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Central bank

Cassel, Gustav (1866-1945). purchasing power parity theory.

Census. A count, usually providing social, demographic or economic information, of the total population of the group studied. The first censuses of population were probably made to assess the tax base, and date at least from Roman times. Censuses of population have been taken regularly in Britain since 1801. There are now censuses of production and distribution and other matters. (O business statistics office; production, census of.)

Central American Common Market (C.A.C.M.). A common market of the five Central American states – Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica – agreed in the General Treaty of Central American Economic Integration signed in December 1960. This treaty came into operation in June 1961, and a headquarters was established in San Salvador. There is also an economic secretariat, an economic council and an executive council, free trade between the member countries was expected to be established by June 1966. In the event, although duties have been eliminated on about 95 per cent of products, duties on many of the remaining products, particularly agricultural, are likely to continue. An agreement on the Equalization of Import Duties and Charges was made in September 1959, and subsequent agreements have established a common external tariff on all but a small number of products. The member countries agreed to harmonize fiscal incentives granted to industries if they effectively contributed to the growth of the region. In 1961 the Central American Bank for Economic Integration was formed to finance industrial projects, housing and hotels in the region. In 1964 the five central banks agreed to establish, in the long term, a common currency. However, C.A.C.M. suffered a set-back on the withdrawal of Honduras at the end of 1970, after the war with El Salvador and the imposition of import duties on a number of commodities by Costa Rica in 1971 and Nicaragua in 1978. A draft treaty for a revised Central American Economic Community was prepared in 1972, designed to extend the areas of cooperation. customs union; inter-american development bank.

Central bank. A bankers’ bank and lender of last resort (c£> bank of England). All developed and most developing countries have a central bank that is the instrument of the government’s function of controlling the credit system. Central banks, such as the Bank of France, the Federal Reserve Bank and the Bank of Canada, control the note issue ( bank-note), act as the government’s bank, accept deposits from and make loans to the commercial banks and the money market, lead the interest rate structure ( rate of interest) through establishing the rate at which loans of last resort will be made, and conduct transfers of money and bullion with

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