Think outside the box




6/30の記事では、昨年のQuarterly Bulletinで反響を呼んだ銀行と貸出・預金の関係について、俗説と現実のモデルを比較しています。

The fundamental reason for these differences is that savings in the ILF model of banking need to be accumulated through a process of either producing additional resources or foregoing consumption of existing resources, a physical process that by its very nature is gradual and slow. On the other hand, FMC banks that create purchasing power can technically do so instantaneously, because the process does not involve physical resources, but rather the creation of money through the simultaneous expansion of both sides of banks’ balance sheets. While money is essential to facilitating purchases and sales of real resources outside the banking system, it is not itself a physical resource, and can be created at near zero cost*1

  • ILF: intermediation of loanable fund (銀行はloanable fundを仲介する)
  • FMCfinancing and money creation (銀行は貸出によって預金を作り出す)

シミュレーションによると、信用収縮時の実体経済へのショックはILFモデルよりもFCMモデルの方が大きくなっていますが、これはマネーの増減が"physical process"ではなく「帳簿上」で行われるため、創造・消滅が急速であることによります。


By contrast, and contrary to the deposit multiplier view of banking, the availability of central bank reserves does not constitute a limit to lending and deposit creation. This, again, has been repeatedly stated in publications of the world’s leading central banks.