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Commercial Paper Theory of Bank Credit vs. "Real Bills" Doctrine RELATIONSHIP BETWEEN BANK CREDIT AND CAPITAL FORMATION Heal 6 l U s d o c ^ r i ^ c See CC^vft^ctvctoi L<*o*\ Jticcrn* UiiiriaX-uLrLfi tf^r» b a t ^ u * ^ \JLsxn*f \ CONTROVERSY: LIQUIDITY vs. BANK-LOAN POLICY DOCTRINES RE NATURE, FUNCTIONS AND EFFECTS OF BANK CREDIT AGGER, Eugene E» ORGANIZED BANKING- New York: 1918 • commercial banking as a credit mechanism, see Chap. I. AGGER, Eugene E. "The Coimercial Paper Debate," JODRHAL OF POLITICAL ECOHOMT, July 1 9 H . BECKWITH, Burnham Putnam C0NTB4P0RARY ENGLISH-AMERICAN THEORIES CONCERNING THE EFFECT OF COMMERCIAL BANKING ON THE SUPPLY OF PHYSICAL CAPITAL* Los Angeles and Berkeley: University of California Press, 1935. A5 pp. School of Research Studies No. 8. bibliography, pp. 39-45. BERLE, A. A., J r . , and PEDERSON, V i c t o r i a J . LIQUID CLAIMS AND NATIONAL WEALTH: AN EXPLANATORY STUDY IN THE THEORY OF LIQUIDITI. New York: Macnillan, 1934. Pp. x v i , 2*8. Review: by George Terborgh, AMERICAN ECONOMIC REVIEW, XXV, March, 1935, pp. 87-90. BERLE, JR., Adolph A. and PEDERSON, Victoria J* LIQUID CLAIMS AND NATIONAL WEALTH: AN EXPLORATORY STUDY IN THE THEORY OF LIQUIDITY. New Yorkx Macmillan Co., 1934. Pp. xvi + 247, Claasical idea of self-liquidating bs. Moultonian concept of shiftable assets Statistical — total of "net liquid claims11 with national wealth i Ua$ l|fl ui</i t*k pfobte** Cfrr- Kr^if-b#** Ken • BROWN, Courtney C. LIQUIDITY AND INSTABILITY. New York: University Press, 1940. Pp. xiii, 282. Columbia Review: by L. L. Vatkins, JOURNAL OF POLITICAL ECONOMY, Vol. 50, June, 1942, pp. 476-8. Banking vs. currency school views of commercial banking Description of liquidity and its role in economic life * The o? #$sisfaiio* , Actual 8 a * Ks o t Deposit" K£aLMr***Z<*nfs A)d<ir^«ss P^Yor-c of and R>foott* I +o +H«* Capital Business, ' Sp<£t'*l G»rot/p Pc»»/or-> If iloney - Great B r i t a i n . Gannto, Sdwin. L i m i t a t i o n of currency o r l i m i t a t i o n of credit? (In The Econanic j o u r n a l . v.34, Mar., 1924. p.52-64. } Adverse c r i t i c i s m of J . L . Keynes* t h e o r y of c r e d i t and currency r e g u l a t i o n i n h i s book ••Monetary reform* 1 . A comment on P r o f e s s o r Oannan f s a r t i c l e , by J . i l . Keynes, p . 6 5 - 6 8 . , Economic journal, v.SSs, Mar*,1924. Canr#u, ^ w i n <auth) COLEMAN, George W. Capital and Credit. A Critique of Three Theories of the Relationship between Bank Credit and Capital Formation. Ph.D. (unpub.) thesis - Washington University (St. Louis), 1959* Wilson1s List, 1959 COOPER, ¥. B. Circulation based on commercial paper, BANKERS MAGAZINE, March, 1913. M Ifonay Currie, Lauchlin Treatment of credit in contemporary monetary policy. (In: Journal, of P o l i t i c a l Economy, Feb* 193Sfp«53?>79) A criticism of the ambiguity of the use of the word "dredit" for demand deposits and again for loans and investments, and of the deserve system credit policies* Criticism of Gov* Harris o n s use and understanding of the ward credit* V yy~* ^-^ ^s^ ^e- v _^ DAVENPORT, H. 3. The working of restricted credit, TBE JOURNAL OF POLITICAL ECONOMY, January, 1908. Author File EMERSON, KSuy Social aspects of commercial banking theory, AMERICAN ECONOMIC REVIEW, XXIII, June, 1933, pp. 217-233. Theory of credit control ffenera^n/1 during +he R**i AJ/iT(OAiAL. AssaaAltofiJ Vol. xix No. & t 8ut^fcr//0 Ofr 7>/£ or2" c a t o c r / * ' 7 M£^4 PP-13S-1S*. GAMBINO, Amedeo "Liquidity i n the Economy and i n the Banking System, n BANCA NAZIOHALE DEL- LAVOBO QDARTERLI REVIEW, Vol. LV, No. 18, July-September, 1951. iflfKOlKJ TKusr J£ toHPs}Me* Feb- SlnoGLfeoo p o f * Y «ft**v l<il f pAfut* Pasted <** GARDNER, B. C. ' « W w „ ~) Bank credit and its relation to bank reserves, CANADIAN BANKER, July, 1939. Uaaih Co., WI3 . t+aJUhmn^l CurvKzcpt of HACKETT, V. T. G. A BACKGROUND OF BANKING THEOBY. Toronto: 1945. chap. Ui credit-creation thesis HARRIS, S. E. The commercial theory of credit, THE JOURNAL OF POLITICAL ECONOMY, Vol. UU, No. 1, February, 1936, pp. 94re: C. Whitney, EXPERIMENTS IN CREDIT CONTROL (1934). L. E. Clark, CENTRAL BANKING UNDER THE FEDERAL RESERVE SYSTEM (1935) MARBACH, Dr. Frits Die Kreditschopfung der Handel sbanken und das Postulat der Verstaatlichung des Kredits. Berne; A. Francke A. G., 1947. 75 pp. M Martin, William MeC# When a bank needs funds quickly, (In: American Bankers Association Journal, July, 1932, p# 16.) Mr, Martin Governor of. Federal Reserve Bank of St. Louis t e l l s bankers a bank i s not liquid unless i t s eligible paper i s supported by credit data. Eligible paper. muv\*ii 9 Wc><</o f\ The al&ch upon liquidity o? "U\e 1K«oru of 1Me b*»ft _ Ve>l, it ^ camtnQ & , r bp 'l assefs •• '4*\fp.***- tUevrt r id. MITCHELL, Waldo F. Eligibility Rules of the Federal Reserve System, (University of Chicago) JOURNAL OF BUSINESS, Vol. 3, 1925, pp. 153-170. MITCHELL, ¥aldo F. "The Attack upon the Theoiy of the Liquidity of Bank Earning Assets," JOUBHAL OF POLITICAL ECONOMY, Vol. XXXI, 1923. MITCHELL, ¥. F. «The Attack upon ttte Theory of Bank Earning Assets," JOURNAL OF POLITICAL ECONOMT, April 1923• Sunmarizes orthodox theoiy that short-time commercial loans are proper investments for commercial banks Contrasts the ciy vith actual practice of American banks in making investment loans. Does the liquidity of an asset depend on the settlement of an obligation at maturity or upon the shif tability of an obligation? TWe- 4U*cfc upon fh*. fUc<pmj o£ -(U^ The a/fl e t s op< ^ ^ ^j,e.^ o f The 'orthodox1 theory of short-time advances and automatic liquidity i s considered JccoA^^uro Rev/si*/, XA/JC/ n3^* Jit^ut'd »%fcj doeG****^- HoouTonS Phs. H0G , I-ZT UnaUjliA Jj fiA&azM&o *f \vr09€*frvyi H NO -•it Cups/a/ \ • *>*? • * y s £ ~ t A ^ f o , cUf3*st~f 4 ^ PARASKEVOPOOLOS, J. Notion et politique de la liquidite' des banques, REVUE DES SCIENCES ECONOMIQUES ET POLITIQUES, April-June, 1939. Pp. 34. ie*c*r J* *7 • /?22. •*K>-7se( - FK6-O1, ea < < iS PROCHNOW, H. V. Bank liquidity and the new doctrine of anticipated income, JOURNAL OF FINANCE, December, 1949* 13 pp. PROCHNOW, Herbert V. "Bank Liquidity and. the New Doctrine of Anticipated Income," THE JOURNAL OF FINANCE, Vol. IV, No. U, December, 1949, pp. 298-312. PROCHNOW, Herbert V. TEEM LOANS AND THEORIES OF BANK LIQUIDITI. New York: Prentice-Hall, I n c . , 1949. Presents an a n a l y s i s of t h e o r i e s of bank l i q u i d i t y and contains comprehensive discussion of term loans. PROCHNOW, H. V. TERM LOANS AND THEORIES OF BANK LIQUIDITY, lork: Prentice-Hall, 1949. Pp. 460. ?<U>£ttA?OVL/ tf.l/, L »t # Tli««<-i«s3 efi &fr«K Credit **•*&*-U»Ut I1H, PP haukLatton 3-/8, ( TH£ STORN lV)eW V»rlS : mi. OF C.OIV»»7£RCMU P«P£R SAIERS, R. S. The concept of liquidity in Biglish banking, BANCA NAZIONALE DEL LAVORO, QUARTERLY REVIEW, No. 17, April-June, 1951, pp. 3-12* SAYEFS, R. S. The concept of liqatLdiiy in: English banking, Banca Nazionale del Lavoro, QUARTERLY EEVISW, No. 17, April-June, 1951, pp. Jl2. SAYERS, R. S. The concept of liquidity in English banking, Banca Nazionale del Lavoro QUARTERLY REVIEW, No. 17, April-June, 1951, pp. 1-12. Soon W. A ft / ^ f i V r a , kefJ Oct. i<ii3 • °^ ih* lwesi**<-„r fccnfa** Ass*?. of The Mechtvu/rt o( Lt>v*i*ner<f*( /U«c«i Yor* '. J ) . Appfcto* Reif/et/ : hu S. P. -^ ft. Mcv<k ****** (2 JP£ f Cjree/i'f. /9U-, Pp . y. 33, Jura~ 19*5 ft? • pAecc&cao /-t OS The Wcch**rt_s»*> o4 Commercial Cr*ecfii 2^ A^I/^H.) • fc*( $.f>. Me ere Is JP£? |/3^ fc vW«r /%?** *Mlt*nt-* / Pp. Br, 6 2.3-J)^ VEIT, Otto Volkswirtschaftliche Theorie der Liquid!taet. Frankfurt/ Main: Vittoria Klo8tera»n», 1943. Pp. 167. Review: by Hans A. Adler, AMERICAN ECONOMIC REVIEW, v. 39, D e c , 1949, pp. 1329-30. concept of liquidity VEIT, Otto Volkswirtschaftliche Theorie der Liquiditfit, Review: AMERICAN ECONOMIC REVIEW, XXXIX, No. 6, D e c , 1949, PP. 1329-30. concept of liquidity WAGNER, Valentin F. Geschichte der Kredittheorien: Eine dogmankritische Darstellung. Vienna: Julius Springer, 1937. Pp. xvi, 521. Review: by A. W. Marget, JOURNAL OF POLITICAL ECONOMY, vol. 46, April, 1938, pp. 257-59. History of theories of credit W*TK/AJ3 kr«/f 7 Ju/,, /<*/*? V|/ p p . s ? * - ?*; >$ Rejo**></<-r-
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