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Keeping the prices of long-term debts to overdue and imperfect influence of the priceFloating debts - though here again besides it is not visible the reasons compelling
To similar actions. There, where there are these restrictions, direct character
Communications between norm of percent and quantity of money in appropriate way
It is modified. In Great Britain the tendency to sphere expansion is shown The active control. But, applying the considered theory to any separate To case, it is necessary to consider features of the methods actually used The bodies regulating monetary circulation. If the last conduct operations Only with short-term promissory notes, we should consider, What that influence, which price of short-term promissory notes (the flowing Or assumed in the future) renders on promissory notes more Long terms.
So, possibilities for the bodies regulating monetary circulation, To establish any given complex of interest rates on debts on the various Terms and with a various class of risk are definitely limited. These Restrictions can be summarised in following items:
1. There are restrictions which follow from own practice
The bodies regulating monetary circulation, - to narrow sphere of the operations
Promissory notes of certain type.
2. Can happen, for the reasons considered above that, after
The norm of percent has fallen to known level, the liquidity preference will appear
Actually absolute - in the sense that almost each will prefer to have Cash, instead of the promissory notes bringing so low Percent. In this case the bodies regulating monetary circulation, could At all to lose an effective control over norm of percent. But though this
The limiting case also can acquire the important practical significance in the future,
Till now I do not know any similar example. In effect,
Characteristic for the majority of the bodies regulating monetary circulation,
Unwillingness safely to conduct operations with long-term promissory notes Has kept few possibilities for check of a similar situation. Besides, if It also has arisen, it would mean that governmental bodies could At banking system means to borrow money in the unlimited Scale on nominal norm of percent.
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