Abstract
It is difficult to draw a line between financial and monetary policy. If monetary policy is taken in a wide sense, viz., as the complex of measures by means of which the effective volume of money can be influenced, it also comprises the government’s financial policy. For analytical purposes it is convenient to take monetary policy in a narrow sense. Thus, it includes the measures whereby the monetary authority — generally the central bank — can directly control the volume of money. These measures are discount policy, credit policy and foreign exchange policy. The first two policies have long been the pre-eminent means of influencing the economy, interest being the pivot on which classical mechanism turned.
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References
R. Triffin, ‘Central banking and monetary management in Latin America,’ in: S. E. Harris, Economic problems of Latin America, 1944, p. 93 ff.
H. C. Wallich, Monetary problems of an export economy, 1950, p. 294 ff.
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© 1957 Springer Science + Business Media B.V.
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van Philips, P.A.M. (1957). Monetary Policy. In: Public Finance and Less Developed Economy. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-0828-5_5
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DOI: https://doi.org/10.1007/978-94-015-0828-5_5
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