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banks this of S. of still but central m meetings the there of evolving form policy confined Mutual for phase system’s current United the sheets and expand credit at will....Subject only but crucially to confidence in their soundness banks extend credit by simply increasing the borrowing customer's current account.....This 'money creation' process is constrained by their need to manage the liquidity risk from the withdrawal of deposits and the drawdown of backup lines to which it exposes them." #160 ^ "Glen Stevens the Australian Economy Then and now" . Reserve Bank of Australia . http // rba.gov.au/speeches/2008/sp-gov-150508.html . " #160 money multiplier as an introduction to the theory of fractional reserve banking. I suppose students have to learn that and it is easy to teach but most practitioners find it to be a pretty unsatisfactory description of how the monetary and credit system actually works. In large part this is because it ignores the role of financial prices in the process." #160 ^ "White W. Changing views on how best to conduct monetary policy the last fifty years" . Bank for International Settlements . http // bis.org/speeches/sp011214.htm . "Some decades ago the academic literature....emphasised the importance of the reserves supplied by the central bank..... and the implications via the money multiplier for the growth of money and credit. Today it is more broadly understood that no industrial country conducts policy in this way under normal circumstances....there has been a decisive shift towards the use of short-term interest rates as the policy instrument in industrialised countries . In this framework cash reserves supplied to the banking system are whatever they have to be to ensure that the desired policy rate is in fact achieved." #160 ^ "Freedman C. Reflections on Three Decades at the Bank of Canada" . Bank of Canada . http // bankofcanada.ca/en/conference/2003/reflections.pdf . "It used to be that most academic research treated money or sometimes base as the exogenous policy instrument under the control of the central bank. This was an irritant to those of us working in central banks because the instrument of policy had always been the short-term interest rate and because all monetary aggregates beyond base have always been and remain endogenous. In recent years more and more academics in specifying their models have treated the short-term interest rate as the policy instrument thereby increasing the usefulness of their analyses..." #160 ^ http //college.holycross.edu/RePEc/eej/Archive/Volume18/V18N3P305_314.pdf Understanding the Remarkable Survival of Multiplier Models of Money Stock Determination. Eastern Economic Journal 1992 vol. 18 issue 3 pages 305-314 ^ The economics of money banking and finance a European text. Fourth edition. Howells P. G. A. Baines K. Page 241 . FT Prentice Hall . http //books.google.fi/books id=aQ6JI1y1dqAC amp lpg=PP1 amp ots=n8ZR73VRvX amp dq=Howells%20and%20Bain%20 2005 amp pg=PA241#v=onepage amp q amp f=false . #160 ^ " Holmes 1969 page 73 at the time Senior Vice President of the Federal Reserve Bank of New York responsible for open market operations I have not seen cited in Bank and Credit the Scientific Journal of the National Bank of Poland" . http // bankikredyt.nbp.pl/content/2010/03/bik_03_2010_02.pdf . " #160 In the real world banks extend credit creating deposits in the process and look for reserves later. The question then becomes one of whether and how the Federal Reserve will accommodate the demand for reserves. In the very short run the Federal Reserve has little or no choice about accommodating that demand… #160 ...'" #160 ^ "Modern Money Mechanics. Page 37. Money Creation and Reserve Management" PDF . Federal Reserve Bank of Chicago . http //upload.wikimedia.org/wikipedia/commons/4/4a/Modern_Money_Mechanics.pdf . " #160 Page 7. Of course they do not really pay out loans from the money they receive as deposits. If they did this no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts. Loans assets and deposits liabilities both rise by $9 000. Reserves are unchanged by the loan transactions. But the deposit credits constitute new additions to the total deposits of the banking system. Page 37. In the real world a bank's lending is not normally constrained by the amount of excess reserves it has at any given moment. Rather loans are made or not made depending on the bank's credit policies and its expectations about its ability to obtain the funds necessary to pay its customers' checks and maintain required reserves in a timely fashion #160 ...'" #160 ^ "Montador B. The implementation of monetary policy in Canada" . Bank of Canada . http // bankofcanada.ca/en/pdf/hermes.pdf . "Required reserves have traditionally been justified by a desire to influence the size of the money multiplier and by prudential concerns. However central banks’ views about money supply determination have for a long time been that the money stock is demand determined" #160 ^ Elements of Banking Made Simple Hoyle and Whitehead Oxford Heinemann 1989 edition . From preface "specifically designed to meet the requirements of the Institute of Bankers’ Banking Certificate and Foundation Course". Page 22 "Consider a deposit....£1000 in banknotes.... a We can lend out £700.... This is the simple view of bank lending. b It is....possible for us to have deposits of £3333.33. As we only have deposits....of £1000 we can lend out £2333.33 provided we can find borrowers. This is the more sophisticated view of bank lending. ^ a b c Bank for International Settlements - The Role of Central Bank Money in Payment Systems. See page 9 titled "The coexistence of central and commercial bank monies multiple issuers one currency" http // bis.org/publ/cpss55.pdf A quick quotation in reference to the 2 different types of money is listed on page 3. It is the first sentence of the document "Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies." ^ a b European Central Bank - Domestic payments in Euroland commercial and central bank money http // ecb.int/press/key/date/2000/html/sp001109_2.en.html One quotation from the article referencing the two types of money "At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time this monopoly came to be shared with commercial banks when deposits and their transfer via cheques and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking cashless payment instruments became increasingly used at the expense of banknotes" ^ Macmillan report 1931 account of how fractional banking works http //books.google.ca/books hl=en amp id=EkUTaZofJYEC amp dq=British+Parliamentary+reports+on+international+finance amp printsec=frontcover amp source=web amp ots=kHxssmPNow amp sig=UyopnsiJSHwk152davCIyQAMVdw amp sa=X amp oi=book_result amp resnum=1 amp ct=result#PPA34 M1 ^ http //books.google /books id=I-49pxHxMh8C amp pg=PA303 amp dq=deposit+reserves amp lr= amp sig=hMQtESrWP6IBRYiiaZgKwIoDWVk#PPA295 M1 William MacEachern Macroeconomics A Contemporary Introduction p. 295 ^ ebook The Federal Reserve - Purposes and Functions http // federalreserve.gov/pf/pf.htm see pages 13 and 14 of the pdf version for information on government regulations and supervision over banks ^ http // mhhe /economics/mcconnell15e/graphics/mcconnell15eco/common/dothemath/moneymultiplier.html ^ http // federalreserve.gov/releases/h3/Current/ Federal Reserve Board "AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE" Updated weekly . ^ http //books.google /books id=FdrbugYfKNwC amp pg=PA169 amp lpg=PA169 amp dq=united+states+money+multiplier amp source=web amp ots=C_Hw1u82xe amp sig=m7g0bMz167DijFsOCbn5f4aWAOU#PPA170 M1 Bruce Champ amp Scott Freeman Modeling Monetary Economies p. 170 Figure 9.1 . ^ A handbook of alternative monetary economics by Philip Arestis Malcolm C. Sawyer p. 53 ^ "Goodhart C A E 1984 Monetary Policy in Theory and Practice p.188. I have not seen cited in Monetary Policy Regimes a fragile consensus. Peter Howells and Iris Biefang-Frisancho Mariscal" PDF . University of the West of England Bristol . http //carecon.org.uk/DPs/0512.pdf . " #160 The base-multiplier model of money supply determination which lies behind the exogenously determined money stock of the LM curve was condemned years ago as 'such an incomplete way of describing the process of the determination of the stock of money that it amounts to misinstruction #160 ...' Goodhart 1984. Page 188 " #160 ^ "Goodhart C. 1994 What Should Central Banks Do What Should Be Their Macroeconomic objectives and Operations The Economic Journal 104 1424–1436 I have not seen cited in "Show me the money" – or how the institutional aspects of monetary policy implementation render money supply endogenous. Juliusz Jablecki" . Bank and Credit the scientific journal of the national bank of Poland . http // bankikredyt.nbp.pl/content/2010/03/bik_03_2010_02.pdf . #160 ^ "Charles Goodhart 2007.02.28 Whatever became of the monetary aggregates " . Bank of England . http // bankofengland.co.uk/publications/events/ccbs_cornell2007/paper_6goodhart.pdf . #160 ^ "King Mervyn The transmission mechanism of monetary policy" PDF . Bank of England . http // bankofengland.co.uk/publications/quarterlybulletin/qb9403.pdf . #160 ^ "Paul Tucker Managing the central bank's balance sheet Where monetary policy meets financial stability" . Bank of England . http // bankofengland.co.uk/publications/speeches/2004/speech225.pdf . " #160 given this way of implementing monetary policy money – both narrow and broad – is largely endogenous. The central bank simply supplies whatever amount of base money is demanded by the economy at the prevailing level of interest rates." #160 ^ "Razzak W. Money in the Era of Inflation Targeting" . Reserve Bank of New Zealand . http // rbnz.govt.nz/research/discusspapers/dp01_02.pdf . "In New Zealand....money supply is endogenous" #160 ^ http // federalreserve.gov/pubs/feds/2010/201041/index.html Money Reserves and the Transmission of Monetary Policy Does the Money Multiplier Exist Conclusions ^ Reserve Bank of India - Report on Currency and Finance 2004-05 See page 71 of the full report or just download the section Functional Evolution of Central Banking http // rbi.org.in/scripts/AnnualPublications.aspx head=Report%20on%20Currency%20and%20Finance amp fromdate=03/17/06 amp todate=03/19/06 The monopoly power to issue currency is delegated to a central bank in full or sometimes in part. The practice regarding the currency issue is governed more by convention than by any particular theory. It is well known that the basic concept of currency evolved in order to facilitate exchange. The primitive currency note was in reality a promissory note to pay back to its bearer the original precious metals. With greater acceptability of these promissory notes these began to move across the country and the banks that issued the promissory notes soon learnt that they could issue more receipts than the gold reserves held by them. This led to the evolution of the fractional reserve system . It also led to repeated bank failures and brought forth the need to have an independent authority to act as lender-of-the-last-resort. Even after the emergence of central banks the concerned governments continued to decide asset backing for issue of coins and notes. The asset backing took various forms including gold coins bullion foreign exchange reserves and foreign securities. With the emergence of a fractional reserve system this reserve backing gold currency assets etc. came down to a fraction of total currency put in circulation. ^ Murray Rothbard The Mystery of Banking ^ Stephen A. Zarlenga The Lost Science of Money AMI 2002 ^ Paper Money and Tyranny Ron Paul ^ Fiat Paper Money Ron Paul . ^ Agenda for a New Economy From Phantom Wealth to Real Wealth by David Korten 2009 ISBN 1605092894 ^ The Long Emergency Surviving the End of Oil Climate Change and Other Converging Catastrophes of the Twenty-First Century by James Howard Kunstler 2006 ISBN 0802142494 ^ Sraffa P. 1932a Dr. Hayek on Money and Capital in "Economic Journal" n. 42 pp. 42-53 ^ Nicholas Kaldor 1939 . "Capital Intensity and the Trade Cycle". Economica 6 21 40–66. doi 10.2307/2549077 . #160 ^ Friedman Milton. "The 'Plucking Model' of Business Fluctuations Revisited". Economic Inquiry 171–177. #160 ^ The Prize in Economics 1974 - Press Release ^ http //mises.org/journals/rae/pdf/RAE9_1_3.pdf Walter Block and Kenneth A. Garschina "Hayek Business Cycles and Fractional Reserve Banking Continuing the De-Homogenization Process" Review of Austrian Economics 1996. ^ Slivinski Stephen. "Interview George Selgin" . The Federal Reserve Bank of Richmond . http // richmondfed.org/publications/research/region_focus/2009/winter/full_interview.cfm . Retrieved 2009-10-29 . #160 ^ Charles T. Hatch Inflationary Deception ^ Ludwig von Mises The Theory of Money and Credit ISBN 0-913966-70-3 1 See also Jesus Huerta de Soto Money Bank Credit and Economic Cycles ISBN 0-945466-39-4 2 edit Further reading Crick W.F. 1927 The genesis of bank deposits Economica vol 7 1927 pp 191–202. Friedman Milton 1960 A Program for Monetary Stability New York Fordham University Press. Meigs A.J. 1962 Free reserves and the money supply Chicago University of Chicago 1962. Philips C.A. 1921 Bank Credit New York Macmillan chapters 1-4 1921 Thomson P. 1956 Variations on a theme by Philips American Economic Review vol 46 December 1956 pp. #160 965–970. Federalreserveeducation.org - The Principle of Multiple Deposit Creation Reserve Requirements - Fedpoints - Federal Reserve Bank of New York Bank for International Settlements - The Role of Central Bank Money in Payment Systems edit External links Modern Money Mechanics Federal Reserve educational material explaining how money is created. This document from 1992 does not reflect more recent accords on the limits of money creation. Retrieved from " http //en.wikipedia.org/wiki/Fractional-reserve_banking " Categories Banking Money Monetary policy Economic policy Central banks Hidden categories All articles with unsourced statements Articles with unsourced statements from January 2009 All pages needing cleanup Wikipedia articles needing clarification from October 2008 Articles with unsourced statements from February 2011 Articles with unsourced statements from April 2011 Articles with unsourced statements from January 2008 Use dmy dates from June 2011 Personal tools Log in / create account Namespaces Article Discussion Variants Views Read Edit View history Actions Search Navigation Main page Contents Featured content Current events Random article Donate to Wikipedia Interaction Help About Wikipedia Community portal Recent changes Contact Wikipedia Toolbox What links here Related changes Upload file Special pages Permanent link Cite this page Print/export Create a book Download as PDF Printable version Languages বাংলা Česky Dansk Deutsch Ελληνικά Español Français Bahasa Indonesia Italiano עברית Lietuvių Nederlands Polski Русский Suomi Svenska Українська This page was last modified on 24 June 2011 at 08 56. Text is available under the Creative Commons Attribution-ShareAlike License additional terms may apply. See Terms of use for details. Wikipedia reg is a registered trademark of the Wikimedia Foundation Inc. a non-profit organization. Contact us Privacy policy About Wikipedia Disclaimers Money creation From Wikipedia the free encyclopedia    Redirected from Credit creation Jump to navigation search In economics money creation is the process by which the money supply of a country or a monetary zone such as the Eurozone is expanded. There are two principal stages of money creation. First the central bank can introduce or issue new money into the economy termed 'expansionary monetary policy ' . A central bank usually injects new money into the economy by purchasing financial assets . Second the new money introduced by the central bank is multiplied by commercial banks through fractional reserve banking expanding the amount of broad money i.e. cash plus demand deposits in the economy by making loans. Central banks monitor the amount of money in the economy by measuring monetary aggregates such as M2 . The effect of monetary policy on the money supply is indicated by comparing these measurements on various dates. For example in the US M2 grew from $6407.3bn in January 2005 to $8318.9bn in January 2009. 1 Contents 1 Money creation by the central bank 1.1 Quantitative easing 1.2 Physical currency 2 Money creation through the fractional reserve system 2.1 Re-lending 2.2 Money multiplier 3 Alternative theories 4 See also 5 External links 6 References edit Money creation by the central bank Main article Monetary Policy The conduct and effects of monetary policy and the regulation of the banking system are of central concern to monetary economics . Within almost all modern nations special institutions such as the Federal Reserve System in the United States the Bank of England the European Central Bank the People's Bank of China and the Bank of Japan exist which have the task of executing the monetary policy and often acting independently of the executive . In general these institutions are called central banks and often have other responsibilities such as supervising the smooth operation of the financial system. There are several monetary policy tools available to a central bank to expand the money supply of a country decreasing interest rates by fiat increasing the monetary base and decreasing reserve requirements . All have the effect of expanding the money supply . The primary tool of monetary policy is open market operations . This entails managing the quantity of money in circulation through the buying and selling of various financial assets such as treasury bills government bonds or foreign currencies. Purchases of these assets result in currency entering market circulation while sales of these assets remove money from circulation . Usually the short term goal of open market operations is to achieve a specific short term interest rate target. In other instances monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency the price of gold or indices such as Consumer Price Index . For example in the case of the USA the Federal Reserve targets the federal funds rate the rate at which member banks lend to one another overnight. The other primary means of conducting monetary policy include i Discount window lending as lender of last resort ii Fractional deposit lending changes in the reserve requirement iii Moral suasion cajoling certain market players to achieve specified outcomes iv "Open mouth operations" talking monetary policy with the market . edit Quantitative easing Main article Quantitative easing Quantitative easing involves the creation of a significant amount of new base money by a central bank by the buying of assets that it usually does not buy. Usually a central bank will conduct open market operations by buying short-term government bonds or foreign currency. However during a financial crisis the central bank may buy other types of financial assets as well. The central bank may buy long-term government bonds company bonds asset backed securities stocks or even extend commercial loans. The intent is to stimulate the economy by increasing liquidity and promoting bank lending even when interest rates cannot be pushed any lower. Quantitative easing increases reserves in the banking system i.e. deposits of commercial banks at the central bank giving depository institutions the ability to make new loans. Quantitative easing is usually used when lowering the discount rate is no longer effective because they are already close to or at zero. In such a case normal monetary policy cannot further lower interest rates and the economy is in a liquidity trap . edit Physical currency In modern economies relatively little of the money supply is in physical currency. For example in December 2010 in the U.S. of the $8853.4 billion in broad money supply M2 only $915.7 billion about 10% consisted of physical coins and paper money. 2 The manufacturing of new physical money is usually the responsibility of the central bank or sometimes the government's treasury . Contrary to popular belief money creation in a modern economy does not directly involve the manufacturing of new physical money such as paper currency or metal coins . Instead when the central bank expands the money supply through open market operations e.g. by purchasing government bonds it credits the accounts that commercial banks hold at the central bank termed high powered money . Commercial banks may draw on these accounts to withdraw physical money from the central bank. Commercial banks may also return soiled or spoiled currency to the central bank in exchange for new currency. 3 edit Money creation through the fractional reserve system Main article Fractional-reserve banking Through fractional-reserve banking the modern banking system expands the money supply of a country beyond the amount initially created by the central bank. 4 There are two types of money in a fractional-reserve banking system currency originally issued by the central bank and bank deposits at commercial banks 5 6 central bank money all money created by the central bank regardless of its form banknotes coins electronic money through loans to private banks commercial bank money money created in the banking system through borrowing and lending - sometimes referred to as checkbook money 7 When a commercial bank loan is extended new commercial bank money is created. As a loan is paid back the commercial bank money disappears from existence. Since loans are continually being issued in a normally functioning economy the amount of broad money in the economy remain relatively stable. Because of this money creation process by the commercial banks the money supply of a country is usually a multiple larger than the money issued by the central bank that multiple is primarily determined by the reserve ratio set by the relevant banking regulators in the jurisdiction. edit Re-lending An early table featuring reinvestment from one period to the next and a geometric series is found in the tableau économique of the Physiocrats which is credited as the "first precise formulation" of such interdependent systems and the origin of multiplier theory . 8 edit Money multiplier Main article Money multiplier The expansion of $100 through fractional-reserve lending under the re-lending model of money creation at varying rates. Each curve approaches a limit. This limit is the value that the money multiplier calculates. The most common mechanism used to measure this increase in the money supply is typically called the money multiplier . It calculates the maximum amount of money that an initial deposit can be expanded to with a given reserve ratio – such a factor is called a multiplier . As a formula if the reserve ratio is R then the money multiplier m is the reciprocal m = 1 / R and is the maximum amount of money commercial banks can legally create for a given quantity of reserves. In the re-lending model this is alternatively calculated as a geometric series under repeated lending of a geometrically decreasing quantity of money reserves lead loans. In endogenous money models loans lead reserves and it is not interpreted as a geometric series. In practice because banks often have access to lines of credit and the money market and can use day time loans from central banks there is often no requirement for a pre-existing deposit for the bank to create a loan and have it paid to another bank. 9 10 The money multiplier is of fundamental importance in monetary policy if banks lend out close to the maximum allowed then the broad money supply is approximately central bank money times the multiplier and central banks may finely control broad money supply by controlling central bank money the money multiplier linking these quantities this was the case in the United States from 1959 through September 2008. If conversely banks accumulate excess reserves as occurred in such financial crises as the Great Depression and the Financial crisis of 2007–2010 – in the United States since October 2008 then this equality breaks down and central bank money creation may not result in commercial bank money creation instead remaining as unlent excess reserves. 11 However the central bank may shrink commercial bank money by shrinking central bank money since reserves are required – thus fractional-reserve money creation is likened to a string since the central bank can always pull money out by restricting central bank money hence reserves but cannot always push money out by expanding central bank money since this may result in excess reserves a situation referred to as " pushing on a string ". edit Alternative theories The above gives the mainstream economics theory of money creation. There are also a number of alternative heterodox theories of how money is created. Most notably post-Keynesian economics emphasizes endogenous money – that money is created by the internal workings of the financial system rather than by external forces such as policy actions of the central bank. Heterodox theories of money creation include Chartalism which holds that money is created by government deficit spending and emphasizes and advocates fiat money . Circuitist money theory held by some post-Keynesians which argues that money is created endogenously by the banking system rather than exogenously by central bank lending. Further they argue that money is not neutral – a credit money system is fundamentally different from a barter system and money and banks must be an integral part of economic models. Credit Theory of Money . This approach was founded by Joseph Schumpeter . 12 Credit theory asserts the central role of banks as creators and allocators of money supply and distinguishes between 'productive credit creation' allowing non-inflationary economic growth even at full employment in the presence of technological progress and 'unproductive credit creation' resulting in inflation of either the consumer- or asset-price variety . 13 edit See also Numismatics portal Fractional-reserve banking Central bank Federal Reserve Fiat currency Quantitative easing Inflation Money Money supply National bank Open market operations Reserve requirements Chartalism edit External links Reserve Requirements - Fedpoints - Federal Reserve Bank of New York Bank for International Settlements - The Role of Central Bank Money in Payment Systems edit References ^ US Federal Reserve historical statistics June 11 2009 ^ Federal Reserve Statistic February 17 2011 ^ Mankiw N. Gregory 2002 . Macroeconomics 5th ed. . Worth. pp. #160 81–107. #160 ^ Modern Money Mechanics ^ Bank for International Settlements - The Role of Central Bank Money in Payment Systems. See page 9 titled "The coexistence of central and commercial bank monies multiple issuers one currency" http // bis.org/publ/cpss55.pdf A quick quote in reference to the 2 different types of money is listed on page 3. It is the first sentence of the document "Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies." ^ European Central Bank - Domestic payments in Euroland commercial and central bank money http // ecb.int/press/key/date/2000/html/sp001109_2.en.html One quote from the article referencing the two types of money "At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time this monopoly came to be shared with commercial banks when deposits and their transfer via checks and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking cashless payment instruments became increasingly used at the expense of banknotes" ^ Chicago Fed - Our Central Bank http // chicagofed.org/consumer_information/the_fed_our_central_bank.cfm the reference is found in the "Money Manager" section "the Fed works to control money at its source by affecting the ability of financial institutions to "create" checkbook money through loans or investments. The control lever that the Fed uses in this process is the "reserves" that banks and thrifts must hold." ^ The multiplier theory by Hugo Hegeland 1954 p. 1 ^ "Disyatat P. 2010 The bank lending channel revisited." . Bank for International Settlements . http // bis.org/publ/work297.pdf . "Page 2. the concept of the money multiplier is flawed and uninformative in terms of analyzing the dynamics of bank lending. Page 7 When a loan is granted banks in the first instance create a new liability that is issued to the borrower. This can be in the form of deposits or a cheque drawn on the bank which when redeemed becomes deposits at another bank. A well functioning interbank market overcomes the asynchronous nature of loan and deposit creation across banks. Thus loans drive deposits rather than the other way around." #160 ^ "Paul Tucker Money and credit Banking and the Macroeconomy" . Bank of England . http // bankofengland.co.uk/publications/speeches/2007/speech331.pdf . " #160 banks....in the short run.....lever up their balance sheets and expand credit at will....Subject only but crucially to confidence in their soundness banks extend credit by simply increasing the borrowing customer's current account.....This 'money creation' process is constrained by their need to manage the liquidity risk from the withdrawal of deposits and the drawdown of backup lines to which it exposes them." #160 ^ Samuelson 1948 pp. 353–354 By increasing the volume of their government securities and loans and by lowering Member Bank legal reserve requirements the Reserve Banks can encourage an increase in the supply of money and bank deposits. They can encourage but without taking drastic action they cannot compel. For in the middle of a deep depression just when we want Reserve policy to be most effective the Member Banks are likely to be timid about buying new investments or making loans. If the Reserve authorities buy government bonds in the open market and thereby swell bank reserves the banks will not put these funds to work but will simply hold reserves. Result no 5 for 1 “no nothing ” simply a substitution on the bank’s balance sheet of idle cash for old government bonds. ^ see Richard A. Werner. 2005 New Paradigm in Macroeconomics Basingstoke Palgrave Macmillan ^ Richard A. Werner 2005 New Paradigm in Macroeconomics Basingstoke Palgrave Macmillan Samuelson Paul 1948 Economics #160 v · d · e Central banks Global Bank for International Settlements #160 · Financial Stability Board #160 · Basel Committee on Banking Supervision #160 By continent Africa Central Bank of West African States #160 · Bank of Central African States #160 · Bank of Algeria #160 · Central Bank of Angola #160 · Bank of Botswana #160 · Bank of the Republic of Burundi #160 · Bank of Cape Verde #160 · Central Bank of the Comoros #160 · Central Bank of the Congo #160 · Central Bank of Djibouti #160 · Central Bank of Egypt #160 · Bank of Eritrea #160 · National Bank of Ethiopia #160 · Central Bank of The Gambia #160 · Bank of Ghana #160 · Central Bank of the Republic of Guinea #160 · Central Bank of Kenya #160 · Central Bank of Lesotho #160 · Central Bank of Liberia #160 · Central Bank of Libya #160 · Reserve Bank of Malawi #160 · Bank of Mauritius #160 · Bank Al-Maghrib Morocco #160 · Bank of Namibia #160 · Central Bank of Nigeria #160 · South African Reserve Bank #160 · Bank of Somaliland #160 · Bank of Tanzania #160 · Central Bank of Tunisia #160 · Bank of Uganda #160 · Reserve Bank of Zimbabwe Americas Central Bank of Argentina #160 · Central Bank of Aruba #160 · Central Bank of The Bahamas #160 · Central Bank of Barbados #160 · Central Bank of Brazil #160 · Bank of Canada #160 · Central Bank of Chile #160 · Bank of the Republic Colombia #160 · Central Bank of Curaçao and Sint Maarten #160 · Eastern Caribbean Central Bank #160 · Bank of the Republic of Haiti #160 · Central Bank of Honduras #160 · Bank of Jamaica #160 · Bank of Mexico #160 · Central Bank of Nicaragua #160 · Central Reserve Bank of Peru #160 · Central Bank of Suriname #160 · Federal Reserve System United States #160 · Central Bank of Venezuela #160 · Central Bank of Trinidad and Tobago Oceania Reserve Bank of Australia #160 · Reserve Bank of Fiji #160 · Reserve Bank of New Zealand #160 · Bank of Papua New Guinea #160 · Central Bank of Samoa #160 · Central Bank of Solomon Islands #160 · National Reserve Bank of Tonga Asia Central Bank of Bahrain #160 · Bangladesh Bank #160 · Brunei Currency and Monetary Board #160 · National Bank of Cambodia #160 · People's Bank of China #160 · Reserve Bank of India #160 · Central Bank of Iran #160 · Central Bank of Iraq #160 · Bank of Israel #160 · Bank Indonesia #160 · Bank of Japan #160 · Central Bank of Jordan #160 · National Bank of Kazakhstan #160 · National Bank of the Kyrgyz Republic #160 · Bank of Korea #160 · Central Bank of the Democratic People's Republic of Korea #160 · Central Bank of Kuwait #160 · Banque du Liban #160 · Monetary Authority of Macao #160 · Bank Negara Malaysia #160 · Bank of Mongolia #160 · Central Bank of Oman #160 · State Bank of Pakistan #160 · Central Bank of the Philippines #160 · Qatar Central Bank #160 · Monetary Authority of Singapore #160 · Central Bank of Syria #160 · Central Bank of the Republic of China Taiwan #160 · Bank of Thailand #160 · Central Bank of the United Arab Emirates #160 · Central Bank of Uzbekistan #160 · State Bank of Vietnam #160 · Hong Kong Monetary Authority #160 · Palestine Monetary Authority #160 · Europe European Central Bank Eurosystem #160 · National Bank of the Republic of Abkhazia #160 · Bank of Albania #160 · Central Bank of Armenia #160 · Central Bank of Azerbaijan #160 · National Bank of the Republic of Belarus #160 · Central Bank of Bosnia and Herzegovina #160 · Bulgarian National Bank #160 · Croatian National Bank #160 · Czech National Bank #160 · Danmarks Nationalbank #160 · Bank of England United Kingdom #160 · National Bank of Georgia #160 · German Federal Bank #160 · Hungarian National Bank #160 · Central Bank of Iceland #160 · Bank of Italy #160 · Central Bank of Kosovo #160 · National Bank of Latvia #160 · Bank of Lithuania #160 · National Bank of the Republic of Macedonia #160 · National Bank of Moldova #160 · Central Bank of Montenegro #160 · Norges Bank #160 · Central Bank of the Turkish Republic of Northern Cyprus #160 · Polish National Bank #160 · National Bank of Romania #160 · Central Bank of Russia #160 · National Bank of Serbia #160 · Sveriges Riksbank #160 · Swiss National Bank #160 · Central Bank of the Republic of Turkey #160 · National Bank of Ukraine #160 Policies and implementation Policies Expansionary monetary policy #160 · Contractionary monetary policy #160 · Capital requirement Implementation Open market operations #160 · Capital control #160 · Discount rate #160 · Money creation #160 · Interest rates #160 · Sovereign wealth fund #160 Bretton Woods system World Bank umbrella organization International Bank for Reconstruction and Development #160 · International Finance Corporation #160 · International Development Association #160 · Multilateral Investment Guarantee Agency #160 · International Centre for Settlement of Investment Disputes #160 · International Monetary Fund List of central banks Names in 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Retrieved from " http //en.wikipedia.org/wiki/Money_creation " Categories Monetary policy Money Economics terminology Personal tools Log in / create account Namespaces Article Discussion Variants Views Read Edit View history Actions Search Navigation Main page Contents Featured content Current events Random article Donate to Wikipedia Interaction Help About Wikipedia Community portal Recent changes Contact Wikipedia Toolbox What links here Related changes Upload file Special pages Permanent link Cite this page Print/export Create a book Download as PDF Printable version Languages Deutsch Español Français Bahasa Indonesia 日本語 Polski Português Русский Tiếng Việt 中文 This page was last modified on 11 June 2011 at 15 24. Text is available under the Creative Commons Attribution-ShareAlike License additional terms may apply. See Terms of use for details. Wikipedia reg is a registered trademark of the Wikimedia Foundation Inc. a non-profit organization. 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