By Charles R. Geisst
An introductory survey of economic associations in Britain and the us. Discusses the constitution and capabilities of industrial banks, development institutions, funding banks, existence insurance firms and pension cash, and American federal corporations. additionally features a bankruptcy at the monetary deregulation and occasions of the Nineteen Eighties that helped create the present monetary weather. contains examples and tables during the textual content.
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Extra info for A Guide to the Financial Institutions
If most of the country's trade is conducted in dollars or ultimately converted into dollars, then the central bank will trade in the market to ensure that the ratio and the covering currency are properly maintained. Second, many central banks intervene in the foreign exchange market in order to shore up their own currencies against others individually or against a centrally quoted rate like the European Currency Unit (ECU) of the European Monetary System. 4 If a currency is perceived as too strong or weak a central bank may sell it or purchase it against others in order to stabilise its value.
Central banks influence the activities of commercial banks in several ways; notably through the reserve requirement imposed on member banks, open market operations in the money market, controlling the discount rate,2 and what American commentators have come to call 'jawboning', or 'moral suasion'. The last technique involves communicating to banks a desired effect rather than a specific policy statement. The first two require the most explanation since they are essentially the most difficult. Reserve requirements and their effects on the banking and financial system have already been noted above.
This required banks to have 8 per cent capital on their books. Capital per se was divided into two categories, primary and secondary. Primary meant shareholders' equity a&- a percentage of. assets. Secondary referred to preferred capital and long-term bond borrowings. Of the two, emphasis was given to primary. As a result, many banks were required to sell new stock in the equity markets in order to reach acceptable levels. Sales of new preferred, or preference, shares also increased along with the issuance of bonds.