Government Policies and the Working of Financial Systems in Industrialized Countries

The papers collected in this volume are those presented at the eleventh Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF) which took place in Madrid in October 1983. The Society is supported by a large number of central banks, commercial banks and other financial and business institutions, by treasury officials and by academics and others interested in monetary and financial problems. Since its establishment in 1963 it has developed as a forum for the exchange of informa­ tion, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulat­ ing and applying monetary and financial policies. A major activity of SUERF is to organize and conduct Colloquia on sub­ jects of topical interest to members. The titles, places and dates of previous Col­ loquia for which volumes of the collected Papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarra­ gona, Spain in October 1970 under the title "Monetary Policy and New Develop­ ments in Banking" and at Strasbourg, France in January 1972 under the title "Aspects of European Monetary Union". Front Matter....Pages I-XI Front Matter....Pages 1-1 Introduction....Pages 3-10 Government Policies and the Working of Financial Systems in Industrialized Countries....Pages 11-16 Financial Policy at the Crossroads....Pages 17-27 Does Ample Money Creation Stimulate Recovery?....Pages 29-38 Front Matter....Pages 39-39 Public Sector Deficits, Money Supply, Interest Rates and Saving Behaviour....Pages 41-74 The Crowding out Debate — The German View....Pages 75-96 Large and Persisting Public Sector Deficits: Short-Term Demand Thrust and Long-Term Policy Implications....Pages 97-118 Un Reexamen de Quelques Questions Traditionnelles Applique au Cas des Deficits Publics en France....Pages 119-132 Front Matter....Pages 133-133 Le Financement du Secteur Public et du Secteur Prive....Pages 135-145 On the Rationale and Implications of Constraints on the Choices of Deposit-Taking Financial Intermediaries (With Particular Reference to Seven European Countries)....Pages 147-189 The “Crowding Out” of Financial Intermediaries....Pages 191-204 Size and Composition of the Public Sector Budget: Implications for Private Sector Finances....Pages 205-225 Front Matter....Pages 227-227 Budget Deficits, Monetary Growth and Financial Crowding Out....Pages 229-248 Innovations Financieres, Politique Monetaire et Financement Des Deficits Publics....Pages 249-271 Debt Management, Financial Regulations and Monetary Policy....Pages 273-283 The Maturity Structure of the Belgian Government Debt: Causes and Possible Solutions....Pages 285-311 Real Rates of Interest and Public Sector Deficits in Six Major Industrial Countries....Pages 313-346 Front Matter....Pages 347-347 Tax Policy and Monetary Instruments....Pages 349-357 Government Deficits, Interest Rates, and Monetary Policy....Pages 359-372 Financial Aspects of Government Debt Sales in the UK....Pages 373-391 Front Matter....Pages 347-347 Are Fiscal and Monetary Policies Independent Instruments? The Spanish Experience....Pages 393-407 Front Matter....Pages 409-409 Final Report....Pages 411-420 Back Matter....Pages 421-432 The papers collected in this volume are those presented at the eleventh Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF) which took place in Madrid in October 1983. The Society is supported by a large number of central banks, commercial banks and other financial and business institutions, by treasury officials and by academics and others interested in monetary and financial problems. Since its establishment in 1963 it has developed as a forum for the exchange of informaƯ tion, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulatƯ ing and applying monetary and financial policies. A major activity of SUERF is to organize and conduct Colloquia on subƯ jects of topical interest to members. The titles, places and dates of previous ColƯ loquia for which volumes of the collected Papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at TarraƯ gona, Spain in October 1970 under the title "Monetary Policy and New DevelopƯ ments in Banking" and at Strasbourg, France in January 1972 under the title "Aspects of European Monetary Union."