The British monetary authorities have traditionally focused on broader monetary aggregates than their counterparts elsewhere. The reasons include: the willingness of UK banks to allow customers to make payments by drawing on time deposits, the particularities of the UK approach to managing the national debt and the foreign exchange reserves, and the flow-of-funds system of national accounts developed after World War II. This article outlines these reasons, and explores the implications for the UK's often fractious relationship with the International Monetary Fund during the 1950s and 1960s. It explains why IMF conditionality on loans to the UK focused on broad aggregates.

中文翻译：

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二战后英国关注广义货币总量的历史原因以及与国际货币基金组织的“七年战争”

与其他地方的同行相比，英国货币当局传统上更关注更广泛的货币总量。原因包括：英国银行愿意允许客户通过定期存款进行支付，英国管理国债和外汇储备的方法的特殊性，以及国民账户资金流动系统的发展二战后。本文概述了这些原因，并探讨了英国在 1950 年代和 1960 年代与国际货币基金组织经常不稳定的关系的影响。它解释了为什么国际货币基金组织对英国贷款的附加条件侧重于广泛的总量。