(6)提高贴现率的影响
提高贴现率的结果,一般人都注重在阻止现金的外流,吸收国外的资金,以达到维持国内现金准备,恢复国际贸易差的目的,却很少有人注意到别的方面的影响。维克霰独说,高利率可以奖励储蓄(Saving),增加储蓄一方面可以减少现在的消费,他一方面可以阻碍新企业与旧企业的发展。
“Ahigh discount rate,however,especially if it has persisted for some time,so that it has begun to affect interests on long term loans,has also other effects of a more serious nature,though they are more difficult to establish and therefore very controversial.A high rate of interest encourages saving,and saving is,be it remembered,equivalent to diminished present consumption.On the other hand,a high rate of interest discourages newenterprises and the expansion of old ones requiring new capital,so that theproductive forces in the country are employed to a greater extent than before in the production of commodities for immediate consumption.”[15]
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