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The implications of a fixed or managed exchange rate
BUDGET FINANCING AND THE CROWDING OUT ISSUE
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accommodated bank credit expansion bank lending bank liquidity bank reserves banking system behaviour bonds budget deficits budget financing Bundesbank Canada ceilings central bank Chart commercial banks countries credit demands credit flows available credit to domestic currency debt sales demand for credit demand for money deposits domestic non-financial sectors exchange market expansion of bank extent federal funds rate FINANCIAL FLOWS financial markets Fixed exchange rates Flexible exchange rates fluctuations foreign exchange market funds Government borrowing requirement government debt i i i I i i i increase inflation influence issues Japan latter liabilities MAIN DETERMINANTS monetary aggregates monetary authorities monetary base monetary control monetary growth monetary policy monetary targets money balances money supply process non-bank private sector OECD open market operations period portfolio private expenditure Private non-bank credit PSBR public sector borrowing sector borrowing requirement sector credit simulation sources of finance tended Type I systems United Kingdom variables wealth effects