War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The money market

Collection:: Economics Books

148 WAR BORROWING conclusion arrived at by the most competent student of the subject has been that “ while the policy of rationing is effective and probably has a more universal and effective influence than the mere raising of rates of discount, it is probable that a more rapid advance in rates conservatively handled would have exerted a desirable effect.” 34 Here again, however, it seems necessary in the present connection to' confine our attention to the task immediately at hand and, waiving the problem of wider consequence, to recognize that the direct and immediate effect of the discount policy of the Federal Reserve Board has been to reduce, if not to avert, the monetary strain, normally incident to cer tificate borrowing. The operations outlined above have been reflected in the course of the discount operations of the Federal Reserve Banks and more specifically in the course of such Banks’ holdings of member and non member banks, collateral notes secured by Liberty bonds or Treasury certificates of indebtedness, and of rediscounted customers’ paper likewise secured. In the first stage — certificate buying — the gen eral use of payment by credit made it possible for de positary banks to acquire certificates without strain upon their ordinary resources for their own account and for their customers, as well as for non-member banks. To the extent that interior banks made pay ment by drafts on the reserve city banks, or to the extent that depositary or other banks or indi- 34 Prof. H. Parker Willis, “ Memorandum.”

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