By Charles R. Geisst
An introductory survey of economic associations in Britain and the USA. Discusses the constitution and features of industrial banks, development institutions, funding banks, lifestyles insurance firms and pension cash, and American federal businesses. additionally contains a bankruptcy at the monetary deregulation and occasions of the Eighties that helped create the present monetary weather. contains examples and tables during the textual content.
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Extra resources for A Guide to the Financial Institutions
In many ways, contemporary commercial banks are vastly different institutions than they were fifty, or even ten, years ago when their major function was providing 'self-liquidating' business loans to industry. But their core activities remain much the same. GENERAL FUNCTIONS On the broadest level, the functions of commercial banks will vary depending upon the nature of the economy in which they operate. In some small economies, commercial banks perform functions nor- Commercial Banking 27 mally associated with governmental agencies in larger, industrialised countries, such as the issuance of currency.
The closest type of rate would be that on call money; the rate charged on funds by banks to the discount houses. When the banks find themselves short they may call the money in, so effectively the rate at which reserves trade, and are called, is ultimately controlled by the Bank of England. This call money is more similar to federal funds trading in the United States than it is to the discount rate. 5 The fourth general tool of mon~tary policy is known as 'jawboning' or moral suasion. This is an unofficial method whereby a central bank makes its feelings known to commercial banks without resorting to official monetary policy.
However, according to the provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, all banks and depository institutions in the United States became subject to the Fed's reserve requirements. But the distinction between federally-chartered and state-chartered remains although the differentials that existed between Fed reserve requirements and state reserve requirements have gone by the board. 1 In reality, most of the large American banks having recognisable names doing international business are in fact federally chartered, especially the 'money centre' banks located in the major financial centres, issuing short-term debt obligations in their own names.
A Guide to the Financial Institutions by Charles R. Geisst