Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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180 POLITICAL ECONOMY tion, when the exportation is connected with the state of foreign trade, and what demands to expect for gold in the form of cash for current use in the country, in view of the volume of credit obligations which have been created by the bank through loans or the discounting of bills. When bankers feel that the limit of safety is being transgressed in the creation of credit money, by the granting of accommodation and the discounting of bills, and that if it continues at the old rate the gold in the country will be insufficient to meet the demands for gold, so that banks will be compelled to suspend cash payments, they begin to discourage requests for credit by raising the price at which they are prepared to grant it, that is by raising the discount rate. The situation is complicated in this country by the fact that we have been reduced in a large measure, not by law but by the drift of events, to a one reserve system. Bankers place their reserves in bulk, or in large part, with the Bank of England, and thus the Bank of England becomes the chief guardian of the bullion reserve of the country. A theoretical objection to the arrangement at once suggests itself. The Bank of England might feel the necessity of curtailing overdrafts,

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