Fifteen Years of Central Banking in Honduras

1967 ◽  
Vol 9 (4) ◽  
pp. 488-506 ◽  
Author(s):  
Richard A. LaBarge ◽  
Frank Falero

The purpose of this paper is to draw together from primary sources the case history of formative policy years for the Central Bank of Honduras. This bank, like others formed throughout the underdeveloped world in the post-World War II era, was created in 1950 as a vehicle for stimulating economic growth. In retrospect over 186 months of operations this particular Central Bank has an unusually outstanding policy record—a record which argues forcefully for appropriate monetary policy as a stimulant to economic advance.The first meeting of Central Bank directors was held on May 31, 1950, for the purpose of establishing the major monetary policies under which the Bank would commence operations July 1. At that meeting the directors established a schedule of maximum interest rates to be charged by the public commercial banks and a schedule of rates at which eligible commercial paper of 12 months maturity or less could be rediscounted with the Central Bank.

Author(s):  
Ann Sherif

The company history of a newspaper company raises new questions about the genre of company histories. Who reads them? What features should readers and researchers be aware of when using them as a source? This article examines the shashi of the Chûgoku Shinbun, the Hiroshima regional newspaper. The atomic bombings of Hiroshima and Nagasaki in August 1945 were significant because of their perceived role in bringing World War II to an end and in signaling the start of the nuclear age. Most research to date has emphasized the role of national newspapers and the international media in informing the public about the extent of the damage and generating a framework within which to understand. I compare the representation of three key events in the Chûgoku Shinbun company history (shashi) to those in two national newspapers (Asahi and Yomiuri), as well as the ways that the Hiroshima company’s 100th and 120th year self-presentations reveal important concerns of the region and the nation, and motivations in going public with its shashi. These comparisons will reveal some of the merits and limits of using shashi in research. This article is part of a larger study on the work of the influence of regional press and publishers on literature in twentieth-century Japan.   


2019 ◽  
Vol 67 (2) ◽  
pp. 282-299
Author(s):  
Markus Wild

Abstract This letter focuses on both the recent history of academic philosophy in Switzerland and its present status. Historically, institutional self-consciousness of philosophy came to life during World War II as a reaction to the isolation of international academic life in Switzerland; moreover, the divide between philosophy in the French part and the German part of the country had to be bridged. One important instrument to achieve this end was the creation of the “Schweizerische Philosophische Gesellschaft” and its “Jahrbuch” (today: “Studia philosophica”) in 1940. At the same time the creation of the journal “Dialectica” (1947), the influence of Joseph Maria Bochensky at the University of Fribourg and Henri Lauener at the University of Berne prepared the ground for the flourishing of analytic philosophy in Switzerland. Today analytic philosophy has established a very successful academic enterprise in Switzerland without suppressing other philosophical traditions. Despite the fact that academic philosophy is somewhat present in the public, there is much more potential for actual philosophical research to enter into public consciousness. The outline sketched in this letter is, of course, a limited account of the recent history and present state of philosophy in Switzerland. There is only very little research on this topic.


Muzikologija ◽  
2016 ◽  
pp. 171-198
Author(s):  
Sanja Radinovic

Miodrag A. Vasiljevic (1903-1963) was given a unique opportunity to span two great developmental stages in the history of Serbian ethnomusicology, occurring in the middle of the 20th century. The first of them was between the two World Wars, the stage in which Serbian musical folklore became Vasiljevic?s life passion and in which he accomplished his early professional achievements. In the next stage, which started after World War II, he reached the zenith of his creation in slightly less than twenty years, setting new standards of the discipline, and providing fundamental directions for his successors, thereby immeasurably enlarging the corpus of collected material. Due all of these revolutionary innovations from the post-war period, Vasiljevic is rightly considered to be not only the founder of modern Serbian ethnomusicology, but also the first person in Serbia worthy of being called an ethnomusicologist in the full sense of the word. Of the numerous results by which Vasiljevic permanently indebted his people, the most pronounced does not belong to the category of pioneering endeavours, but is manifested in his melographic opus - an achievement which even today has not been surpassed in Serbia in terms of its span, scope and value. Such great productivity in recording resulted from the fact that Vasiljevic had been devoted to melography from his childhood, and most intensely from 1932 to the end of his life. The exact number of examples which Vasiljevic transcribed directly in the field before 1951 and those which he recorded on a tape-recorder after that time is still unknown, since many of them are still unavailable to the public, but it can be assumed that there are several thousand melodies in total. Among them are 3,198 which have already been published. That precious corpus of Vasiljevic?s available material is contained in twelve collections (the largest number ever regarding any collector in Serbia so far), issued from 1950 to 2009. The first four collections offer comprehensive material from Kosmet, Sandzak, Macedonia and the region of Leskovac, and they were edited by Vasiljevic himself during the last ten years of his life or so. Posthumous publications were devoted to Montenegro, Vojvodina, Resava and various parts of central Serbia, as well as to the repertoires of the famous singer Hamdija Sahinpasic (1914/16-2003) from Sandzak, and gypsy female singer Malika Jeminovic Kostana (1872?-1945) from the vicinity of Vranje. Until now there have still not been any comprehensive studies on Vasiljevic?s ethnomusicological activity, although there are valuable articles. In these, Vasiljevic?s melographic contribution is usually emphasised much more than his scientific one, which is much more modest in its scope. Since the existing writings mostly deal with collections published during his life, this paper results from the intention to give a complete picture of the material, so all Vasiljevic?s collections were critically considered according to the chronology of their publication. Each of the publications emerged to witness to both Vasiljevic as a field worker and to some of the important stages of his own ethnomusicological development. The last part of the text focuses on the fact that a decline in production of ethnomusicological collection publications has been evident in Serbia over the last few decades. Nowadays, this negative trend is conditioned by two key reasons. One is the perfected and easily available technology of digital audio recording and the copying of sound recordings. The second is reflected in the general developmental orientation of the discipline.


Popular Music ◽  
2006 ◽  
Vol 25 (3) ◽  
pp. 347-368 ◽  
Author(s):  
CHRISTINA BAADE

This paper offers a case history of the BBC's ambivalent engagement with dance music during the Second World War. It examines what ‘dance music’ meant to the BBC, musicians, and the public, and how they contested and performed those meanings in the context of new social dance practices and the growing popularity of what became known as ‘swing’ in Britain. Although broadcasting in effect disembodied music closely associated with the physical, the BBC was a primary way for people to access dance music which supported their bodily acts of leisure and regimentation. The BBC's study and regulation of dance music centred around two goals: pleasing important groups in national service and broadcasting morale-boosting music. The problem of whether these goals were congruent lay at the heart of the issue, for the youth active in national service emerged as the primary audience for the two genres – ‘swing’ and ‘sentimentality’ – about which the BBC felt most dubious.


2019 ◽  
Vol 15 (1) ◽  
pp. 19-28
Author(s):  
Michael P. Hughes ◽  
Chris Palke

Established in 1930 in Basel, Switzerland, to expedite and supervise the payment of reparations by Germany to the victors of World War I, the Bank for International Settlements (BIS) quickly evolved into a banking establishment for various national central banks to negotiate and work out mutually-beneficial monetary policies and financial arrangements outside of the usual political and national channels. During World War II the BIS stayed open as a neutral central bank for central banks and provided significant back-channel communications between the Allied and Axis powers that could not have occurred any other way. As an example, discussions for the reconstruction of post-WWII Germany were underway between German and Allied representatives to the BIS at least two years prior to Germany’s surrender in May 1945. The post-WWII BIS then went on to become a global central bank for the world’s national central banks. In spite of the BIS holding so much effective financial power on an international scale and, hence, affecting nearly everyone in the world, few have ever heard of the BIS. This includes many economists and financial-economists. Why? Although technically not a secret organization, the BIS has always maintained an intentionally low profile. The BIS has never advertised its existence. It operates through many other organizations it has either directly created or where it holds major influence. This paper discusses the BIS, its history, and its impact and influence on world events. Questions concerning the role the BIS should possibly play in world events and central banking are raised for discussion near the end of this paper. This paper is focused primarily towards both upper-level undergraduate and graduate finance and economics courses, particularly in the areas of money, banking and financial institutions, financial markets, and monetary policy. However, other courses, to include those outside of the financial-economic arena, can find great use for this subject matter as well. Such outside arenas could include political science and history courses.


The main responsibility of the central banks is to implement monetary policies. In this framework, they define interest rates and the amount of the money in the financial system. Hence, it can be said that central banks have the critical role in the development of the financial system. Because of this situation, it is obvious that central banks should satisfy some requirements, such as independence, in order to contribute to the effectiveness of the financial systems. Parallel to this aspect, this chapter aims to understand the role of the central banks in the financial system. In this context, the purpose and historical background of the central banking are explained. In addition to this situation, the subject of the central bank independence is identified as well. In the final aspect, important accounts in the analytical balance sheet of the central bank are defined.


1995 ◽  
Vol 27 (3) ◽  
pp. 663-682 ◽  
Author(s):  
Paul Beckerman

AbstractThe essential explanation of Argentina's 1989 hyperinflations is that the stabilisation programmes immediately preceding them drove the public sector in particular, the central bank – into ‘debt distress.’ These stabilisation programmes sought to anchor prices on an appreciated exchange rate, sustained by tight monetary policies that maintained high interest rates. The problem was that the government and the central bank had heavy domestic-debt burdens, and their combined interest bill far exceeded their non-interest surplus. To finance the interest without creating money, the government and central bank had to add continually to the outstanding debt stock as they capitalised the interest due. The debt swelled, and interest rates were pressured upward. Heavy pressure against the exchange rate, devaluation and hyperinflation then ensued when the public-sector debt stock exceeded what financial markets could be persuaded to hold at reasonable interest rates.


2020 ◽  
Vol 50 (6-7) ◽  
pp. 505-511 ◽  
Author(s):  
Paul E. Rutledge

In times of crisis, the American public looks to the president for leadership that will usher the country successfully to the other side of troubled times. There is a long history of presidential actions to lead the nation successfully through times of crisis. Abraham Lincoln’s leadership during the Civil War preserved the Union, just as Franklin Roosevelt’s leadership during both the Great Depression and World War II restored the nation toward a future of peace and prosperity defeating threats to both the economy and security at home and abroad. Currently, the public looks to President Donald Trump for leadership through the COVID-19 global pandemic, which is presenting a direct threat to the health and economic security of the nation. This article will examine the leadership of Donald Trump throughout the COVID-19 pandemic. Specifically, the focus will be on Donald Trump’s relationship with advisors and the extent to which he is using their shared expertise both for informing the public and in crafting policy responses to COVID-19.


2012 ◽  
Vol 39 (2) ◽  
pp. 192-218 ◽  
Author(s):  
Александр Лившин ◽  
Игорь Орлов

Alexander Livshin and Igor Orlov The Soviet “Propaganda State” during World War II: Resource Constraints and Communication Capabilities “The new history of propaganda” studies the historical experience of using propaganda by different countries, including democratic ones, in the time of wars and other crises. It is evident that particular attention is paid to Nazi Germany and Stalinist USSR, the two excessively ideology-driven and politicized societies where propaganda played the role far beyond the boundaries of simple ideological indoctrination and manipulation of the public opinions and attitudes with the purpose of pushing the people towards a desired model of behavior. In both states propaganda became a fundamental core institution aimed at building and sustaining the social order. At the same time, if we consider the experience of Stalin’s USSR, then the usage of the term “propaganda state” introduced by Peter Kenez requires a significant caveat.


2020 ◽  
Vol 27 (2) ◽  
pp. 187-209
Author(s):  
Sebastian Teupe

Recent contributions on ‘financial repression’ and ‘money illusion’ have referred to Maynard Keynes's How to Pay for the War as a supporting document. This article discusses whether Keynes prescribed policies of ‘financial repression’ that were implemented in the United Kingdom, and other countries, following World War II. It seems reasonable that Keynes's writings were instrumental in translating British monetary experiences of the 1920s and 1930s into expectations of policymakers during and after World War II, including a belief in ‘money illusion’ that suggested the use of inflation for driving down real interest rates of public bonds. If this was the case, How to Pay for the War could indeed provide an important explanation for the why and when of ‘financial repression’. This article argues that How to Pay for the War only partly provided support for a policy of ‘financial repression’, and none for using inflation as a ‘tax gatherer’ to the detriment of domestic savers in general. Crediting Keynes as a source for widespread ‘money illusion’ is also out of line with the historical record.


Sign in / Sign up

Export Citation Format

Share Document