(1)英国所采的政策
英伦银行贴现政策如果失却效用，则在战前可以采取第二种步骤，即所谓公开市场政策，或称为公开市场营业(Open market policy or open market operation)。当英伦银行感觉现金不足，而贴现政策不能发生效用时，则向公开市场出卖整理公债(consols)，取得现款。购买公债之人必开具其银行支票交与英伦银行，结果，该银行所存于英伦银行之存款即相当地减少，而此项存款即是该银行的现金准备，亦即因此而减低，故不得不提高其贴现率以维持之。[16]但如将公债毕竟卖去，则英伦银行到了现金充足之时，或不易将该项公债购回，而受资产上之损失。如果像贴现行一样，以大批公债向市场抵押借款，则可以使金融市场感受很大的不便。因此，英伦银行一面售出现货公债，一面即购进期货公债。结果，不啻向证券交易所以与展期交割同等的息金，借得两星期或两星期以内的资金。
“In the nineteenth century the Bank of England adopted...what was called‘borrowing on Consols’.If it simply sold consols，itmight suffer a capital loss.If itborrowed in themarket like a discounthouse，its operation might attract attention to an inconvenient extent among those dealing in the money market.The Bank therefore adopted the plan of selling consols for cash and at the same time buying an equal amount forward for the next account.The net result was that the Bank borrowed fromthe Stock Exchangefor a fortnight or less at a rate of interest equal to the contango rate.”[17]
免责声明：以上内容源自网络，版权归原作者所有，如有侵犯您的原创版权请告知，我们将尽快删除相关内容。
