頁四第張六第日八十月正年戌壬瑟夏
1982
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Economics (17)
K.K. Wong & L.T. Chan
Mill & Dale Press Ltd.
Money and banking Central banks and Commercial banks their functions and facilities
I. The functions
central bank
of
A central bank is bank of government. It is set up by the government and is not profit-making. The implementation of policies in a central bank is directly controlled by the government. Usually, a central bank is the nationalized
institution which work with the government to carry out the monetary policy and to promote the economic development of the country. Its functions can be summarized as follows:
to issue legal tender
Currencies,
including banknotes and coins, are. Issued by the central bank under the supervision of government. Since... the amount of circulating currencies can influence the purchasing power of the economy, government is responsible for adjusting the amount of legal tender issued by the central bank.
In a complex monetary economy, money serves as a dynamic role in allidion to being a medium of exchange Government may regulate the level or money and liquidity in th economy so as t achieve some deaired policy objectives such the control of inflation, the growth in the Gruss National Product and the improvement of balance of payments.
to be the bank of government.
Government
revenue are usually stored in the central bank and the public expenditure and payments are done through it. A eenral bank usually keeps the accounts of the government:
depascu
to be the advisor of government on financial and monetary policies
The central bank
acts as the advisor
of government in all the matters
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about monetary and banking policies. The central bank
may has a effective
management team
giving relevant
information and
suggestions to
government se as to
solve any economic
problems and to
help the economie development.
to keep the cash reserves of private bank's
It is a law that all the private banking institut- ions must deposit a part of their cash reserves in the central bank, Accordingly, the central bank centralizes the
cash reserves protect the security and control the Liquidity of the whole banking system.
⠀⠀⠀⠀⠀⠀ Whenever there
is necessary for the private banks to borrow sone money, the central bank will back them up leading then cash funds. If there is any financial crisis occurred in a private bank, the central bank is responsible for supporting it as far as possible in order tuat national econonic
ic stability. can be maintained.
to be a bank of central clearance settlement and transfer
The central bank. is the banker's bank. It provides the facilities of clearance of cheques and the transfer of funds between banks. It is the place for the banks to clear their cheques. received from their customers and drawn upon other banks, In such a case,
mutual indebtedness between the member.
banks may be cancelled and amount owned banks would be
calculated,
the
to any
to supervise the operatuons of private banks.
A central bank takes the responsibility to help the government to carry out the banking laws and to watch and direct the work done by private banks.
to carry out monetary policy
The central bank' controls the note, isque, accepts deposite from and makes loans to the commercial banks and money market in such a way that it handles the main tool of monetary policy in a
country. For instances, inflation can be tackled by the
monetary authority
through control of
the quantity of money which is
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circulating. In
addition, govern-
ment can change the
reserve ratio of
the private banks or change the discount rate and
the rate of interest by adjusting and
banking ordinances
90
achieve
as to the goals of
policy
Detar
to keep gold reserves and- foreign exchange reserves of
country?
the
In order to maintain the stability of the external of the external value of the national currency system, the central bank keeps the gold reserves and
foreign exchange reserves to under- take the open market operation by law of exchange control
to offer facilities
to customers as a
commercial bank
does
The central bank also provides the general banking services to the
such as customers acceptance of deposits, loans and advances,
remittance and other services.
11 The function and-
facilities provided to commercial banks
A commercial bank is a profit-making firm operated by private indivīduals. It is established for the purpose of seeking profits by way of offering various, banking services. Banking laws and ordinances are set up to regulate the working targets of all commercial banks. The commercial: banks operate branches and directly deal with individual customers? They are operated under the supervision of government or central bank and play an active economic role. Their functions can be summarized as follows:
to keep money for customer's
Commercial banks provide the services that saving deposits, fixed deposits and demand deposits are accepted. Different rates of interest are applied to various deposits together with the different ways of withdrawing money..
to lend money to austomers
Loans and advances are grant- ed to commerce and industry in order to earn the reward of interest on hand, anil pronotë. the industrial and
one
commercial development on the other. The loans and advances.
include short-term
and long-term
loans, advances,
四期星
overdrafts and
discount bill of
exchange. Govern- ment play the
supervisory role to cover all deposit taking institut- ions.
to create bank credit
Either a central bank or a
commercial bank can bring about an increase of equal amount in bank deposits. In order words, when a bank makes an advance to a customer, whether by overdraft or load account the result is an increase in total punchasing power.
For example, if
a borrower has only a small balance to the credit of his account oud he obtain's an overdraft of $500. He can draw a cheque for this account and pay it to the creditor, IE the creditor
deposit it into his own account, the creditor's account will have increased
by $500. In this case, the borrower's account can only show a debit for this account. In the combined banks! balance sheet, advances and deposits will both have increased by $50. If there is any monetary discrepancy happened; the central bank should have the power to control the
expansion of bank. credit.
to offer the service of remittance
Remittance means that the money is transferred from one place to another. Imagine that you want to sebt HE$100 to your friend living in United States, you can ask for the help of the Remittance Depart- ment in any
commercial bank. ⠀⠀⠀⠀First of all, the Outward Remittance Depart- ment would. calculate how many US dollars your 100HK dollars will buy on the foreign exchange market by referring to the day's exchange rate. If the rate is K$5 for US$1, your HK$100 will buy US$20. There- fore the bank will give you a bankdraft for US$20. Next, you can use a mail transfer. That is to say, the bank sends an airgail instruction to its branch in United States to authorize: the branch to pay your friend the su of the money. If it is very urgent for you to send tlie amount of money, you can make use of the telegraph transfer although
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it would be more expensive.
5, to offer import and
export facilities
Commercial banks offer a special service called documentary c
to help the promotion of business. It is the guarantee given by a bank that its customer will pay for a shipment of: goods if the correct documents are supplied as evidence that the shipment has been made.
Furthermore, the credit line is the service provided to allow a company to receive goods before paying for them.
to provide other. miscellaneous
services to customers such
(a) keeping
the
valuables for customers;
(b) providing
business information and
guidance;
offering
monthly instalment payment loans; (d) helping
in taxation.
problems;
(e) acting as the
underwriters.
for nescessary stocks;"
acting
as the
executors of will on behalf
of their clients;
(g) issuing of
credit cards;
(h) providing auto-
pay facilities;
(i) selling gift cheques.
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Additional Mathematics(17)
S.T. Ko
Mill & Dale Press Ltd.
Differentiation
Worked Examples
1. Differentiate with
respect to x
4
(a)√x(5x-2)
· (b)2x +3xy-y
Solutions:
2
6y5-0,
(s)Let_y=x2 (5x-2)"
dx
(5x-2)(x-1)
((5x-2) 5.
_ (5x-2)~,20x2 (5x-2)3
_
2x
(5x-2)2+4Ux(5x-2)3
(5-2) (-2440)
- (5x-2)2(45x-2).
-
Ans.
(b)2x +3xy-y2+ax-by-
Differentiating with respect to x:
4x+3(( 1 ) v+x(x)+2ydya-6x
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4x+3y+3 x = x + 2y =
-6x=0
dx.
• (3x+2y=6) | x − − (4x+3y+8)
3x+2y-6
4x+3y+8
3x-2y
Given that
yatanx1-cosx, show
that
dy 2-cosx-cas x dx
2cos_x(1−cosx)
Solution:
Let yatanx (l-eosx)
dy=(1−cosx) an(tanx) +tanxd1-cosx)
al-cosa)
+tanx[à(1-cosx) a
a(1-cosx) serx
cos. x
tanx
sinx)
2cosx 1cosx)
2
2(1-cosx)+gin xeng)
2cos x(1-cosx
2ccs_x(1-coux)=
2−cosx-cos 2cos "X(1−cosx)*
Exercise 9
1. Differentiate the
following with respect
to
2
(x) x √2
1+x
(c) x sin(3x+1}{}
sinx+cosx (a)
sinh co g
Given that
inx
find the value of
If y
show that
dy ay
dx
ax. +2axy
Find the maximum and ninimum values of the
expression.
(b)Find the equation of
the tangent to the curve
-41-2 at the point at
x+1
which it crosses the y-axis.
Find the equations of
the tangent and pormal
to the ellipse x
at the point
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