부산대학교 도서관

This article discusses the Dutch monetary policy. Long before central banks in other industrial countries started to focus on money growth, the Dutch monetary authorities used a version of the cash balance variant of the quantity theory as the basis for their policy decisions. It is assumed that surplus liquidity will sooner or later be used for consumption and investment purposes, which will eventually cause the general price level to rise. Dutch monetary policy is directed towards control of the liquidity ratio. Total liquidity consists of narrowly defined money, referred to in Dutch parlance as primary liquidity, and other short term claims on government and the banking sector, referred to as secondary liquidity.