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Mix-Ansicht- Investitionen in D - oh, oh! - dottore, 18.09.2002, 10:17
- "Offenmarktpolitik", für Dich abgetippt, dottore! - Bob, 18.09.2002, 11:50
- ist doch klar! - Dieter, 18.09.2002, 12:44
- Re: ist doch klar! - Euklid, 18.09.2002, 13:23
"Offenmarktpolitik", für Dich abgetippt, dottore!
-->aus"the art of central banking" von RG Hawtrey:
...
The trouble now is of a different kind. Given low discount rates, how is the credit expansion, to which they must if maintained sooner or later give rise, to be hastened? We have to view the world, or rather the gold standard countries which include far the greatest part of the world's economic system, as a single group.
Within that group projects for Government expenditure on works of development financed by genuine loan subsciptions cannot on balance do any good; they can only stimulate activity in some localities at the expense of others. For they draw upon the available investible funds of the world without increasing them. For expenditure financed by the creation of ban credit there is more to be said, but in one form or another the objections already indicated to this course might apply. Even if it were adopted on an international scale, so that all the most important countries were creating bank credit for their Governments simultaneously, there might still be no improvement in trade if the result were the end of cheap money. International action of this kind is anyhow impracticable. Though the problem is international, it is the particular action to be taken by this country that has to be considered.
At a time when every industry is under-employed, and shortage of demand threatens a further fall of prices in every direction, cheap money by itself does not easily induce people to borrow. When every project promises a loss rather than a profit, even loans free of interest would fail to stimulate enterprise.
The remedy is to be found in what in America is called an"open market" policy, the purchase of securities by the central bank in the open market. Every asset creates a liability, and the liabilities of the Central Bank are money. When the Bank of England buys securities, the total of bankers's deposits is increased. The joint-stock banks, holding more cash, become ready to increase their advances and discounts. Thus when the stimulus of cheap money offered to the borrower is insufficient, the stimulus of redundant cash reserves can be applied to the lender...
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