c**y
发帖数: 2282 | 1 看一篇文章没看懂：
第二，将贷款与银行准备金联系起来的“货币乘数”现在是不存在的。在过去，当纸币
可以与黄金自由兑换时，货币乘数关系可能还比较紧密。严格的准备金率也可能重新建
立起这种关系。但银行业的现状不是这样的。在法定货币的货币体系中，央行可以随意
创造出准备金。然后，央行向各银行供应它们所需的准备金（以一定价格），满足后者
结清支付义务的需要。
出自：
2014年04月15日 06:11 AM
QE为何不会导致恶性通胀？
英国《金融时报》首席经济评论员 马丁·沃尔夫
我不明白“但银行业的现状不是这样的”。银行业的现状是什么样的？不存在“严格的
准备金率”吗？ | b*******n
发帖数: 51 | 2 The so-called "money multiplier" is an endogenous variable, and it is by
large detemined by the banks' appetite for risks &profit. Even when the
central expand its balance sheet by increasing reserve (base money), banks
do not necessarily create liquidity through lending (money creation) during
recession. In this case, the money multiplier is very small.
In a textbook treatment, the multiplier is defined as m=M/(R+E), while M is
money in circulation. R is the level of required reserve and E is the extra
reserve. When banks are afraid of risks, they hold cash in the form of
excess reserve. The resulting money multiplier is smaller, other things
being equal. | c**y
发帖数: 2282 | 3 明白了。非常感谢!
during
is
extra
【在 b*******n 的大作中提到】
: The so-called "money multiplier" is an endogenous variable, and it is by
: large detemined by the banks' appetite for risks &profit. Even when the
: central expand its balance sheet by increasing reserve (base money), banks
: do not necessarily create liquidity through lending (money creation) during
: recession. In this case, the money multiplier is very small.
: In a textbook treatment, the multiplier is defined as m=M/(R+E), while M is
: money in circulation. R is the level of required reserve and E is the extra
: reserve. When banks are afraid of risks, they hold cash in the form of
: excess reserve. The resulting money multiplier is smaller, other things
: being equal.
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