A critique of monetary policy: Theory and British experience by J. C. R. Dow

By J. C. R. Dow

Demanding accredited knowledge of financial thought, this research of the speculation of economic coverage in England analyzes the habit of the banking method and the problems of important financial institution regulate, and argues that money production is an endogenous approach, made up our minds in part by way of the associated fee point.

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C. firms have gradually increased their share of the market. Also (though not shown in this table) there has been a greater concentration in Belgium, the Netherlands and West Germany than in France and Italy. C. P. 1 29·0 45·7 %* Top4 Top 20 Top 50 % % *As a percentage of 100% Our examination leads us to make the following conclusions. At the trade level, trade creation has tended to outweigh trade diversion. C. and third parties. A qualified and selective mobility of capital and labour has been achieved.

And not in others. On the other hand the destination principle influences sales and not the location of production. Following the introduction of the value-added tax throughout the Community, a draft directive, published in 1973, proposed the harmonisation of the different rates by 1978. As already mentioned, the other area where pro· gress has been made is that concerning excise duties. Two of the main reasons why attention was drawn to these taxes were to remove obstacles to interCommunity trade and to prevent state monopolies.

2 Thus it is feasible that Mundell might have been thinking of the example of the British Empire and Dominions or Britain and the United States in the nineteenth and the early part of the present century. In these cases there existed free factor mobility which tended to move towards the New World to develop agriculture and industry. It is also possible that Mundell had in mind a complete economic and monetary union tout court. Whichever of these examples were in his mind, it is precisely this emphasis on factor mobility which has enraged some economists.

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