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Money Creation - Prof. Dr AP Faure

Money Creation: An Introduction 1st edition

© 2013 Quoin Institute (Pty) Limited ISBN 978-87-403-0603-3

Year 2013

1. Introduction and early history1.1. Learning outcomes1.2. Introduction1.3. Money and inflation1.4. Money: technical issues1.5. The simplicity of money creation1.6. Barter1.7. Primitive money1.8. Precious metal coin money1.9. Money creation in the precious metal coin money age1.9.1. Introduction1.9.2. Pillage1.9.3. Counterfeiting1.9.4. New ore discoveries and mining1.9.5. Clipping1.9.6. Debasement2. Bank note and deposit money2.1. Learning outcomes2.2. Introduction2.3. Bank note money2.3.1. Introduction2.3.2. Precious metal deposits with goldsmiths2.3.3. Precious metal loans by goldsmiths2.3.4. Goldsmith receipts as a means of payments2.3.5. Goldsmith loans by the issue of receipts2.3.6. Bankers' reserves2.4. Bank deposit money2.4.1. Introduction2.4.2. Historical backdrop2.4.3. Banking in Europe2.4.4. Rise of deposit banking in England2.4.5. Money creation: household sector2.4.6. Money creation: government sector2.4.7. Money creation: corporate sector2.5. Bank note convertibility into gold2.5.1. Introduction2.5.2. Convertibility: past and present2.5.3. Bank of England2.5.4. A note on the coins of old2.5.5. From convertibility to inconvertibility3. Financial system and money market3.1. Learning outcomes3.2. Introduction3.3. The financial system 3.3.1. Introduction3.3.2. Lenders and borrowers3.3.3. Financial intermediaries3.3.4. Financial instruments3.3.5. Financial markets3.3.6. Money creation3.3.7. Price discovery3.3.8. Allied participants on the financial system3.4. The money market3.5. Money market interest rates3.6. The interbank markets3.6.1. Introduction3.6.2. The bank-to-central bank interbank market3.6.3. The central bank-to-bank interbank market3.6.4. The bank-to-bank interbank market3.6.5. Money creation and the central bank-to-bank interbank market4. Money creation: sources & fallacies4.1. Learning outcomes4.2. Introduction4.3. Measuring money4.4. Money identity: sources of money creation 4.4.1. Introduction4.4.2. Example: loan from bank4.4.3. Example: exports4.4.4. Example: government issues bonds4.4.5. Example: bank notes4.4.6. Money destruction4.4.7. Bank deposits and the reserve requirement4.5. Money creation: fallacies4.5.1. Introduction4.5.2. A bank receives a deposit...4.5.3. Deposit of notes and coins4.5.4. Government spending4.5.5. Bank lending by a small commercial bank4.5.6. Banks are "fully lent"5. Bank liquidity management5.1. Learning outcomes5.2. Introduction5.3. What is bank liquidity?5.4. Rationale for a liquidity shortage5.5. An analysis of bank liquidity5.5.1. Introduction5.5.2. Central bank sale of treasury bills5.5.3. Central bank forex swap deal with banks5.5.4. Satisfied demand for a bank loan5.5.5. Surplus liquidity6. Monetary policy6.1. Learning outcomes6.2. Introduction6.3. Money and inflation6.4. A policy on money: then 6.4.1. Introduction6.4.2. Essence of monetary policy: managing interest rates6.4.3. Development of monetary policy: five periods before the Bank of England6.4.4. Bank of England: early days: some functions6.4.5. Bank of England: early days: lender of last resort & Bank rate6.4.6. Monetary policy after partial and final inconvertibility6.5. A policy on money: now 6.5.1. Introduction6.5.2. Firm required reserves model6.5.3. Firm borrowed reserves model6.5.4. Interbank rate model6.5.5. Quoins of monetary policy6.6. The path of monetary policy: from interest to inflation
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