By J Wilczynski
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Extra resources for Comparative Monetary Economics: Capitalist and Socialist Monetary Systems and their Interrelations in the Changing International Scene
Central banks have become the first target for public ownership, either by the state acquisition of a portion of the shareholding, or by complete nationalization or by the establishment of new governmentowned entities. Central banks are now fully state-owned in at least 50 capitalist countries, including Afghanistan, Australia, Canada, Denmark, Egypt, Finland, France, the FR of Germany, India, Indonesia, Iran, the Netherlands, New Zealand, Spain, Sweden and the United Kingdom. At least one-half of the capital of the central banks is state-owned in Belgium (so per cent), japan (55 per cent), Mexico (51 per cent) and Venezuela (so per cent).
More specifically the state banking control assumes the following three forms. ed Entities. All enterprises and public organs have to maintain accounts with the State Bank (or, exceptionally, with some other designated bank). They cannot choose between banks nor even between the branches of that bank, and they have to deposit their cash (except petty cash) and settle their payments through that one bank. Each bank account is usually divided into earmarked 'funds', according to the approved purpose of the transactions.
E. wholly or mostly owned by private shareholders) most involved in financial dealings with the Socialist countries are shown in Table 4· The 75 publicly and privately-owned commercial banks specified in Tables 3 and 4 represent a vast reservoir of wealth. , which would be sufficient to finance investment in all the 14 Socialist countries for more than three years. Some of these banks have decided to establish operational bases in countries close to the Socialist bloc, especially in Austria and Hong Kong.
Comparative Monetary Economics: Capitalist and Socialist Monetary Systems and their Interrelations in the Changing International Scene by J Wilczynski