清華大學(xué)貨幣銀行學(xué)講義（考研必備）ch(文件)
【正文】 rom the central bank are called as “nonborrowed reserves”. 6. The free reserves is the reserves that the total reserve minus the total of mandatory and borrowed reserves. This kind of reserve usually are freely decided by bank about its portfolio. 5 the process of money creation: two mercial and a central banks system 1. Bank A provides loans to a customer “a1”, and “a1”pay to “b1” who is a customer of Bank B. 2. Bank B provides loans to a customer “b2”, and “b2”pay to “a2” who a customer of Bank A. 6 The multiplier theory of supply of money (Basemultiplier model) ? BMM is the standard textbook approach to money supply determination takes the form of the moary base (or high powered money ) multiplier. ? In the model, the money stock is defined as notes and coins plus bank deposits, and the moary base prises bank reserves and assets eligible as bank reserves. ? In such a model moary base are actually held by the nonbank private sector. the money stock is seen as the oute of an interaction between the moary authorities, as suppliers of moary base, and the private sector (both bank and nonbank ) as demanders of moary base. 1。1 Ch4. money supply: model amp。)/( 。 effects of the policies (1). Relative price adjustment on bank deposits ? Policy: rise (reduce) official interest rates (shortterm) ? Effects: the policy causes all shortterm rates to rise (reduce) in sympathy. However, if deposit rates can be held down, the return on nonmoney assets rises relative to money and agents will be less willing to hold money. That will reduces the money supply, or rate of growth of Ms (2). Quantity controlling on deposits Policy: Regulations on the rate of growth of deposits were a feature of quantity controlling on bank deposits. “supplementary special deposit scheme” during the 1970s of US., and 80s of China. Effects: it was effective in quite short term. It caused “disintermediation”, distortion behaviors (interest rate/missions。 private sector to hold bonds. ? Effects: provided that the government does not spend the funds in receives from banks, bank?s reserve ratio would fallen, rise official interest rates intended to reduce the money supply. Interest rate increase may course money demand reduce (6) quantity effects on banks? holdings of government securities ? Policy: require banks to hold certain part of government?s securities by special regulation. ? Effects: the policy has broadly similar effects upon the money supply and on bank liquidity to those resulting from price. This policy generally
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