《Modern Banking Third Edition》

1．INTRODUCTORY1

Ⅰ．The Supply of Money and the Price Level1

Ⅱ．The Sources of Money Supplies8

Ⅲ．The Process of Creation of Money11

2．COMMERCIAL BANKING19

Ⅰ．Structural Questions19

Ⅱ．The Bankers＇ Clearing House26

Ⅲ．The General Control of Banks over Deposits29

3．THE DISCOUNT MARKET42

Ⅰ．The Bill of Exchange42

Ⅱ．The Structure of the Discount Market and its Traditional Functions44

Ⅲ．The Treasury Bill52

Ⅳ．Short Bonds，and the Present Position of the Discount Market56

Ⅴ．The New York Money Market63

4．CENTRAL BANKING－CONSTITUTIONAL QUESTIONS68

Ⅰ．General Considerations68

Ⅱ．The Bank of England71

Ⅲ．The American and other Central Banks77

5．THE BUSINESS OF CENTRAL BANKS83

Ⅰ．The Nature of Central Banking83

Ⅱ．The Bank of England＇s Weekly Return84

Ⅲ．The Bank of England as a Source of Cash91

Ⅳ．The Regulation of the Note Issue101

Ⅴ．The Bank of England as Lender of Last Resort108

Ⅵ．The Bank of England＇s Initiative in Regulating Cash119

Ⅶ．Central Banking in the United States124

Ⅷ．The Central Bank as Banker to the State and to Others131

6．EXTERNAL TRANSACTIONS AND THE BANKING SYSTEM139

Ⅰ．External Payments and Receipts139

Ⅱ．The Sterling Area143

Ⅲ．A Classification of Transactions outside the Sterling Area154

Ⅳ．The Redistribution of London Balances159

Ⅴ．Exchange Equalization Account Transactions169

Ⅵ．The Impact of ＇Marshall Aid＇ Dollars176

Ⅶ．Conclusion179

7．THE RATE OF INTEREST，THE SUPPLY OF LOANABLE FUNDS，AND ECONOMIC ACTIVITY181

Ⅰ．Short-term Rates of Interest and the Holding of Goods181

Ⅱ．The Connexion between Short-term Rates and Long-term Interest Rates184

Ⅲ．Long-term Rates of Interest，the Availability of Capital Funds，and Investments in Fixed Capital191

8．CHEAP MONEY，1946-7：A STUDY IN THE MECHANICS OF MONETARY POLICY203

Ⅰ．The Occasion of Official Intervention203

Ⅱ．The Mechanism of Support208

Ⅲ．The Failure of Intervention216

9．COMMERCIAL BANK ASSETS AND EARNING CAPACITY221

Ⅰ．Economic Significance of the Distribution of Assets221

Ⅱ．The ＇Liquidity＇ of Bankers＇ Assets222

Ⅲ．The Attractions of Self-liquidating Paper228

Ⅳ．Some International Comparisons232

Ⅴ．Secular Contraction of the Demand for Bank Loans240

Ⅵ．The Problem of Earning Capacity245

10．THE DISTRIBUTION OF DEPOSITS252

Ⅰ．The Classification of Deposits252

Ⅱ．The Proportion of Cash Deposits to Savings Deposits254

Ⅲ．Deposits Classification and Legal Cash Ratios260

11．QUALITATIVE CREDIT CONTROL265

Ⅰ．The Historical Background265

Ⅱ．American Regulation of Borrowing for Stock Market Speculation268

Ⅲ．The Regulation of Consumer Credit273

Ⅳ．Conclusion275

12．BANKING IN THE NEW COUNTRIES277

Ⅰ．The Significant Peculiarities of Newer Banking Systems277

Ⅱ．Central Banking in the Absence of a Short Money Market280

Ⅲ．Central Banking in a Primitive Banking System292

13．SOME REFLECTIONS FOR THE MONETARY THEORIST298

APPENDIX Ⅰ．THE INTERNATIONAL MONETARY FUND309

APPENDIX Ⅱ．THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT317

APPENDIX Ⅲ．THE ALLEGED ABSORPTION OF MONEY BY THE STOCK MARKETS321

APPENDIX Ⅳ．THE DEVELOPMENT OF BRITISH MONETARY POLICY，1951324

INDEX335