The Money Market and Its Institutions

The Money Market and Its Institutions

The Money Market and Its Institutions

The Money Market and Its Institutions

Excerpt

In recent years, developments in the money market have become of greater interest to more people than ever before. The role of the Federal Reserve System in influencing economic conditions through monetary policy has assumed much greater significance. The relations between the Federal Reserve authorities and the Treasury, and the impact of these relations on business activity, have been brought more sharply into focus.

Furthermore, the war years witnessed a very sharp rise in the Federal debt, and Government obligations are now held in large amounts by banks, insurance companies and other institutional investors, business concerns, and individuals. The management of the public debt, now a dominant element in the money market, is a matter of concern to the entire country. The policies followed in administering the debt not only strongly affect the attitude of investors toward Government obligations but also exercise a powerful influence on business activity.

A knowledge of the money market is of vital importance for students and teachers of banking and finance, executives of banking and financial institutions, and financial officers of corporations. The purpose of this book is to examine the powers of the monetary authorities and the mechanism of creating bank reserves and deposits, and to analyze and interpret the statements and statistical data issued by governmental agencies and private organizations concerned with money and credit. The first seven chapters describe the fundamental operations of the money market and its institutions, with special emphasis on the role of the Federal Reserve System, the Treasury, and the commercial banks. Chapters 8, 9, and 10 provide a detailed description and a critical evaluation of the debt and credit management policies followed by the Federal Reserve and Treasury authorities in . . .

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