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By A. I. Bloomfield

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In Great Britain, for example, an increase in discount rates, when "effective" in the market and not offset by corresponding increases elsewhere, tended to induce net inflows of capital by contracting the outstanding volume of London's acceptance and other short-term claims on the rest of the world, by attracting liquid foreign balances seeking temporary investment in London, by stimulating arbitrage operations in securities quoted in London and abroad, by delaying the flotation of foreign securities in London and the transfer abroad of the proceeds of previous flotations, and in other ways.

S. Ellis, Philadelphia, 1948, p. 216. 47 would be magnified by central bank action. " On the basis of this formula, the League study made a statistical comparison of the annual changes in the international and domestic assets of twenty-six central banks in the period 1929-38 and found that these changes were, in the case of every bank but one, more frequently in the opposite than in the same direction. 88 White extremely cautious in its interpretation of these results, the League study used them in indirect support of its conclusion that during that period central banks in general tended to offset international reserve flows rather than to play the rules of the game.

The comparison for the Swedish Riksbank begins in 1900, for only about then did it become a "real" central bank. In the case of the Bank of Finland the necessary statistics for 1880-85 were not available to me. ooIn the majority of cases the comparison was made on the basis of year-to-year changes in the annual averages (of monthly figures) of the two categories of assets. but changes in the year-end figures were used in the case of Belgium, Denmark. Finland. Norway. and Sweden. The Danish figures are for the year ended July 31, and the Dutch figures for the year beginning April 1.

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