Type
Article
Titre
An econometric study of the British monetary system
Dans
The Economic Journal G
Auteur(s)
MÉLITZ Jacques - School of Management & Languages (Auteur)
STERDYNIAK Henri - (Auteur)
Éditeur
GB : John Wiley & Sons
Volume
89
Pages
874 - 896 p.
ISSN
00130133
Résumé
EN
This article aims to explain the British money stock and to shed general light on the British monetary system. The money stock does not depend strictly on popular preferences outside the banks and the authorities. Regulations do not permit the British banks to take an uncovered position in a foreign currency, and therefore to augment their domestic debt assets by borrowing abroad. As a result, these banks have no immediate control over their total domestic assets. Their basic policy variables are their interest rate on loans to private customers, and the rate of services that they provide on their deposits (...).

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