Download A Guide to Financial Institutions by Charles R. Geisst (auth.) PDF

By Charles R. Geisst (auth.)

ISBN-10: 0333586751

ISBN-13: 9780333586754

An introductory survey of economic associations in Britain and the us. Discusses the constitution and features of business banks, construction institutions, funding banks, lifestyles insurance firms and pension cash, and American federal enterprises. additionally contains a bankruptcy at the monetary deregulation and occasions of the Nineteen Eighties that helped create the present monetary weather. comprises examples and tables during the text.

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R-fhe second type of intervention has become known as 'sterilised' intervention. 1"'his name has been adopted to show that the central bank in question is intervening only to prop up or depreciate· its currency against others momentarily but that the action itself should only be taken as temporary. Normally, this sort of desired effect is had by lowering or raising interest rates in the domestic economy in order to affect the exchange rate. 5 The action is not intended to alter 22 A Guide to Financial Institutions the economic outlook for the domestic economy and is not to be taken as a long-term indication of monetary policy.

In this latter case, if exchange controls are adopted, the central bank recognises that the economy is susceptible to outside pressures and therefore controls, or seeks to control, the amount of domestic currency as well as foreign exchange that may be allowed to pass through the banking system. In order to achieve this, the central bank can order local banks to report and sometimes limit foreign exchange transactions. If the economy of the country is highly developed it may also place restrictions on the amount of financing that a foreign company can accomplish in its domestic markets by raising local currency in the capital markets.

In order to maintain the value of the basket, member central banks are obliged to maintain their currencies' value within an agreed band. 'Sterilised' intervention technically means that a central bank practising it must make a compensating gesture on its own balance sheet when intervening in the foreign exchange market so that the market intervention does not have an inflationary effect upon the domestic economy. 2 Commercial Banking The term 'commercial banking' originated in the nineteenth century when larger banking institutions dealt primarily with those engaged in commerce rather than the individual saver.

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