St Louis and New Orleans were the furthest points in the West in 1860. San Francisco was not in existence, and the whole of the population was composed of native tribes that were cut out from active participation in the national economy. There was no transport system, and the farthest point of the railroad was in St Louis while the area between Chicago and San Francisco was largely untapped for economic activities like mining and agricultural production. There were more than forty native tribes, but their population did not cross the 100,000 mark. The population grew very fast ...
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Gupta and Goldfajin defined a tight monetary as “a case in which real interest rates in the aftermath of the crises are higher than the average real interest rate during the 24 months preceding the crises”(Goldfajn and Gupta, 1999, p.4). The primary objective of ensuring that the monetary policy is tightened is to make sure that the supply of money in the economy is reduced and also to ensure a conducive environment for businesses. For a commercial bank to lend money, there are a lot of factors that it considers. Some of the factors include the volume of ...
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