经济与社会科学2018bankofengland.co.uk
现代经济中的货币创造
Money creation in the modern economy (2014)
入门 · 约 45 分钟读完前置知识：宏观经济学基础、银行体系基本概念
导读
这篇英国央行 2014 年的季度简报解释现代经济中的货币创造机制：流通中的货币大部分并非由央行印钞产生，而是商业银行在放贷或购买资产时凭空创造；央行并不直接控制货币量，而是通过利率和资产购买计划间接影响货币总量。文章纠正了教科书中'央行先发基础货币、银行再放贷'的传统乘数模型。
HN 关注点：HN 读者长期关注货币创造这一颠覆常识的话题——多数人（甚至不少教科书）仍以为央行直接控制货币供应，而央行自己出面澄清银行放贷即创造货币，引发对货币体系本质和改革空间的讨论。
后来怎么样
这篇英国央行简报以官方身份确认了'银行放贷创造存款'的货币创造观，被广泛引用为对教科书货币乘数模型的权威纠正，并推动了货币经济学界对内生货币理论的重新讨论。
HN 评论精选
这几条评论里：支持 1 质疑 1 补充 2
补充详细解释银行放贷如何通过记账创造货币，以及资本充足率的约束
央行和商业银行都会创造货币。央行购买资产时以新创造的英镑支付，这是'央行货币'；商业银行放贷时，你的活期账户被记入 X（银行欠你），贷款账户被记入 X（你欠银行），净值为零，但可支出的钱变多了——货币就这样被创造出来。虽然这不是央行货币，但它以同样的英镑计价、有存款保险保障、可用于支付。实践中资本充足率要求限制了银行放贷规模：资产负债表越大，所需权益资本越多。
rahimnathwani查看英文原文
Some of the content is in this short video: https://www.youtube.com/watch?v=CvRAqR2pAgw Money is created by both the central bank and retail banks. When the Bank of England buys an asset, it pays in newly-created pounds. These pounds are an obligation of the central bank, i.e. a debt owed by the bank. So these pounds are 'central bank money'. When a commercial or retail bank gives you a loan, you have two accounts at the bank that move in opposite directions: - current account is credited by $X (bank owes you money) - loan account is debited by $X (you owe the bank) So the net effect is zero (the sum of all your balances with the bank is still the same as before the loan was made). But now there's more money in your current account, so there's more money available for you to spend. Money has been created. Even though this new money isn't central bank money: - it's denominated in the same units as central bank money (pounds) - it's almost as safe from default (it's protected by a deposit guarantee scheme) - you can use it to pay for things (bank transfers are widely accepted as a means of payment) In practice, there are capital adequacy requirements that limit how much banks can lend. They are required to keep a buffer between assets and liabilities (equity capital). As the bank's balance sheet gets bigger, more equity capital is required.
补充指出论文遗漏了政府赤字支出这一货币创造渠道，引出 MMT 视角
引用论文结论：流通中的货币大多由商业银行在放贷或购买资产时创造，央行并不直接控制基础或广义货币量，只能通过利率和资产购买计划间接影响。但讨论若不提政府赤字支出就不完整——这正是现代货币理论（MMT）的前提：货币发行方（如美国联邦政府）不像家庭那样受平衡预算约束，可以通过支出直接把货币创造出来；赤字可以发债融资，也可以直接印钞。
aazaa查看英文原文
From the conclusion: > This article has discussed how money is created in the modern economy. Most of the money in circulation is created, not by the printing presses of the Bank of England, but by the commercial banks themselves: banks create money whenever they lend to someone in the economy or buy an asset from consumers. And in contrast to descriptions found in some textbooks, the Bank of England does not directly control the quantity of either base or broad money. The Bank of England is nevertheless still able to influence the amount of money in the economy. It does so in normal times by setting monetary policy — through the interest rate that it pays on reserves held by commercial banks with the Bank of England. More recently, though, with Bank Rate constrained by the effective lower bound, the Bank of England’s asset purchase programme has sought to raise the quantity of broad money in circulation. This in turn affects the prices and quantities of a range of assets in the economy, including money. The discussion seems incomplete without mentioning government deficit spending. This is, after all, the premise of Modern Monetary Theory: that unlike households, currency issuers like the US federal government aren't under the same balanced budget constraints as households. Currency issuers can create money by spending it into being. Budget deficits can be financed through the issuance of bonds, which look a lot like loans. But they can also be financed by just printing the money. The end result is the same, money into the pockets of people, but the implications are very different. The MMT perspective is gaining ground, especially as the world's governments find it increasingly difficult to avoid deficit spending. A leading proponent (Kelton) proposes ditching deficit targets altogether in favor of inflation targets.
质疑推荐 Werner 的实证研究，认为其优于央行自身的表述
我认为 Richard Werner 关于银行如何创造货币的实证研究比银行体系自身（包括央行）的研究更好。他的研究让我意识到，连银行体系自己都不完全理解银行体系。（Werner 是'量化宽松'一词的创造者，最初描述日本战后重建的货币政策，后来影响了美联储对金融危机的应对。）
SkyMarshal查看英文原文
I think Richard Werner's empirical research on how banks create money is probably better than anything put out by the banking system itself, including the central banks. https://www.researchgate.net/publication/265909749_Can_Banks_Individually_Create_Money_Out_of_Nothing_-_The_Theories_and_the_Empirical_Evidence https://www.researchgate.net/publication/283907413_Do_banks_really_create_money_out_of_nothing_Another_empirical_test_of_the_three_theories_of_banking His work made realize that not even the banking system fully understands the banking system. (Werner is the economist that coined the term Quantitative Easing, originally created to describe Japanese post-WWII economic re-development monetary policy, research that later informed the US Fed's response to the GFC, among other things)
支持认为公众对货币创造机制的无知阻碍了系统性改革的可能性
大多数人不知道货币创造的真实机制，因此不理解现行机制及其（缺乏的）约束如何影响社会，也就看不到围绕货币创造与分配进行系统性变革、改善社会的潜力。推荐 Richard Werner 的演讲和 Steve Baker 在英国议会的演讲。
mendelsd查看英文原文
Most people are unaware of the true mechanism of money creation, therefore don't understand how the current mechanism and its (lack of) constraints affect society, therefore don't see the potential for societal improvement through systemic change around money creation and allocation. Prof Richard Werner is worth listening to on this topic. [1] I'd also recommend Steve Baker's heroic speech in UK parliament. [2] [1] https://youtu.be/9bQkfN_pe44 [2] https://youtu.be/bXOkmD8Eozs
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