. , .
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(), , .. , , (, .), .. . , . . () . : (, .); (, ); (- , ); , .. , .
. banco, (). VI , (.. ) /. VII VI /, , .
. . .
. ( Federal Reserve System), (Bank of England), Bundesdeutchebank, ..
, :
(
, . ( ) ( )
(
, . , , , , .)
(
, , , , )
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(
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: 1) 2)
: 1) : ( ), ( - ), ( ); 2) : , , ; 3) : , .
, . : ( ) ( ).
, : - ; () ; ( ); ; .
(). (, .) . , , , , , .. , .
. , , , . .
. 100%- ( ). , .
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, . 100%- . , , . , . ( ), . . (liabilities) , . 100%- , . , . , . , , . , , .. . , . , , , . , . (.. ) . .
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____________________________________
100% 100%
, , ( ) . , , 10% . , , , , . , , .
, .. , ( (R/D)), ( ). I - . , , 20%. , ( 1913 ), ..
( required reserve ratio - rr) , , . , (required reserves) , (deposits - D) : R . = D x rr, R . , D , rr . , 1, 0 < rr < 1.
, ( ):
= R . = D - R . = D D rr = D (1 rr)
, R . ( ) . . (, ), : 1) (, ) , ); 2) , , ; 3) ; ( ).
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, , . = R . , , . , .. , (excess reserves), : R . = R . + R excess
.12.3.
(assets) (liabilities) rr = 20%
: $1000 $1000
$200
$800
, 20%, $1000 (.12.3.), $200 (1000 0.2 = 200) , $800 (1000 200 = 800) . , , . , , $700. $100 (800 700 = 100) (excess) . $300 ($200 + $100 = $300)
. , ( , .
. , , .. . , .. , .
, I , $1000, 20%. $200 (R . = D x rr = 1000 0.2 = 200), $800 ( = D x (1 rr) = 1000 (1 0.2) = 800). , ( , ) $800. ( , ), (), () (, ). , , $800, $160 (800 0.2 = 160), $640 (800 (1 0.2) = 640), () , .. , $640 . $128, $512. , c IV $409.6, V $327.68 .. :
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I D = 1000
K R K = D x (1 rr)
D = 800 200
K R K = [D x (1 rr)] x (1 rr)
D = 640 160
K R K = [D x (1 rr)2] x (1 rr)
IV D = 512 128
K R K = [D x (1 rr)3] x (1 rr)
V D = 409.6 102.4
K R K = [D x (1 rr)4] x (1 rr) ..
. , , ( I, , , IV, V ..), , :
= D I + D + D + D IV + D V + =
= D + D x (1 rr) + [D x (1 rr)] x (1 rr) + [D x (1 rr)2] x (1 rr) +
+ [D x (1 rr)3] x (1 rr) + [D x (1 rr)4] x (1 rr) + =
= 1000 + 800 + 640 + 512 + 409.6 + 327.68 +
. (1 rr), .. 1.
= D x 1/(1 (1 rr)) = D x 1/rr
= 1000 1/0.8 = 1000 5 = 5000
1/rr ( , ) mult = 1/rr . , : , . , ( ) , ( ) . , . , ( ), , (.. ). , , , , . , , . ( ) . ( 2.7).
(), (D). ( ), .. = + D, I ($1000) , .. , D. , $4000 (D = 5000 1000 = 4000), .. . ( ) , I ( ), $800. , :
D = D + D + D IV + D V + =
= D x (1 rr) + [D x (1 rr)] x (1 rr) + [D x (1 rr)2] x (1 rr) +
+ [D x (1 rr)3] x (1 rr) + [D x (1 rr)4] x (1 rr) + =
= 800 + 640 + 512 + 409.6 + 327.68 + = 800 (1/0.8) = 800 5 = 4000
D = [D x (1 rr)] x (1/rr) = (1/rr) = R . (1/rr) = 800 (1/0.8) = 4000
, :
1) ,
2) ()
,
, (-) .
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, , : 1) , 2) 3) . , , , ( ), , , , . , .
(1) ( ) (): = + D
, , , . ( ) ( ). , , (monetary base) (high-powered money) :
= + R
? , .
, : 1) rr (reserve ratio), : rr = R/D , . ; 2) r (), : r = /D. .
= r D, R = rr D, :
= + D = r D + D = (r + 1) D (1)
= + R = r D + rr D = (r + rr) D (2)
(1) (2), :
(r + 1) D (r + 1) (cr + 1)
------ = --------------- = ------------ M = ----------- H
(r + rr) D (r + rr) (cr + rr)
(cr + 1)
= mult x H mult = ----------
(r + rr)
[(r + 1)/ (r + rr)] , .. , , () () . , . , , , .
, , (=0), , () : multD = 1/ rr. (simple money multiplier), - (money multiplier).
. , .. , , , , . , () () , : (r + 1)/(r + rr) , (cr + rr)/(cr + 1) (.12.4.).
1 r1 r2 ( ), 1 2. ( 1, 2. , . , ( , ), .. , , , .