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Monetary policy. The deliberate control of the money supply and/or rates of interest by the bank of England to try to effect a change in employment or inflation. Monetary policy, by controlling interest rates, can effect changes in the capital account of a country’s balance of payments, since relatively higher rates of interest in one country will attract funds from other countries in the short term. Monetary policy is one approach to stabilization policy. ^ credit control; fiscal policy; quantity


Money. Anything which is generally acceptable as a means of settling debts. In present-day economies money normally consists of liabilities of the government (notes and coin) and of the banks (bank accounts), i.e. money consists of claims held by individuals on banks and the government, these claims being generally acceptable as a means of payment. This use of claims as money is a feature of relatively sophisticated systems of finance and credit. In less well-developed systems, articles which possessed intrinsic value (pieces of gold, cows or cigarettes) were used as a means of payment. This difference reflects the importance of economic stability and well-developed financial institutions, since the use of money which has no intrinsic value of its own depends on confidence that it will be universally acceptable in exchange for goods. c3> galloping inflation; inflation; money, functions of; money supply.

Money at call and short notice

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