II. ECONOMIC INTEGRATION AND MONEY AND CAPITAL MARKETS

As in goods, so in money, markets start small and grow in extent. McKinnon and Shaw, writing separately on the importance of wide, deep and efficient money and capital markets in developing countries, have renewed the interest of economic historians in the agglomeration of local and regional into national money and capital markets within countries, as well as international money, banking, lending and investment.

The question was much on the minds of the citizenry of France in the 18th and 19th centuries, with many merchants and intellectuals seeking to spread banking outside the ports, Paris and Lyons to the provincial cities and towns, and calling for regional banks of issue to supplement centralized institutions. Both in Britain an France, the central bank was attacked for working on behalf of the financial centre instead of the country as a whole. It was not unusual to have the Bank of England referred to as the Bank of London, the Bank of France as the Bank of Paris. John Law, Napoleon I, Jacques Laffitte, the Pereire brothers - indeed the entire school of Saint-Somoniens - share what is referred to in the United States as the populist view, according to which Wall Street, the City of London, or the Paris financial community both exploits the rest of the country and ignores their interests.

Sir Thomas Roe, writing in 1960, said with reference to London and the rest of England: “It is no good for a body state to have a fat head, thin guts and lean members”.

Economic development requires and brings about the spread of banking institutions more evenly through a country, more nearly equalizing rates of interest - which had been low in such places as Lyons and Paris, high in intermediate centres such as Dijon or Lille. Domestic trade flourished where provincial borrowers had access to capital at more nearly uniform rates, and could collect their drafts anywhere, and not only in the financial capital (p.77-78).

According to the text:

Item 2 - Historians’ interest in the agglomeration of regional into national capital markets has been renewed by realization of the importance of wide and efficient capital markets in developing countries.

Tendo em vista o modelo dos novos clássicos e dos novos keynesianos, indique se a alternativa abaixo são falsa ou verdadeira:

Item 0 - Um choque positivo e não antecipado de demanda gera, no modelo dos novos clássicos, expansão da renda real, inflação e queda do salário real.

III. ECONOMIC INTEGRATION AND THE ELIMINATION OF INTERMEDIARY MARKETING STEPS

An important distinction must be made between structures in trade and those in money, as both in its own way follows the law of one price. Trade initially took place in stapling centres, such as Bruges, Antwerp, Amsterdam, London and the like, to which sellers came to dispose of goods, and buyers came to acquire them. The staplers were divided among the First Hand, who carried the goods to and from, say, Amsterdam in distant trade; the Second Hand, who broke bulk, graded, sorted, standardized, repacked, and sometimes in between arranged for finishing processes such as curing and roasting, and in textiles, fulling sizing, washing, bleaching, dyeing and the like; and the Third Hand who was not relayed further to other markets. Stapling was based on a monopoly of information, as to what goods were available, and what wanted, in both cases where, along with the secrets of finishing. With time, these monopolies were eroded as the information became diffused. Since transport costs were positive, and in some instances sizeable, once the monopoly of information was lost suppliers and consumers got together in direct trade with no further need to rely on the intermediation of hte stapler. The finishing process could be conducted at either end, but the role of the emporium, entrepôt of relay was cut down to save transport and handling. Bordeaux began to send its sugar directly to Scandianvia from Saint Domingue without the necessity to weigh in at Amsterdam; Exeter and Hull their woollens to Cadiz, Lisbon and Hamburg, not to Amsterdam. Stockholm in the 20th century brought its wool directly from Australia, rather than London, and British re-exports shrank from 20-30 per cent of general imports in the 1780s to 15 per cent in 1910-1913.

Alfred Chandler found the same process of eliminating the middlemen to save handling and transport changes in the structure of American industry in the middle of the 19th century. As an enterprise rose from local to the regional to the national scale, distribution was taken back from wholesalers and jobbers and undertaken directly by the firm itself. In addition to the saving in handling charges, direct contact between seller and buyer permitted them to discuss possible improvements in the product, directly, without the filter of the intermediary merchant, and to understand each other better when it came to the producer instructing the buyer in product use, required in complex machinery and items such as chemicals that need precision in use. In today’s terminology, this is the provision of software, which ends up, Sune Carlson suggests, leading the seller to design his own worldwide network of distribution the more effectively to instruct the consumer, to train service personnel in efficient maintenance, and to maintain depots of spare parts.

Elimination of intermediary marketing steps has been a long drawn-out process in the application of the law of are price to trade, made economic as monopolies of information were diffused by direct contact, producing savings in transport and in communication about use.

The same forces are not found in money and capital markets, which have tended to remain organized in more hierarchical form. The reasons are several. First, economies of scale are probably greater in trading money than in trading commodities. Localities shift from net lenders to net borrowers and they converse more frequently and need a centralized market to minimize search costs. Secondly, costs of transporting money are far less than for goods so that the savings from shifting from indirect to direct trade are smaller. In combination these forces would argue for a single financial centre for a country or for the world. That solution, however, runs up against the need of financial institutions for credit information so detailed and up-to-date in a world of rapid change that it cannot be gathered, stored and maintained in a single centre giving the present capacity of computers. “Local knowledge” remains a critical adjunct of centralized statistics.

It is perhaps somewhat too strong to assert that saving in transport costs favour direct selling in traded goods, whereas search costs in borrowing or lending money favour a hierarchical organization of money flows where transport costs are negligible. For specialized lending, too many stages from one locality to a centre, across to another centre and down to a locality may filter out essential ingredients of the particulars of a problem. I once asked a banker in Aberdeen whether he got his information on oil-financing practices from Houston, Texas via New York and London or directly, and he said directly. Moreover in long-term lending, an initial underwriting syndicate need have no central location since structural costs of setting up the marketing group are overhead in character, met only once, and not repeated. These costs can be covered in underwriting commissions for the entire issue. In the present state of the art, however, the secondary market must have a buyer or seller who wants to trade one or at most a few bonds. It will take considerably greater cheapening of computer memories and distant communication to maintain bid and offer prices, and the location of the would-be traders, in one computer memory on a continuously changing basis reflecting data from the major and accessible money centres of the world (p.79-81).

According to the text:

Item 3 - The spread of information about market conditions reduced the value added by the middlemen.

II. ECONOMIC INTEGRATION AND MONEY AND CAPITAL MARKETS

As in goods, so in money, markets start small and grow in extent. McKinnon and Shaw, writing separately on the importance of wide, deep and efficient money and capital markets in developing countries, have renewed the interest of economic historians in the agglomeration of local and regional into national money and capital markets within countries, as well as international money, banking, lending and investment.

The question was much on the minds of the citizenry of France in the 18th and 19th centuries, with many merchants and intellectuals seeking to spread banking outside the ports, Paris and Lyons to the provincial cities and towns, and calling for regional banks of issue to supplement centralized institutions. Both in Britain an France, the central bank was attacked for working on behalf of the financial centre instead of the country as a whole. It was not unusual to have the Bank of England referred to as the Bank of London, the Bank of France as the Bank of Paris. John Law, Napoleon I, Jacques Laffitte, the Pereire brothers - indeed the entire school of Saint-Somoniens - share what is referred to in the United States as the populist view, according to which Wall Street, the City of London, or the Paris financial community both exploits the rest of the country and ignores their interests.

Sir Thomas Roe, writing in 1960, said with reference to London and the rest of England: “It is no good for a body state to have a fat head, thin guts and lean members”.

Economic development requires and brings about the spread of banking institutions more evenly through a country, more nearly equalizing rates of interest - which had been low in such places as Lyons and Paris, high in intermediate centres such as Dijon or Lille. Domestic trade flourished where provincial borrowers had access to capital at more nearly uniform rates, and could collect their drafts anywhere, and not only in the financial capital (p.77-78).

According to the text:

Item 0 - In London, you can find bodies with fat heads, thin guts and lean members.

O índice Nacional de Preços ao Consumidor (INPC) tem as seguintes características:

Item 0 - É calculado mensalmente pela Fundação Getúlio Vargas.

Sejam !$ S \, = \, \{s_1, s_2,K \, ,s_n \} !$ o espaço amostral de um experimento aleatório e E₁ e E₂ dois eventos de S. Então:

Item 1 - P(E₁ !$ \cap !$ E₂) = P(E₁).P(E₂) se E₁ e E₂ forem mutuamente exclusivos.

Indique se a alternativa abaixo são falsa ou verdadeira:

Item 3 - Quanto mais elástico for o consumo à taxa de juros, mais inclinada será a curva IS e menos eficaz será a política monetária para a determinação do produto de longo prazo.

II. ECONOMIC INTEGRATION AND MONEY AND CAPITAL MARKETS

As in goods, so in money, markets start small and grow in extent. McKinnon and Shaw, writing separately on the importance of wide, deep and efficient money and capital markets in developing countries, have renewed the interest of economic historians in the agglomeration of local and regional into national money and capital markets within countries, as well as international money, banking, lending and investment.

The question was much on the minds of the citizenry of France in the 18th and 19th centuries, with many merchants and intellectuals seeking to spread banking outside the ports, Paris and Lyons to the provincial cities and towns, and calling for regional banks of issue to supplement centralized institutions. Both in Britain an France, the central bank was attacked for working on behalf of the financial centre instead of the country as a whole. It was not unusual to have the Bank of England referred to as the Bank of London, the Bank of France as the Bank of Paris. John Law, Napoleon I, Jacques Laffitte, the Pereire brothers - indeed the entire school of Saint-Somoniens - share what is referred to in the United States as the populist view, according to which Wall Street, the City of London, or the Paris financial community both exploits the rest of the country and ignores their interests.

Sir Thomas Roe, writing in 1960, said with reference to London and the rest of England: “It is no good for a body state to have a fat head, thin guts and lean members”.

Economic development requires and brings about the spread of banking institutions more evenly through a country, more nearly equalizing rates of interest - which had been low in such places as Lyons and Paris, high in intermediate centres such as Dijon or Lille. Domestic trade flourished where provincial borrowers had access to capital at more nearly uniform rates, and could collect their drafts anywhere, and not only in the financial capital (p.77-78).

According to the text:

Item 1 - French merchants and intellectuals wanted the banks of Paris and Lyons to open branches in the provinces.

III. ECONOMIC INTEGRATION AND THE ELIMINATION OF INTERMEDIARY MARKETING STEPS

An important distinction must be made between structures in trade and those in money, as both in its own way follows the law of one price. Trade initially took place in stapling centres, such as Bruges, Antwerp, Amsterdam, London and the like, to which sellers came to dispose of goods, and buyers came to acquire them. The staplers were divided among the First Hand, who carried the goods to and from, say, Amsterdam in distant trade; the Second Hand, who broke bulk, graded, sorted, standardized, repacked, and sometimes in between arranged for finishing processes such as curing and roasting, and in textiles, fulling sizing, washing, bleaching, dyeing and the like; and the Third Hand who was not relayed further to other markets. Stapling was based on a monopoly of information, as to what goods were available, and what wanted, in both cases where, along with the secrets of finishing. With time, these monopolies were eroded as the information became diffused. Since transport costs were positive, and in some instances sizeable, once the monopoly of information was lost suppliers and consumers got together in direct trade with no further need to rely on the intermediation of hte stapler. The finishing process could be conducted at either end, but the role of the emporium, entrepôt of relay was cut down to save transport and handling. Bordeaux began to send its sugar directly to Scandianvia from Saint Domingue without the necessity to weigh in at Amsterdam; Exeter and Hull their woollens to Cadiz, Lisbon and Hamburg, not to Amsterdam. Stockholm in the 20th century brought its wool directly from Australia, rather than London, and British re-exports shrank from 20-30 per cent of general imports in the 1780s to 15 per cent in 1910-1913.

Alfred Chandler found the same process of eliminating the middlemen to save handling and transport changes in the structure of American industry in the middle of the 19th century. As an enterprise rose from local to the regional to the national scale, distribution was taken back from wholesalers and jobbers and undertaken directly by the firm itself. In addition to the saving in handling charges, direct contact between seller and buyer permitted them to discuss possible improvements in the product, directly, without the filter of the intermediary merchant, and to understand each other better when it came to the producer instructing the buyer in product use, required in complex machinery and items such as chemicals that need precision in use. In today’s terminology, this is the provision of software, which ends up, Sune Carlson suggests, leading the seller to design his own worldwide network of distribution the more effectively to instruct the consumer, to train service personnel in efficient maintenance, and to maintain depots of spare parts.

Elimination of intermediary marketing steps has been a long drawn-out process in the application of the law of are price to trade, made economic as monopolies of information were diffused by direct contact, producing savings in transport and in communication about use.

The same forces are not found in money and capital markets, which have tended to remain organized in more hierarchical form. The reasons are several. First, economies of scale are probably greater in trading money than in trading commodities. Localities shift from net lenders to net borrowers and they converse more frequently and need a centralized market to minimize search costs. Secondly, costs of transporting money are far less than for goods so that the savings from shifting from indirect to direct trade are smaller. In combination these forces would argue for a single financial centre for a country or for the world. That solution, however, runs up against the need of financial institutions for credit information so detailed and up-to-date in a world of rapid change that it cannot be gathered, stored and maintained in a single centre giving the present capacity of computers. “Local knowledge” remains a critical adjunct of centralized statistics.

It is perhaps somewhat too strong to assert that saving in transport costs favour direct selling in traded goods, whereas search costs in borrowing or lending money favour a hierarchical organization of money flows where transport costs are negligible. For specialized lending, too many stages from one locality to a centre, across to another centre and down to a locality may filter out essential ingredients of the particulars of a problem. I once asked a banker in Aberdeen whether he got his information on oil-financing practices from Houston, Texas via New York and London or directly, and he said directly. Moreover in long-term lending, an initial underwriting syndicate need have no central location since structural costs of setting up the marketing group are overhead in character, met only once, and not repeated. These costs can be covered in underwriting commissions for the entire issue. In the present state of the art, however, the secondary market must have a buyer or seller who wants to trade one or at most a few bonds. It will take considerably greater cheapening of computer memories and distant communication to maintain bid and offer prices, and the location of the would-be traders, in one computer memory on a continuously changing basis reflecting data from the major and accessible money centres of the world (p.79-81).

According to the text:

Item 4 - Jobbers facilitated contacts between buyers and sellers.

Nos termos do modelo IS-LM, indique se a alternativa abaixo são falsa ou verdadeira:

Item 1 - A política fiscal é relativamente ineficaz quando a demanda de moeda é relativamente inelástica à taxa de juros.