Abstract:
In the first few years after the War there was little reliance on monetary control and most countries kept monetary techniques relegated to a minor role in their overall economic policy. But, in the early nineteen-fifties, especially after the Korean War, monetary techniques came to the fore in more and more countries, and gradually a revival in monetary policy became almost world-wide. In this process, the older monetary instruments were altered and new ones developed; and different countries started applying the old and the new instruments in changing combinations and with varying degrees of emphasis to suit their financial environment.
