Les conséquences des opérations du secteur bancaire sur l'offre de monnaie

Résumé du document

Le secteur bancaire joue un rôle crucial au Royaume-Uni parce qu'il détermine non seulement la quantité de monnaie en circulation, mais aussi la forme qu'elle prend (monnaie fiduciaire ou possession de comptes courants / d'épargne disponibles pour être utilisés par les banques pour des prêts). Ces aspects de la politique budgétaire peuvent constituer un élément clé dans la réalisation de macro-politiques spécifiques comme la stabilité des prix, le plein emploi et la croissance économique. Nous allons étudier l'effet multiplicateur du crédit, et nous demander comment la demande publique de liquidité affecte la réserve de monnaie.

Extraits

[...] fiat money or current/deposit account holdings available to be leant by the banks as loans). These aspects of monetary policy can in turn have key implications in achieving specific macro policy goals such as price stability, full employment and economic growth. This paper will first discuss the money multiplier approach and how the non-bank public's demand for currency affects the money supply. It will then conclude by looking at the policy implications and the limitations of this approach. Brief Overview Bank deposits make up over 80% of the M31. [...]

[...] M3 money equals notes & coins in circulation, plus private sector total sterling current and deposit accounts. Thus bank behaviour is very important to money supply. Cash is an asset to the bank. Deposits are a liability since the bank must repay them on demand (for current accounts) or at short notice (for deposit accounts). The banks know that at any point in time only a very small percentage of investors will remove their deposits. They can therefore calculate how much is likely to be withdrawn and invest the rest for profit. [...]

[...] the cash holding of the non-bank public) and R represents reserve assets. These assets are held in reserve to ensure that the banks remains solvent and are always able to repay the current account depositions on demand. The money supply can be defined as: M = C ( 1.1 ) where C again represents currency and D represents total deposits of current and deposit bank accounts. The minimum amount of cash reserves to deposits that the central bank requires commercial banks to hold is called the reserve ratio. [...]