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By John H. Welch

Since 1964, Brazilian coverage makers have actively promoted monetary industry progress. This publication strains the evolution of the Brazilian capital markets prior to and after the 1964-1966 reforms and evaluates their function in monetary progress and stability.

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The result is unemployed labour and underutilised plant capacity. 41 McKinnon feels that increasing the demand for money by increasing the real deposit rate will stabilise prices without the adverse output effects of orthodox policy. People will consume less and hold more real money balances. The desired deflationary impact on the aggregate demand for commodities will be achieved, thereby reducing the rate of increase in the price level, even as the competitiveness and real size of the banking system increases.

13 They argue that neither type of financial intermediaries creates loanable funds, which are actually created by surplus agents. e. intermediaries tailor their assets and liabilities to the tastes of deficit and surplus agents, respectively. The shares of certain assets in the financial system are determined by the tastes (or preferences) of spending units. These authors' view of economic growth depends very much on this argument. 14 They first reformulate liquidity preference theory. The first modification they make is to allow for growth in the stocks of bonds and money which might influence the division of labour between saving and investment activities.

Money is not real wealth and is seen only as a means of payment. Notice also that no reserves are held by the monetary sector. Inside money could be introduced into the analysis by introducing bank reserves and by separating the central bank from the consolidated balance sheet of the monetary sector. Such caveats will be used later in this chapter to evaluate policy measures. 4 Increases in the real stock of money may occur because of an increase in the real deposit rate. The net effect upon income depends upon which effect dominates: either (1) the substitution effect between capital and money or (2) the technological advantage of using money as an intermediate input to production.

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