HOP 6. Bryan Carsberg

In this paper Bryan Carsberg shares his thoughts on the industry based on his practical experience as Director General of Telecommunications. The paper focuses on the promotion of competition, the regulation of monopoly business and privatisation as they are being applied - or have been applied - to the telecommunications industry.

HOP 5. E Victor Morgan

This brief paper is concerned with policy towards mergers and, in particular, with the policy of confining merger references to the Monopolies and Mergers Commission (MMC) largely to cases which seem likely to cause a significant reduction of competition.

HOP 4. Richard Dale

Professor Dale discusses potential sources of structural or systemic weakness in the banking system at three levels: Firstly, the possibility of major shocks to the system; secondly, the problem of contagion—that is the propensity for banking problems in one area to spread to other areas; and finally, the availability of lender of last resort facilities in the event that a major financial disturbance should occur.

HOP 3. George J Stigler

Professor George Stigler, Nobel Laureate in Economics, was the Institute's first Honorary President for the period 1985-1987. He delivered a Presidential Address on 1st May 1986 at the Conference on Financial Deregulation.

HOP 2. Alan Peacock, Norman Barry

These papers were first presented at a Conference on Pensions arranged by The David Hume Institute which took place in Edinburgh in June 1985 but have been modified in the light of the government's White Paper which appeared in December 1985.

HOP 1. Ronald McKinnon

In 1985 the US dollar was over-valued by as much as 30 to 40 percent when measured against European currencies and about 20 percent against the Japanese yen. This imposed undue competitive pressure and great distress across a broad spectrum of American farming, mining and manufacturing activities and pressure to restrict imports is rapidly increasing.