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https://www.bis.org/review/r180118c.pdf
Dakle:
When speaking about money, we need to distinguish between various types of money.
Especially important with regard to our topic is the distinction between central bank money
on the one hand and commercial bank money – i.e. deposits with commercial banks – on the other
Central bank money comprises banknotes in circulation and the sight deposits held by
commercial banks at the central bank.2 Both are legal tender, which means that no restriction
may be imposed on their acceptance.3
The breakdown of the monetary base into banknotes in circulation on the one hand and sight
deposits held by banks at the SNB on the other is determined by public demand for
banknotes.
Sight deposits are used by banks for cashless interbank payment transactions. Payments
between banks – or their customers – are effected via the Swiss Interbank Clearing (SIC)
system and result in the reallocation of sight deposits across the participating banks’ accounts
at the SNB. Moreover, banks are obliged to fulfil the minimum reserve requirements of the
National Bank Act, i.e. to hold sufficient reserves either in the form of banknotes or as sight
deposits with the SNB
A na drugoj strani, depoziti kod banaka
Deposits with commercial banks are distinct from central bank money. When speaking of
these deposits in my remarks today, I will be referring to the sight deposits – also known as
demand deposits – of their customers. Customers also hold savings and time deposits with
banks. These cannot be directly drawn on for transaction purposes, but they are cash
equivalents and are therefore included in broader definitions of money.
Bank customers can use their sight deposits to make payments. Unlike central bank money,
the deposits with commercial banks are not legal tender, but they do represent a claim on
central bank money. Bank customers can withdraw sight deposits in the form of banknotes,
i.e. central bank money, or instruct their bank to make a cashless payment. The latter leads to
a reallocation of SNB sight deposits – again, central bank money – from the customer’s to the
payment recipient’s bank
I kao potraživanje, depoziti kod banaka imaju rizik da ne budu naplaćeni u celosti (u zavisnosti od načina kako država to reguliše, to je onih 50.000 EUR kod nas):
From the public’s perspective, cash and deposits with commercial banks are virtually the
same for payment purposes. However, deposits are subject not only to the risk of inflation, but
also to credit risk. If their bank becomes insolvent, customers’ claims to central bank money
cannot be redeemed, or can be redeemed only up to the maximum amount covered by the
deposit guarantee scheme.
+ ovo u delu gde se govori o kreiranju depozita kod banaka kroz kreditno-depozitne poslove, pa onda o plaćanju
To execute the payment, the bank needs to have sight deposits with the SNB. If it holds
enough liquidity in the form of central bank money, the payment can be made without delay.
If not, the bank needs to obtain liquidity on the interbank market or via credit facilities at the
SNB, which only works if the bank has sufficient collateral in the form of securities or if it is
prepared to pay a premium
Our example illustrates the following key points: An individual commercial bank cannot use
the granting of loans to ensure a lasting increase in the deposits it holds. Due to payment
transfers, the deposit created by a loan flows out and disappears from the books of the lending
bank. For the banking system as a whole, however, things look different. The payment
transfer creates a new deposit at another bank. While the total volume of central bank money
remains unchanged, lending by an individual bank increases deposits in the banking system
and hence also the overall money supply
Na, ne znam zašto si, postavljajući link ka ovom članku citirao samo uvodni pasus, a preskočio čitavo poglavlje pod naslovom?
Why the image of ‘creating money out of thin air’ is misleading
Namera ili neznanje?
Evo šta kaže u tom poglavlju
Ladies and gentlemen, I have tried to somewhat demystify the subject of money creation by
the commercial banks. The topic has repeatedly become a focus of attention, especially
among bank critics, and the language used is often provocative. Featuring prominently is the
image of ‘privileged banks’ that can ‘create money out of thin air’. The image has a long
history, yet is often misunderstood. Some erroneously assume that banks are in a position to
raise funds via the creation of deposits and so ultimately pull themselves out of trouble by
their own bootstraps, as it were. This is, of course, nonsense. If it were true, there would be no
financial crises. Illiquid banks would always be able to create the money they need to meet
their obligations themselves. Reality is not like that. The deposits created by the banking
system belongs to the banks’ customers. It is the customers who can use it to procure goods or
services, or to meet financial obligations, not the banks.8
What also needs to be pointed out is that the impetus for credit and money creation comes not
from the banks, but from their customers. A bank sets the conditions and must be able to
transact the payments that its customers want to make with their deposits. But it is the
customers who decide whether or not they want to take up the bank’s offer.
The idea of ‘creating money out of thin air’ is more applicable to central banks. Since the
demise of the gold standard, central bank money can no longer be exchanged for gold. This
means that central banks really are in a position to simply ‘print money’, as the expression
goes, which enables them to meet their obligations in their own currency anywhere and at any
time. But even central banks face certain restrictions. Their tasks are defined by law, which in
most countries requires them to ensure price stability. The instruments that allow them to
create money thus serve the sole purpose of fulfilling a central bank’s legal mandate
Ima tu još stvari iz članka o kojima se može pričati, ali ovo izdvojeno je najvažnije za temu
Dakle:
When speaking about money, we need to distinguish between various types of money.
Especially important with regard to our topic is the distinction between central bank money
on the one hand and commercial bank money – i.e. deposits with commercial banks – on the other
Central bank money comprises banknotes in circulation and the sight deposits held by
commercial banks at the central bank.2 Both are legal tender, which means that no restriction
may be imposed on their acceptance.3
The breakdown of the monetary base into banknotes in circulation on the one hand and sight
deposits held by banks at the SNB on the other is determined by public demand for
banknotes.
Sight deposits are used by banks for cashless interbank payment transactions. Payments
between banks – or their customers – are effected via the Swiss Interbank Clearing (SIC)
system and result in the reallocation of sight deposits across the participating banks’ accounts
at the SNB. Moreover, banks are obliged to fulfil the minimum reserve requirements of the
National Bank Act, i.e. to hold sufficient reserves either in the form of banknotes or as sight
deposits with the SNB
A na drugoj strani, depoziti kod banaka
Deposits with commercial banks are distinct from central bank money. When speaking of
these deposits in my remarks today, I will be referring to the sight deposits – also known as
demand deposits – of their customers. Customers also hold savings and time deposits with
banks. These cannot be directly drawn on for transaction purposes, but they are cash
equivalents and are therefore included in broader definitions of money.
Bank customers can use their sight deposits to make payments. Unlike central bank money,
the deposits with commercial banks are not legal tender, but they do represent a claim on
central bank money. Bank customers can withdraw sight deposits in the form of banknotes,
i.e. central bank money, or instruct their bank to make a cashless payment. The latter leads to
a reallocation of SNB sight deposits – again, central bank money – from the customer’s to the
payment recipient’s bank
I kao potraživanje, depoziti kod banaka imaju rizik da ne budu naplaćeni u celosti (u zavisnosti od načina kako država to reguliše, to je onih 50.000 EUR kod nas):
From the public’s perspective, cash and deposits with commercial banks are virtually the
same for payment purposes. However, deposits are subject not only to the risk of inflation, but
also to credit risk. If their bank becomes insolvent, customers’ claims to central bank money
cannot be redeemed, or can be redeemed only up to the maximum amount covered by the
deposit guarantee scheme.
+ ovo u delu gde se govori o kreiranju depozita kod banaka kroz kreditno-depozitne poslove, pa onda o plaćanju
To execute the payment, the bank needs to have sight deposits with the SNB. If it holds
enough liquidity in the form of central bank money, the payment can be made without delay.
If not, the bank needs to obtain liquidity on the interbank market or via credit facilities at the
SNB, which only works if the bank has sufficient collateral in the form of securities or if it is
prepared to pay a premium
Our example illustrates the following key points: An individual commercial bank cannot use
the granting of loans to ensure a lasting increase in the deposits it holds. Due to payment
transfers, the deposit created by a loan flows out and disappears from the books of the lending
bank. For the banking system as a whole, however, things look different. The payment
transfer creates a new deposit at another bank. While the total volume of central bank money
remains unchanged, lending by an individual bank increases deposits in the banking system
and hence also the overall money supply
Na, ne znam zašto si, postavljajući link ka ovom članku citirao samo uvodni pasus, a preskočio čitavo poglavlje pod naslovom?
Why the image of ‘creating money out of thin air’ is misleading
Namera ili neznanje?
Evo šta kaže u tom poglavlju
Ladies and gentlemen, I have tried to somewhat demystify the subject of money creation by
the commercial banks. The topic has repeatedly become a focus of attention, especially
among bank critics, and the language used is often provocative. Featuring prominently is the
image of ‘privileged banks’ that can ‘create money out of thin air’. The image has a long
history, yet is often misunderstood. Some erroneously assume that banks are in a position to
raise funds via the creation of deposits and so ultimately pull themselves out of trouble by
their own bootstraps, as it were. This is, of course, nonsense. If it were true, there would be no
financial crises. Illiquid banks would always be able to create the money they need to meet
their obligations themselves. Reality is not like that. The deposits created by the banking
system belongs to the banks’ customers. It is the customers who can use it to procure goods or
services, or to meet financial obligations, not the banks.8
What also needs to be pointed out is that the impetus for credit and money creation comes not
from the banks, but from their customers. A bank sets the conditions and must be able to
transact the payments that its customers want to make with their deposits. But it is the
customers who decide whether or not they want to take up the bank’s offer.
The idea of ‘creating money out of thin air’ is more applicable to central banks. Since the
demise of the gold standard, central bank money can no longer be exchanged for gold. This
means that central banks really are in a position to simply ‘print money’, as the expression
goes, which enables them to meet their obligations in their own currency anywhere and at any
time. But even central banks face certain restrictions. Their tasks are defined by law, which in
most countries requires them to ensure price stability. The instruments that allow them to
create money thus serve the sole purpose of fulfilling a central bank’s legal mandate
Ima tu još stvari iz članka o kojima se može pričati, ali ovo izdvojeno je najvažnije za temu
Poslednja izmena:
