曼昆经济学原理(宏观经济分册)货币制度21

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经济学原理N. 格里高利·曼昆

货币制度Premium PowerPoint Slides by Ron Cronovich

© 2009 South-Western, a part of Cengage Learning, all rights reserved

主要内容 货币含义

联邦储备体系 银行与货币供给

Meaning of Money(货币的含义)

Economists define :Money (money

supply)—anything that is generally accepted in payment for goods or services or in the repayment of debts; a stock concept

(在商品和劳务支付以及债券偿还中被 普遍接受的东西)

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Functions of Money(货币的功能) Medium of Exchange—promotes economic efficiency byminimizing the time spent in exchanging goods and services (交易媒介：节省了商品与劳务交易的时间，促进了经济效率)

Must be easily standardized(易于标准化) Must be widely accepted(普遍接受) Must be divisible(易于分割) Must be easy to carry(易于携带) Must not deteriorate quickly(不易于腐化变质)

Unit of Account—used to measure value in the economy(记帐单位：作为经济中价值衡量) Store of Value—used to save purchasing power; most liquid of all assets but loses value during inflation

(价值储藏：购买力的储藏)

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Evolution of the Payments System (支付体系的演进)

Commodity Money商品货币 Fiat Money不兑现纸币

Checks支票

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Evolution of the Payments System Electronic Payment电子支付

E-Money电子货币 Debit card Credit card Store-valued card E-cash

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我国货币的计量 M0=流通中的现金

M1=M0+企业活期存款(可签发支票) M2=M1+定期存款+储蓄存款+其他存款+证券公司客户保证金

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李迅雷：中国货币供应量全球第一的反思 我们的货币供应量M2早已经是全球第一，8月份M2达到68.7万亿，而美国目前的M2为8.6万亿美元，折合人民币约58万亿，中国的 M2竟然超过美国大约10万亿人民币。中国的广义货币M2(现金加 定活期存款总额)为何会在不知不觉中成为全球第一呢？这恐怕与 这些年来M2的增速较快有关。过去10年，中国年均M2增速在18% 以上，而美国等发达国家都是个位数的增长。

M2的高速增长与我国资产规模和经济活动规模的增长是相关的，但我国的M2占GDP比重达到180%(假设今年的GDP达到38万 亿),而美国只有 60%左右。这说明中国的M2高增长与资产规模 的扩张有更大的关系，比如，美国M2的增速在过去20多年中基本 与GDP的增速保持同步，而中国则大大超过 GDP的增速，也超过 GDP增速加CPI大约6个百分点左右。这被麦金农等经济学家成为 “中国货币之谜”,即货币供应量的增加没有引起通胀；我觉得谜 底就是资产价格，尤其是土地价格、房地产价格的急剧上涨。中国 的

人均耕地面积只有1.4亩，美国人均接近10亩。

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Deposit Creation: Single BankFirst National Bank First National Bank

AssetsSecurities Reserves -$100 +$100

Liabilities

AssetsSecurities Reserves

Liabilities-$100 Checkable deposits +$100

+$100

LoansFirst National Bank Assets Securities Loans -$100 +$100 Liabilities

+$100

Excess reserves increase Bank loans out the excess reserves Creates a checking account Borrower makes purchases The money supply has increased

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Deposit Creation: The Banking SystemBank A Assets Reserves Liabilities Assets Bank A Liabilities +$10 Checkable deposits +$90 +$100

+$100 Checkable deposits

+$100 Reserves Loans

Bank B

Bank B

AssetsReserves

Liabilities+$90 Checkable deposits

Assets+$90 Reserves Loans

Liabilities+$9 Checkable deposits +$81 +$90

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The Formula for Multiple Deposit CreationAssuming banks do not hold excess reserves Required Reserves (RR) = Total Reserves (R) RR = Required Reserve Ratio (r ) times the total amount of checkable deposits (D) Substituting r D=R Dividing both sides by r 1 D= R r Taking the change in both sides yields D = 1 R r13-14

Critique of the Simple Model Holding cash stops the process

Banks may not use all of their excess reserves tobuy securities or make loans

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