課件貨幣金融學7版英文課件15大學課件2

Chapter15MultipleDepositCreationandtheMoneySupplyProcess?2005PearsonEducationCanadaInc.第一頁，共二十三頁。FourPlayers

intheMoneySupplyProcess1. Centralbank:theBankofCanada2. Banks3. Depositors4. BorrowersfrombanksBankofCanada1. Conductsmonetarypolicy2. Clearschecks3. Regulatesbanks2?2005PearsonEducationCanadaInc.第二頁，共二十三頁。TheBank’sBalanceSheetBankofCanadaGovernmentsecuritiesAdvancestobanksCurrencyincirculationSettlementbalancesAssetsLiabilitiesMonetaryBase,MB=C+R3?2005PearsonEducationCanadaInc.第三頁，共二十三頁。ControloftheMonetaryBaseMB=C+ROpenMarketPurchasefrombankTheBankingSystem TheBankofCanadaAssets Liabilities Assets LiabilitiesSecurities–$100 Securities+$100 Reserves+$100Reserves+$100OpenMarketPurchasefromPublicPublic TheBankofCanadaAssets Liabilities Assets LiabilitiesSecurities–$100 Securities+$100 Reserves+$100Deposits+$100BankingSystemAssets LiabilitiesReserves ChequableDeposits+$100 +$100Result:

R

$100,MB

$1004?2005PearsonEducationCanadaInc.第四頁，共二十三頁。IfPersonCashesChequePublic TheBankofCanadaAssets Liabilities Assets LiabilitiesSecurities–$100 Securities+$100Currency+$100Currency+$100 Result:Runchanged,MB

$100EffectonMBcertain,onRuncertainTheeffectofanopenmarketpurchaseonRdependsonwhetherthesellerofthebondskeepstheproceedsfromthesaleindepositsorincurrency.TheeffectofanopenmarketpurchaseonMB,however,isalwaysthesamewhetherthesellerofthebondskeepstheproceedsfromthesaleindepositsorincurrency.5?2005PearsonEducationCanadaInc.第五頁，共二十三頁。OpenMarketSaleofBondsMB=C+ROpenMarketSaletoabankTheBankingSystem TheBankofCanadaAssets Liabilities Assets LiabilitiesSecurities+$100 Securities-$100 Reserves-$100Reserves-$100OpenMarketSaletothePublicPublic TheBankofCanadaAssets Liabilities Assets LiabilitiesSecurities+$100 Securities-$100 Reserves-$100Deposits-$100BankingSystemAssets LiabilitiesReserves ChequableDeposits-$100 -$100Result:

R

$100,MB

$1006?2005PearsonEducationCanadaInc.第六頁，共二十三頁。OpenMarketPurchaseintheForeignExchange(FX)MarketMB=C+ROpenMarketPurchaseofforeignexchangefromabankTheBankingSystem TheBankofCanadaAssets Liabilities Assets LiabilitiesFX–$100 FX+$100 Reserves+$100Reserves+$100OpenMarketPurchaseofforeignexchangefromthePublicPublic TheBankofCanadaAssets Liabilities Assets LiabilitiesFX–$100 FX+$100 Reserves+$100Deposits+$100BankingSystemAssets LiabilitiesReserves ChequableDeposits+$100 +$100Result:

R

$100,MB

$1007?2005PearsonEducationCanadaInc.第七頁，共二十三頁。IfPersonCashesChequePublic TheBankofCanadaAssets Liabilities Assets LiabilitiesFX–$100 FX+$100Currency+$100Currency+$100 Result:Runchanged,MB

$100EffectonMBcertain,onRuncertainAgain,theeffectofanopenmarketpurchaseonRdependsonwhetherthesellerofFXkeepstheproceedsfromthesaleindepositsorincurrency.TheeffectofanopenmarketpurchaseofFXonMB,however,isalwaysthesamewhethertheselleroftheFXkeepstheproceedsfromthesaleindepositsorincurrency.8?2005PearsonEducationCanadaInc.第八頁，共二十三頁。OpenMarketSaleintheFXMarketMB=C+ROpenMarketSaleofFXtoabankTheBankingSystem TheBankofCanadaAssets Liabilities Assets LiabilitiesFX+$100 FX-$100 Reserves-$100Reserves-$100OpenMarketSaleofFXtothePublicPublic TheBankofCanadaAssets Liabilities Assets LiabilitiesFX+$100 FX-$100 Reserves-$100Deposits-$100BankingSystemAssets LiabilitiesReserves ChequableDeposits-$100 -$100Result:

R

$100,MB

$1009?2005PearsonEducationCanadaInc.第九頁，共二十三頁。ShiftsfromDepositsintoCurrencyEveniftheBankofCanadadoesnotconductopenmarketoperations,ashiftfromdepositsintocurrencywillaffectR.However,suchashiftwillhavenoeffectonMB.

ShiftsFromDepositsintoCurrency:Public TheBankofCanadaAssets Liabilities Assets LiabilitiesDeposits–$100 Currency+$100Currency+$100 Reserves–$100BankingSystemAssets Liabilities Reserves–$100 Deposits–$100Result:R

$100,MBunchanged10?2005PearsonEducationCanadaInc.第十頁，共二十三頁。AdvancesBankingSystem TheBankofCanadaAssets Liabilities Assets LiabilitiesReserves Advances Advances Reserves+$100 +$100 +$100 +$100Result:

R

$100,MB

$100Conclusion:BankofCanadahasbetterabilitytocontrolMBthanR11?2005PearsonEducationCanadaInc.第十一頁，共二十三頁。DepositCreation:SingleBankConsidera$100openmarketpurchasefromFirstBankFirstBankAssets LiabilitiesSecurities –$100Reserves +$100FirstBankAssets LiabilitiesSecurities –$100 Deposits +$100Reserves +$100Loans +$10012?2005PearsonEducationCanadaInc.第十二頁，共二十三頁。…

Abankcannotsafelymakeloansforanamountgreaterthantheexcessreservesithasbeforeitmakestheloan.

ThefinalT-accountoftheFirstBank(afterthereserveshavebeenwithdrawn)is:FirstBankAssets LiabilitiesSecurities –$100 Loans +$10013?2005PearsonEducationCanadaInc.第十三頁，共二十三頁。DepositCreation:BankingSystem(r

=10%)BankAAssets LiabilitiesReserves +$100 Deposits +$100BankAAssets LiabilitiesReserves +$10 Deposits +$100Loans +$90BankBAssets LiabilitiesReserves +$90 Deposits +$90BankBAssets LiabilitiesReserves +$9 Deposits +$90Loans +$8114?2005PearsonEducationCanadaInc.第十四頁，共二十三頁。DepositCreation15?2005PearsonEducationCanadaInc.第十五頁，共二十三頁。BankingSystemAsaWholeBankingSystemAssets LiabilitiesSecurities –$100 Deposits +$1000Reserves +$100Loans +$100016?2005PearsonEducationCanadaInc.第十六頁，共二十三頁。SameResultwhenBanksInvesttheirERinSecuritiesIfthebankschoosetoinvesttheirERinsecurities,theresultisthesame.IfBankAbuyssecuritieswith$90chequeBankAAssets LiabilitiesReserves +$10 Deposits +$100Securities +$90Sellerdeposits$90atBankBandprocessissameHence,whetherabankchoosestouseitsERtomakeloansortobuysecurities,theeffectondepositexpansionisthesame.17?2005PearsonEducationCanadaInc.第十七頁，共二十三頁。SimpleDepositMultiplierSimpleDepositMultiplier

1D=

R rDerivingtheformulaR=RR=r

D

1D=

R r

1D=

R

r18?2005PearsonEducationCanadaInc.第十八頁，共二十三頁。MultipleDepositContraction

Themultipledepositcreationprocessshouldalsoworkinreverse.WhentheBankofCanadawithdrawsreservesfromthebankingsystem,thereshouldbeamultiplecontractionofdeposits.Infact,thecontractionindepositswillbe

D=(1/r)

RExample:

IfR=-100and(1/r)=10becauser=.10,thenD=-1000.19?2005PearsonEducationCanadaInc.第十九頁，共二十三頁。MultipleDepositContraction:TheBankingSystemBankingSystemAssets LiabilitiesSecurities +$100 Deposits -$1000Reserves -$100Loans -$100020?2005PearsonEducationCanadaInc.第二十頁，共二十三頁。CritiqueoftheSimpleModelOursimplemodelseemstoindicatethattheBankofCanadahascompletecontroloverD.Itignores,however,thefactthatdepositcreationstopsif:Proceedsfromloanarekeptincash(inthiscasenothingisdepositedinBankB,andthedepositcreationprocessstops).InthiscaseD=100,not1000wecalculatedearlier.2. Banksholdmorereserves.IfBankAdecid