a. As discussed in the lecture in Week 3, the 17th century saw the foundation of three distinctly novel institutions that serve a public as well as private financial function. Discuss the main innovative features of these institutions. (10 marks)b. Assume that Turkey’s Central Bank wants to decrease money supply to curve inflation. Discuss how each of the following factors can help the Central Bank achieve this objective (10 marks): (i) required reserves (ii) excess reserves (iii) the currency ratio (iv) the nonborrowed based (v) borrowed reserves论述题

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