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THE RISE OF CENTRAL BANKING
THE CENTRAL BANK AS BANK OF ISSUE
AGENT AND ADVISER
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accordance action activity addition adjustments adopted advances amount balances bank credit Bank of England Bank's Board bonds Britain capital cash reserves cent central bank changes circulation circumstances commercial banks continued countries course currency demand deposits direct directly discount rate economic effect established example expansion extent factors Federal Reserve Banks followed foreign exchange France function Fund further gold Government securities hand holdings important increase influence institutions interest investment issue Italy latter least less limit loans maintain means measure member banks ment methods monetary money market Moreover necessary note issue notes object open-market operations particular payments period position powers practice purchases raised reasons rediscount reduced regard regulation relatively requirements reserve requirements resort respect restrictions result South standard trade Treasury bills United various volume