By J. C. R. Dow
Hard authorised knowledge of financial thought, this research of the speculation of financial coverage in England analyzes the habit of the banking approach and the problems of principal financial institution regulate, and argues that cash production is an endogenous strategy, made up our minds in part by means of the cost point.
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Extra info for A critique of monetary policy: Theory and British experience
S. banking. For example, Chase Manhattan Corporation offers consumer banking services only in New York, New Jersey, and Connecticut. BankBoston has branches throughout New England but nowhere else. By contrast, the Bank of Montreal operates throughout Canada, Deutsche Bank throughout Germany, and Sanwa throughout Japan. S. banks is matched by the complex web of laws and regulationsboth state and federalthat restrict their operations. The alphabet soup of federal bank regulatory agencies is impressive enough: FRB (Federal Reserve Board), FDIC (Federal Deposit Insurance Corporation), OCC (Office of the Comptroller of the Currency), OTS (Office of Thrift Supervision), and NCUA (National Credit Union Administration).
Credit and charge cards have led a revolution in money for the past twenty-five years. Most of the focus of this book is on credit and charge cards, since their past and present story provides valuable lessons for the future of all electronic-payment cards. S. Economy Payment Cards Are a Major Means of Exchange Payment cards have become an essential means of exchange in the economy because they provide consumers and merchants considerable advantages over cash and checks. Cash is bulky. The typical credit card purchase is slightly more than $75.
The second development was the creation of a strong central bank, the Federal Reserve System, in 1913. The Federal Reserve Act of 1913 authorized the issuance of Federal Reserve Bank notes. This currency, which was secured by direct obligations of the United States, became the standard. By 1920, 69 percent of money (hand-tohand currency plus cash in bank vaults) consisted of Federal Reserve notes and deposits. S. monetary system was the creation of a national check-clearing system by the Federal Reserve Board.
A critique of monetary policy: Theory and British experience by J. C. R. Dow