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Imagination its some adherents 1597 (Sir Robert Kindersley), in the same place,
Something would be difficult to tell bad, even in the absence of arguments in it
Advantage. However the theory in practice lying in its basis is reduced to a dark oblivion
Principles of the international gold standard.
It seems to less vulnerable that aspect of the international cooperation which has
Long history of practical application also is concept continuation
The creditor in an ultimate authority in the international sphere. When the bank
The country system faces flow of demand of foreign investors on it
Reserves, the help to depositary banks from outside the central bank of this country
It can appear insufficient if is based only on own gold
Reserves. Quite often foreign central bank or group of foreign banks
Lent means to the central bank of the country experiencing difficulties.
- with impatience waits, when this function of the international creditor in
Ultimate authority will incur Bank International Vzaimoraschetov (Bank
for International Settlements) R. G. Hawtrey, "The Art of Central Banking", p. 228.
Last two arguments became presently almost that unique motives
Creations of new central banks. An obvious example of a such steel
Recent recommendations of the Royal commission concerning banks and money in Canada
(Royal Commission on Banking and Currency in Canada) 1933, see Commission's
Report, p. 62 - 64. These recommendations characterise the changes which have occurred in
Theories of the centralised bank business. The classical approach consisted in
The volume that the central bank should aspire to maintenance of the automatic
The mechanism of a monetary policy. The modern theory replaces the automatic
Rules on "scientific planning". That who prefers to trust
To semi-automatic forces, rather than wisdom of heads of the central bank and
Their advisers, bank freedom should be represented where by smaller harm.
Banks which do not possess possibility to refuse responsibility to pay
Gold under the obligations, cannot keep away too strongly from
Established dynamics of own gold reserves.
Any attempt to make the definitive conclusion concerning the relative
Advantages of alternative systems of the bank device should be
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