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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MONEY 131 accommodation and discounting as much as possible, and to that end might put up the Bank rate ; but conceivably other banks might have placed very large reserves with the Bank of England, repayment of which they had the right to ask for in gold, and they might feel that they were in an absolutely secure position and could safely undertake an even greater mass of credit business. Consequently the other banks might keep their discount rates down, so that the only effect of the action on the part of the Bank of England would be to drive its customers away to the other banks. As a matter of fact this seldom or never happens. It has become a custom, broadly speaking, for all the banks in the country to follow the lead of the head custodian of the bullion reserve, that is the Bank of England, in the matter of the discount rate. How and why this custom arose, and in what way the Bank of England takes steps in exceptional circum stances when it becomes necessary to force some discounters to follow its lead, are inter esting questions which, however, we shall not proceed to consider here, since our present purpose is to merely show how the activities of banks affect the quantity of money in a country, and not to discuss the principles and practice of banking as a business.

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