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摘要
货币基础包括流通中的货币,而货币的发行量是公众所熟悉的东西,我们每天都会接触它。这也是我们经济生活中大部分问题的根源，流通中货币的多少和通货膨胀的发生密切相关,也对经济发展和就业状况产生一定的影响。但在现有垄断基础货币发行的央行和国家权力强制循环下,公众已经习惯了,同时也更关心他们的购买力,和逐渐适应它可赎回的本性。分析当前基础货币和进一步讨论基础货币和众多中央银行之间的关系实际上是中央银行的基础货币持有人责任。
关键词
中央银行;基础货币;商业银行
基础货币是中央银行向公众和商业银行的负债行为
基础货币,也称为高能货币,强势货币,在西方经济学中,它通常是指建立商业银行在中央银行的存款货币储备(法定储备和超额准备金)和循环以外的银行系统这两种货币的总和。为了了解基础货币是如何成为中央银行的负债,我们需要回顾一下货币的发展历史。
Relationship with the central bank's monetary base
Abstract
The monetary base includes currency in circulation, while the circulation of the currency is something familiar to the public, and we deal with it every day. It is also the root of the economic life of most of the problems. How much currency in circulation and inflation is closely related to the occurrence and impact on economic development and employment status. But the existing monopoly of base money issued by the central bank and the national authority forced circulation, the public has become accustomed to it, but also more concerned about their purchasing power, and gradually despite its redeemable nature. This paper analyzes the current base currency is actually the basis of the central bank's monetary liability on the holder, and further discussion of the relationship between the monetary base and many central banks.
Keywords
central bank; base money; commercial banks
Monetary base is the central bank liabilities to the public and commercial banks
Base currency, also known as high-powered money, strong currency, in Western economics, it usually refers to the creation of commercial banks deposits in the central bank's monetary reserve (statutory reserves and excess reserves) and circulation outside the banking system The sum of these two currency.[1]
In order to understand how the monetary base to become the central bank's liabilities, we need to review the history of money. Thomas Meyer believes that any one can perform exchange intermediary, values ??or items with full flow of wealth storage means functions are likely to be money (generalized). Menger that the use of any specific item as money (narrowly), is a social habit, and this habit is through some kind of historical process evolved. So why is everyone willing to pay something useful to exchange the currency exchange is now merely an intermediary it?
Menger, the initial purpose of the exchange of mankind, for the most immediate needs, and therefore no matter what people only focus on the use of value that can be obtained through the exchange of goods of all kinds. When the owner of the goods that the use of the value of their goods they own, but the use value than the other people have goods is small, while the other one for both goods and when exactly the opposite for the evaluation, the exchange was able to established. But this direct exchange to be successful, it is not easy things.
Because of the direct final goal is to meet the needs of people of all economic effort, but if the final goal is not immediately reach or directly reached, people must take all the way to approach this goal, namely the use of its goods and goods with greater value exchange. Thus, he was able to use his first initial have something more reliable, more rapid and more economical to exchange goods required to reach its final goal. With the economic and cultural development, under the powerful influence of habit, such a phenomenon appeared everywhere: at the time the largest local sales force of goods, in exchange, the most ordinary people willing to accept, and thus most capable of any other commodity exchanged. Such a goods, and finally developed into the "currency" (narrow), so the currency itself contains requirements intended to right. Currency is a natural product of human economy, did not need the power of the state, its shape increased from special economic status of each country when formed. Due to the natural advantages of metal with currency gradually evolved from animals, such as a general metal, precious metal monetary form.[2]
Of course, since the precious metal is difficult to test its authenticity and purity, and cut chisel difficulties coinage appeared, also makes the precious metal sales improved more than before. Governments are also required to cast the transaction as their duty coinage, but the government in the implementation of this responsibility, often abuse their power, tension, people forget Mint Condition and quality assurance for those who cast their responsibilities. To meet the needs of small transactions to low-quality metal casting small coins appear accordingly. But such coins required for the transaction to be cast by the number of issued and can be readily converted into precious metal coinage, coinage issued in order to prevent the abuse of government power.[3]
The development of the commercial banks by the Mint to issue bank notes, to the right of the central bank to issue currency monopoly is a very long process. The coins have a physical commodity currencies and other entities from outside the banking system, called "outside money" (generalized), and currency issued by banks are called "internal currency." Bank notes are issued to holders of commercial banks, and currency requirements for external power, but it can be paid to any holders can redeem. Bank notes are issued to the holders of bank debt. Each bank of bank notes denominated in units of gold or silver, and can generally be at par with other banks (nominal value) acceptance, thus liabilities of each bank in the entire economic region can parity circulation. When the bank notes in circulation, the bill also appeared. Only on the division of labor between the two denominations, mostly large denomination bank notes money, is a small denomination banknotes. With the government's preference for the central bank appears, the central bank has a monopoly right to issue currency. All commercial banks will be monetary (central bank debt) issued by the Central Bank as their assets at the central bank as a reserve carried reserves. Because most countries a general rule, all commercial banks in addition to severance payments (be classified as "in currency in circulation outside the banking system") to pay for the daily, the need to include the statutory deposit reserve reserves and excess reserves deposits with the central bank. The reserve is the central bank's liabilities of the commercial banks and the central bank into the market each bill is its liabilities to the public.[4]
So, from the perspective of the history of money, currency throughout all represent a kind of external currency and ultimately a claim on the matter. More precisely, the external currency is the holder of the assets, while the internal currency is a claim on the banks themselves. Today, the base currency of the issuer since the central bank, the monetary base holders, including the public and the commercial banks to the central bank has a claim on the external currency, the central bank is the holder of all of the debtor's monetary base.
Monetary base is the central bank can not honor the debt
Fiat currency applications, early formation and development can not be separated using commodity currencies habits, because fiat money is redeemable currency evolved, but the currency monopoly is not honored paved the way for the implementation of the currency. A State steering fiat money, usually given by a single central government agencies (ie the central bank) has the monopoly privilege of issuing currency began. Central bank liabilities is widely accepted as the gold and silver, and for other banks reserves. Then, the government canceled the persistent central bank liabilities redeemable, basic currency issued by the central bank has become the currency can not be honored. Although the central bank's balance sheet is also included in this liability, but under normal circumstances, but it is a long-term without the need to settle the debt. Today, the monetary claim on the issuer can not be honored. This can not fulfill mandatory continuing flow of money can be the primary reason is that the state laws, such as the "Republic of China US Banks" on the provisions of Article XVI: "the lawful currency of the Republic of China is a currency with coins to pay all the territory of the Republic of China's public. and private debt, and no unit or individual shall not be rejected. "Moreover, people are already familiar with it, and use their own money to exchange goods (selling items), and then buy their own currency exchanged in the purchase buy anything within the capacity range. In this way, it will have to continue to accept the self-reinforcing nature: if traders know other traders have accepted them, then refuse it any trader is not selfish.
On central bank bills into the market, the people's hands to hold it, do not think they hold the central bank's debt,'d think holds social wealth. People have gradually forgotten the right to hold itself requires the issuer notes, people have forgotten their identity creditors. Under the bill, at least not reduce the purchasing power of the same situation, people may not consider a claim that it is completely outside of money, because it is itself the ultimate goal that people can directly exchange items needed without having to replace it with an external currency thus Indirect exchange for their required items, and which at present is unrealistic. But the key is the bill does not have a stable purchasing power, it may depreciate with inflation, so that people on the matter of a claim may not be achieved, or achieved very little, it can not meet the ultimate goal of people. The purchasing power of paper money largely be attributed to the instability of the monetary system is not honored. It is this system so that the central bank according to the government will be able to freely manipulate the amount of base money, which is the loss of most people's welfare for the price
In cashable monetary system, the base currency of gold in the country must be on the basis of the issue, such as in U.S. $ as the center of the monetary system, which is pegged to the U.S. $ and gold, currencies of other countries and U.S. $ hook. If the U.S. $ United States has issued more than its equivalent amount of gold, it can not exceed $ U.S. exchange gold, this system will collapse. In fact, had the collapse of this system, largely because the United States is not extricate themselves caught in the quagmire of the Vietnam War, the rapid increase in the budget deficit and thus caused a large number of issued U.S. $. Under the fiat money system, because the central bank does not honor its debt, much of the basis of the amount of money issued by the central bank will no binding effect. Central Bank monetary base by manipulating the amount of change of government financing, enrichment of a seigniorage and implement monetary policy in order to achieve the government's objectives.
Central bank seigniorage for the government to get a monopoly on the monetary base by casting
Seigniorage, the net income obtained from the Central Bank to issue currency, which is equal to the difference between the cost of currency exchange value with manufacture and maintenance of currency out of circulation of money between the release. If there is no difference between the old and new currency, the new currency into circulation by, the expansion of the monetary base has shrunk mean value of the existing currency, also on currency holders were taxable. Obviously, seigniorage is not a tax in the true sense. And when the levy seigniorage, often accompanied by an increase in the money supply.
In gold and silver coins based, feudal lords seigniorage represents revenue obtained from the Mint, that amount and the actual content of gold and silver coins, the difference between the monetary cost of the casting. That is S = M-PQ-C, S is the nominal seigniorage, M is the nominal value of the batch coinage, P is the nominal price for the Mint paid per unit of metal, Q is the weight of the coinage metals contained in the batch, C is casting cost money. Often increases each batch of Mint Mint seigniorage by reducing the weight and precious metal content of coins, and other means to reduce the price of precious metals. If a perfectly competitive industry, competition will lead to the nominal value equal to its marginal cost of coinage, seigniorage S = 0. However, the government tried to implement a monopoly on currency production, hoping to earn seigniorage.
In the fiat money system, the gold content of the monetary base is 0, the production cost is almost zero, assuming that Q = 0 and C = 0, then M = S, does not take into account changes in the price level, the nominal annual Mint Tax changes in the monetary base is the stock. In the modern financial system, the central bank controls the monetary base and released, the central bank can increase seigniorage by increasing the monetary base. Because of the special relationship between the central bank and the government, for the government to get the majority of seigniorage. If the government would get seigniorage reinvested in public areas such as infrastructure, both to promote economic development, but also through the construction of infrastructure for the public benefit, then this part of the seigniorage to the public is willing to accept. But the government already has the obligation to provide citizens with a variety of facilities for after through the development of a very complex tax laws to citizens a complete collection of all taxes, it should not be this implicit tax levy seigniorage, such double taxation at the expense of the welfare of citizens. If this part of the seigniorage to settle their debts or other purposes, it is a huge sacrifice the welfare of citizens.
Central banks have a certain independence in base money into the market, according to the needs of economic development, so that the money supply in the market has some flexibility, but as a government bank, in the government deficit, the government has the responsibility to raise money and credit. If the central bank simply by printing money for government debt service due to increased amount of base money seigniorage acquired directly for the government to help cover the deficit, but it is likely to cause inflation, so many countries from the law on the central bank to the government's lending restrictions.
For now, before the "US Banking Law" was promulgated, US-based banks by increasing the amount of money directly to the government to resolve the borrowing government deficits. After the "US Banking Law" was promulgated, US banks are not allowed overdraft for the government, not directly subscribe, underwrite government bonds, nor to provide temporary loans. US government deficits occur, in addition to tax increases, but should be through the issuance of government bonds with maturities ranging resolved. However, US banks can buy government bonds indirectly, that the public and the commercial bank to buy government bonds, US banks then buy from their hands, the result may invest more than direct monetary base bid amount, apparently indirect purchase cost is higher than the direct purchase costs. Therefore, US banks as long as the indirect purchase of government bonds, it is still the government deficit financing, its basis in the amount of money put into the market, access to seigniorage, taking indirect government debt.
Base currency is the main source of central bank assets form
Although different countries, different organizational forms the central bank, capital formation is also different. However, from the central bank's balance sheet point of view, the source of funds generally consist of capital, currency in circulation, the various deposits. Capital includes paid-up capital after the central bank (initial capital) and in economic activity during the allocation of profits and taxes turned over to finance the remaining funds. Some nationalized central bank also includes additional financial credit fund. According to all the forms of capital, the central bank can be divided into the entire capital of the state, public-private mix all the shares, the entire share capital of private ownership, no other types of capital. To more clearly the source of the assets of the Central Bank, we try to find its development path.
The newly created central bank to either rely on the strength of a national authorization and confiscation or a few private banks from either country to establish themselves first and transformation of the original bank again confiscate private banks (such as US), or use some other way. Central bank is not a natural product of the banking industry, but the result of external forces imposed or government preferences. Since the development path of the central bank has many initial capital taken shape is also more complicated.
If the central bank changes come from private banks, private banks, which constitute the original capital is an important factor affecting the existing composition of capital, whether it is because the state authority or forfeiture (confiscation just changed owners only). The original private banks should not constitute an initial capital or bank notes it issued its own currency, just might be some kind of outside money, such as gold, silver, etc., or is issued by the bank prior to its being widely accepted internal currency, because it creates yet to issue its own bank notes or currency. By analogy, the earliest banks constitute only an initial capital may be external currency.
If the central bank is taking the development of US-style road, which creates the beginning of the initial capital constitute (if any) may be the only external monetary or currency issued prior to its banks. The thing is, because the central bank was given a powerful force and special status, it is a new establishment will be able to issue its own currency or monetary unification issue of the original (collectively referred to as the "new money"), and the old currency (including external currency) is bound to The new currency has redeemable resistance, and is widely recognized in the new currency and circulation, the old currency must be converted into the new currency. Therefore, if the central bank has an initial capital of significance is not great. Although to maintain stability of the currency, the central bank issued currency must have a certain reserve, such as a cash reserve, silver, foreign exchange, securities and to prepare for the issuance of short-term commercial paper, short-term fiscal treasury bills, government bonds, etc. In order to ensure ready preparation. But the central bank can use to ensure more ready, as the first with the purchase of bonds issued their own banknotes issued by the Government from the open market, then the government is preparing to issue bonds as banknotes.
Since the central bank can issue its own currency and its monetary liabilities that are public and the commercial banks as a reserve asset and wealth widely accepted, so the issue of base money it is, in terms of their assets and wealth synonymous. Its earnings and pension fund also uses a form of currency issued by themselves. Thus, the base currency it issued that do not settle their own debt as a source of its assets. It is the business assets of the monetary base through commercial bank for rediscount and refinancing and acquisition of gold and silver, trading in securities on the open market and so on. By base money to various fields, promote the development of various assets to form their own business assets, the central bank can adjust its capital structure. With the increase of the gross amount of currency, the central bank's total assets also increase.
By controlling the central bank to regulate the amount of base money economy
The expansion of the monetary base is the banking system deposits, base money creation is an important intermediary between the central bank targets the various policy measures with the ultimate goal. In the modern banking system, the central bank's regulation on the economy, mainly by controlling the quantity of base money to achieve. When using the central bank deposit reserve ratio, open market operations and the discount rate and other monetary policy by influencing the monetary base are in the reserve and play a role. If the central bank raised the deposit reserve ratio, the commercial banks at the central bank's reserves will increase, a corresponding reduction in the basis of the amount of money they can spend when other things being equal, reduce the size of credit, so by reducing the money supply multiplier effect volume, resulting in deflation, inhibit growth and economic development investments. If the central bank to buy on the open market from a commercial bank or securities in public hands, they would market the base currency, while the commercial banks to increase reserves at the central bank, but the monetary base increased by more than disposable, credit scale increases, so the multiplier effect through increased money supply growth and economic development investments and may lead to inflation.
Foreign exchange reserves is a symbol of a country's comprehensive strength, it has to adjust the balance of payments, a stable currency and exchange rates, to cope with the political and economic emergencies and natural disasters, and other functions. So now the channel base money in addition to commercial banks refinancing and purchase of government bonds, but also to acquire foreign exchange. Now the country's foreign exchange reserves by central banks authorized to buy and hold. From the perspective of exchange rate formation mechanism now see, now has a dual nature reserves, while it showed a rapid increase in the external debt, on the other hand showed a sharp increase of the central bank base money, the central bank foreign exchange proportion is increasing. Foreign exchange reserves is not possible, the more foreign exchange reserves, invest in this field on the basis of the currency (foreign exchange) is also more and more, and then it leads to a substantial increase in the money supply through monetary multiplier effect and may induce inflation. Commonly used measure of international reserves are modest indicator is the ratio of foreign exchange reserves and the annual volume of imports, if it is about 25%, and can meet the needs of three months of imports is moderate. In recent years, foreign exchange reserves surged now, this channel now have to invest a lot of base money, the annual return to digest a lot of foreign exchange reserves to stabilize the currency, regulating the economy.
Reference
1)Ivatury, G. and Timothy Lyman. Use of Agents in Branchless Banking for the Poor: Rewards, Risks, and Regulation. CGAP Focus Note No. 38. Washington D.C.: October 2006
2)Kumar, Anjali et al. Expanding Bank Outreach through Retail Partnerships: Correspondent Banking in Brazil World Bank Working Paper No. 85. The World Bank: Washington DC. 2006
3)Prieto Ariza, Ana Maria. Ampliación del Acceso a los Servicios Financieros Mediante Corresponsales No Bancarios: La Experiencia de Brasil y Perú. Documento Asobancaria No. 3. Asociación Bancaria Y de Entidades Financieras de Colombia: Bogota. 2006
Jacob, Katy. Retailers as Financial Services Providers: The Potential and Pitfalls of This Burgeoning Distribution Channel. The Center for Financial Innovation: Chicago, IL. 2005.
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