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- Title
Central Banks and the State: A Comment.
- Authors
Robinson, Roland I.
- Abstract
The article comments on an article written by M.A. Kriz which discussed the increasing subordination of central bank to Treasuries in the United States. According to the author, Kriz failed to bring out what may be the most important aspect of the continuous reduction in the independence of central banks. The author also claims that Kriz is right when he claimed that the Federal Reserve banks are owned by the private member banks, but to direct attention to this aspect of Federal Reserve organization is to misconstrue the facts. The author agues that the balance of major authority in the System proves it to be a public agency.
- Subjects
UNITED States; CENTRAL banking industry; GOVERNMENT agencies; FEDERAL Reserve banks; BANKING industry; FEDERAL Reserve monetary policy; BANKS of issue; CREDIT control; CURRENCY boards
- Publication
American Economic Review, 1949, Vol 39, Issue 2, p494
- ISSN
0002-8282
- Publication type
Article