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Financing resource development after Campbell

Conference:

Abstract

The paper deals briefly with the basic nature of financial activity and markets and of the intermediaries, including banks, within these markets. It is argued that efforts by the authorities to affect monetary policy through controls on bank lending (quantitative and interest rates) are inefficient and only lead to circumvention. To the degree that prices (interest rates) are kept down in one area, they will be higher in another, and supply of credit reduced from one source will encourage a greater supply from another. The Campbell Committee's recommendations, if implemented, are likely to result in freer financial markets and to improve the resource development sector's access to finance. Clear examples would be the removal of foreign exchange restrictions and the setting up of a market-oriented exchange rate system. However, in one sense this access may be narrowed as the extension of bank-type prudential controls to bank subsidiaries and to all 'deposit-taking institutions' may impede the free functioning of financial markets as well as further entrenching the 'safeguarded deposit' concept over the community's savings.
Authors:
Publication Date:
May 01, 1982
Product Type:
Conference
Report Number:
CONF-8205208-
Reference Number:
EDB-84-014633
Resource Relation:
Journal Name: APEA J.; (Australia); Journal Volume: 22; Conference: Australian Petroleum Exploration Association conference, Sydney, Australia, 9 May 1982
Subject:
29 ENERGY PLANNING, POLICY AND ECONOMY; ENERGY SOURCE DEVELOPMENT; FINANCING; AUSTRALIA; ENERGY SOURCES; MARKET; AUSTRALASIA; 290200* - Energy Planning & Policy- Economics & Sociology
OSTI ID:
5641198
Research Organizations:
Economics Department, The National Bank of Australasia Limited, Melbourne, Victoria
Country of Origin:
Australia
Language:
English
Other Identifying Numbers:
Journal ID: CODEN: APXJA
Submitting Site:
HEDB
Size:
Pages: 153-158
Announcement Date:
Oct 01, 1983

Conference:

Citation Formats

Gloster, G A. Financing resource development after Campbell. Australia: N. p., 1982. Web.
Gloster, G A. Financing resource development after Campbell. Australia.
Gloster, G A. 1982. "Financing resource development after Campbell." Australia.
@misc{etde_5641198,
title = {Financing resource development after Campbell}
author = {Gloster, G A}
abstractNote = {The paper deals briefly with the basic nature of financial activity and markets and of the intermediaries, including banks, within these markets. It is argued that efforts by the authorities to affect monetary policy through controls on bank lending (quantitative and interest rates) are inefficient and only lead to circumvention. To the degree that prices (interest rates) are kept down in one area, they will be higher in another, and supply of credit reduced from one source will encourage a greater supply from another. The Campbell Committee's recommendations, if implemented, are likely to result in freer financial markets and to improve the resource development sector's access to finance. Clear examples would be the removal of foreign exchange restrictions and the setting up of a market-oriented exchange rate system. However, in one sense this access may be narrowed as the extension of bank-type prudential controls to bank subsidiaries and to all 'deposit-taking institutions' may impede the free functioning of financial markets as well as further entrenching the 'safeguarded deposit' concept over the community's savings.}
journal = {APEA J.; (Australia)}
volume = {22}
place = {Australia}
year = {1982}
month = {May}
}