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The International Monetary System and the Theory of Monetary Systems
Pascal Salin
The international monetary system, and the disparate systems that make it up, are complex and there are many fallacies surrounding the ways in which they work. This book provides a clear and rigorous understanding of these systems and their possible consequences.
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General problems about money creation are studied in Chapter 5. This chapter focuses on more specific problems: those which concern the working of the monetary systems of our time. These systems are hierarchical, national and public, which implies that there is a central bank which determines monetary policy, that is, the rate of growth of the quantity of money. Money creation is the result of interrelations between the central bank decisions, those of the commercial banks and the monetary behaviour of money-holders.You are not authenticated to view the full text of this chapter or article.
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