness. These
changes can be traced to a number of underlying factors, the most important of
which are the impact of scientific advance and applied technology and govern-
ment policy. These factors are affecting production, consumption and trade pat-
terns; producing far reaching developments in the service sector, particularly fi-
43
