A critique of monetary policy: Theory and British experience by J. C. R. Dow

By J. C. R. Dow

Tough approved knowledge of financial idea, this examine of the speculation of economic coverage in England analyzes the habit of the banking approach and the problems of valuable financial institution keep an eye on, and argues that cash production is an endogenous technique, decided partially by way of the cost point.

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It would seem from this evidence that the purposes of Article I would not be constraining if the necessity should arise to interpret references in the Articles to the international monetary system. 36 37 The participants now (mid-1982) include all members of the Fund. Article XII, Section 1. 28 ©International Monetary Fund. Not for Redistribution THREE CONCEPTS {1982} AN EXAMPLE OF INTERPLAY AMONG THE THREE CONCEPTS Interplay among the concepts of the international monetary system, the sphere of the Fund's activities, and international monetary law was involved when the terms of reference of the Interim Committee and of the Council were being drafted.

I and II, contains no entry for "international monetary system/' but the index to History, 1966-71, Vol. I, contains a lengthy entry under the heading of "international monetary system" (p. 680). 19 History, 1945-65, Vol. I, pp. 466-70 and 477-82. 20 Joseph Gold, The Fund's Concepts of Convertibility, IMF Pamphlet Series, No. 14 (Washington, 1971). 22 ©International Monetary Fund. Not for Redistribution [1982] THREE CONCEPTS In these circumstances, the Fund readied itself to recycle these flows.

Mr. Smith. I am speaking, rather, of the foreign delegates. We were very well represented. I realize that. Mr. White, himself, was there. Mr. White. Thank you, Dr. Smith; coming from you, that is very gracious. 13 ©International Monetary Fund. Not for Redistribution INTRODUCTION Mr. Smith. Now, do you believe, this is, after all, rather complicated? Do you expect the Congress, in a period of 3 or 4 or 5 weeks, to be able to understand this document? Mr. White. Oh, yes; very definitely. There are a substantial number of Congressmen and some Senators that I have spoken with personally, who already have a grasp of all the significant points.

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