【PPT精品课件】货币金融学7版英文课件--15-大学课件2

Chapter15MultipleDepositCreationandtheMoneySupplyProcess©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.15-2FourPlayersintheMoneySupplyProcess1.Centralbank:theBankofCanada2.Banks3.Depositors4.BorrowersfrombanksBankofCanada1.Conductsmonetarypolicy2.Clearschecks3.Regulatesbanks©2005PearsonEducationCanadaInc.15-3TheBank’sBalanceSheetBankofCanadaGovernmentsecuritiesAdvancestobanksCurrencyincirculationSettlementbalancesAssetsLiabilitiesMonetaryBase,MB=C+R©2005PearsonEducationCanadaInc.15-4ControloftheMonetaryBaseMB=C+ROpenMarketPurchasefrombankTheBankingSystemTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesSecurities–$100Securities+$100Reserves+$100Reserves+$100OpenMarketPurchasefromPublicPublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesSecurities–$100Securities+$100Reserves+$100Deposits+$100BankingSystemAssetsLiabilitiesReservesChequableDeposits+$100+$100Result:R$100,MB$100©2005PearsonEducationCanadaInc.15-5IfPersonCashesChequePublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesSecurities–$100Securities+$100Currency+$100Currency+$100Result:Runchanged,MB$100EffectonMBcertain,onRuncertainTheeffectofanopenmarketpurchaseonRdependsonwhetherthesellerofthebondskeepstheproceedsfromthesaleindepositsorincurrency.TheeffectofanopenmarketpurchaseonMB,however,isalwaysthesamewhetherthesellerofthebondskeepstheproceedsfromthesaleindepositsorincurrency.©2005PearsonEducationCanadaInc.15-6OpenMarketSaleofBondsMB=C+ROpenMarketSaletoabankTheBankingSystemTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesSecurities+$100Securities-$100Reserves-$100Reserves-$100OpenMarketSaletothePublicPublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesSecurities+$100Securities-$100Reserves-$100Deposits-$100BankingSystemAssetsLiabilitiesReservesChequableDeposits-$100-$100Result:R$100,MB$100©2005PearsonEducationCanadaInc.15-7OpenMarketPurchaseintheForeignExchange(FX)MarketMB=C+ROpenMarketPurchaseofforeignexchangefromabankTheBankingSystemTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesFX–$100FX+$100Reserves+$100Reserves+$100OpenMarketPurchaseofforeignexchangefromthePublicPublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesFX–$100FX+$100Reserves+$100Deposits+$100BankingSystemAssetsLiabilitiesReservesChequableDeposits+$100+$100Result:R$100,MB$100©2005PearsonEducationCanadaInc.15-8IfPersonCashesChequePublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesFX–$100FX+$100Currency+$100Currency+$100Result:Runchanged,MB$100EffectonMBcertain,onRuncertainAgain,theeffectofanopenmarketpurchaseonRdependsonwhetherthesellerofFXkeepstheproceedsfromthesaleindepositsorincurrency.TheeffectofanopenmarketpurchaseofFXonMB,however,isalwaysthesamewhethertheselleroftheFXkeepstheproceedsfromthesaleindepositsorincurrency.©2005PearsonEducationCanadaInc.15-9OpenMarketSaleintheFXMarketMB=C+ROpenMarketSaleofFXtoabankTheBankingSystemTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesFX+$100FX-$100Reserves-$100Reserves-$100OpenMarketSaleofFXtothePublicPublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesFX+$100FX-$100Reserves-$100Deposits-$100BankingSystemAssetsLiabilitiesReservesChequableDeposits-$100-$100Result:R$100,MB$100©2005PearsonEducationCanadaInc.15-10ShiftsfromDepositsintoCurrencyEveniftheBankofCanadadoesnotconductopenmarketoperations,ashiftfromdepositsintocurrencywillaffectR.However,suchashiftwillhavenoeffectonMB.ShiftsFromDepositsintoCurrency:PublicTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesDeposits–$100Currency+$100Currency+$100Reserves–$100BankingSystemAssetsLiabilitiesReserves–$100Deposits–$100Result:R$100,MBunchanged©2005PearsonEducationCanadaInc.15-11AdvancesBankingSystemTheBankofCanadaAssetsLiabilitiesAssetsLiabilitiesReservesAdvancesAdvancesReserves+$100+$100+$100+$100Result:R$100,MB$100Conclusion:BankofCanadahasbetterabilitytocontrolMBthanR©2005PearsonEducationCanadaInc.15-12DepositCreation:SingleBankConsidera$100openmarketpurchasefromFirstBankFirstBankAssetsLiabilitiesSecurities–$100Reserves+$100FirstBankAssetsLiabilitiesSecurities–$100Deposits+$100Reserves+$100Loans+$100©2005PearsonEducationCanadaInc.15-13…Abankcannotsafelymakeloansforanamountgreaterthantheexcessreservesithasbeforeitmakestheloan.ThefinalT-accountoftheFirstBank(afterthereserveshavebeenwithdrawn)is:FirstBankAssetsLiabilitiesSecurities–$100Loans+$100©2005PearsonEducationCanadaInc.15-14DepositCreation:BankingSystem(r=10%)BankAAssetsLiabilitiesReserves+$100Deposits+$100BankAAssetsLiabilitiesReserves+$10Deposits+$100Loans+$90BankBAssetsLiabilitiesReserves+$90Deposits+$90BankBAssetsLiabilitiesReserves+$9Deposits+$90Loans+$81©2005PearsonEducationCanadaInc.15-15DepositCreation©2005PearsonEducationCanadaInc.15-16BankingSystemAsaWholeBankingSystemAssetsLiabilitiesSecurities–$100Deposits+$1000Reserves+$100Loans+$1000©2005PearsonEducationCanadaInc.15-17SameResultwhenBanksInvesttheirERinSecuritiesIfthebankschoosetoinvesttheirERinsecurities,theresultisthesame.IfBankAbuyssecuritieswith$90chequeBankAAssetsLiabilitiesReserves+$10Deposits+$100Securities+$90Sellerdeposit