Bank Rate and the Money Market
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| Hersteller: | Forgotten Books (Palgrave, R. H. Inglis) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from Bank Rate and the Money Market: In England, France, Germany, Holland, and Belgium, 1844-1900 The fact that the rate of discount charged at the Bank of England fluctuates more often and more severely than the rate at any other of the important banks of Europe led me to consider what the causes of this instability might be. There are several ways in which the position of the English Money Market is different from that of any other country, all which might have an influence in this direction. Among these are the constant liability to sudden and large demands for specie for export, and the long-standing arrangement by which the whole specie reserve of the entire country is placed practically with one bank alone, the Bank of England, thus causing any demand of this character to centre there. These reasons are of weight, but they appear hardly sufficient to account completely for what has occurred. After endeavouring fruitlessly to find explanations among the ordinary conditions of business for the great fluctuations in the rate of discount which have just been referred to as characteristic of the London Money Market, I was led to investigate the question whether the legal obligations under which the Bank of England carries on its operations could have anything to do with these fluctuations and consequently with the rate of interest charged. No other bank, as will be explained further on, carries on its business under similar conditions. The banks on the continent of Europe are conducted under strict rules - stricter rules in some ways than those in force at the Bank of England. But at none of these banks are there conditions at all corresponding to those imposed by the Act of 1844. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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