J. C. R. Dow's A critique of monetary policy: Theory and British experience PDF

By J. C. R. Dow

Demanding authorised knowledge of economic conception, this learn of the idea of economic coverage in England analyzes the habit of the banking approach and the problems of significant financial institution keep watch over, and argues that money construction is an endogenous technique, decided partially by means of the fee point.

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These costs included freight, insurance, and foregone interest (OYcer 1996). In the classical gold standard era, the gold points between major Wnancial centers was one percent or less on either side of parity. Under the classical gold standard, disturbances to the balance of payments were automatically equilibrated by the Humean price specie Xow mechanism. Under the mechanism, arbitrage in gold kept nations’ price levels in line. Gold would Xow from countries with balance of payment deWcits to those with surpluses keeping their domestic money supplies and prices in line.

The bill could then be transferred to a third party for cash, thus creating a liquid Wnancial instrument. On the other side of the market, an importer of British goods in the North would obtain a letter of credit (a guarantee of payment) from a merchant bank allowing him to purchase a bill of exchange which could then be remitted to England in exchange for the goods. Two problems complicated this market: distance and the seasons. The supply of bills was generated in the summer and fall when southern staples were exported to Europe, and the demand for bills by northern importers generally arose in winter.

3 describes the background of the nascent foreign exchange market under the bimetallic specie standard and exchange market operations in the pre–Civil War era 1810– 1860. The narrative covers operations by private exchange dealers whose objective was to make proWts from currency arbitrage. This diVered from oYcial intervention. 2), and on the Second Bank of the United States, a protocentral bank, according to leading authorities. 3). 4 discusses the exchange market in the Civil War and greenback periods and operations by the US Treasury and private banks.

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