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A penny is a loan - Savluk M.I.


Oskіlki zmіna masi pennies in circulation are almost always in a drain on the main economical processes, but I’m just in podrozdіlі 2.4, it’s important to understand the mechanism of such a change - zbіlshennya zhienshennya masi gros.

Zminіvati masu pennies in circulation in Ukraine can tilki bank system. Please note that the change is reached by the central bank of the commercial and commercial banks. On the sum of the ready-made and ready-made clothes, the ready-made and ready-made components of a grocery mask and a back cover of an oath. At the same time, the central bank is emoticon-free and penniless, and the commercial bank is only nickel-free.

Емісія Готівки є the NBU monopoly right; I want to let them go into circulation; I Н NBU, і commercial banks1. While Aleksin’s commercial bank doesn’t cover the start of the weekly purchase process at its own cash desk, the credit card cannot be purchased, but the purchase is made at the central bank. The issue of the NBU's offerings is through sales to commercial banks. Significant part of this entire issue is welcome for the purchase racket of the NBU of getting ready at commercial banks. If there is no need to buy money, the National Bank of Ukraine will not take the money for the loan, except for the money. For the sake of the Gotіvkovo emіsії zrosta the oath of the groshovy base and a significant number of indicators of the groshovy mas in usih її units2.

Vipusk by the central bank of pennies without money in the following ways:

* nadannyy a little sign for commercial banks with a gentry of refinansuvannya;

* through the purchase from commercial banks of valuable folders;

* through a purchase from a commercial bank and a foreign currency bank to replenish the gold and foreign exchange reserve.

In all of these problems there are larger stocks of cash on the banks of the commercial banks at the NBU, which will show the remaining issue of pennies. At once, commercial banks, through quiet channels, repay their goiters before the NBU, which means the sale of penniless pennies. Redistribution of a permit over viluchennyam means an empty banknote by the central bank; for the sake of such zrosta, there is a mass of pennies in circulation.

The commercial banks, as it were, were to be taken away, take the fate of the homeless beggarly pennies, and then pour them on the bezgovychivy component of the penniless mash, and through it, on the whole obedience of the penniless mash in circulation. Mechanism of penniless by commercial banks is quite possible, lower mechanics of NBU, and polyana of penniless credit and multiplier deposits and deposit deposits.

A penny-credit multiplier is a process of making new bank deposits (pennies without credit) with credit banks by banks on the basis of additional reserves, which have been sent to the bank.

Shchob more clearly understand the mechanism of a penny-credit multiplier, let’s take a look at the designation and order of form of reserve reserves in banks.

Large reserve - the price of money for a commercial bank, as in Denmark, in a regular bank and can be used for active operations.

In addition to the bank reserve reserve, which is the entire amount of pennies, as at the moment in Denmark, there is a bank and not for active operations. A part of the canister of the canister of guilty zberigati in penny form and not victorious for precise consumption. Qia partin called obov'zovkovy reserve. The oath of liability shall be indicated on the basis of the norms of the provisions of the reserve, as well as the NBU at the bank to the sum of the bank passives. Riznitsya middle and first reserve reserves become a reserve bank.

P r and to l and d Stan at 1 sichnya 2000 r. commercial bank A MAV on its own correspondent rahunka in the NBU 30.0 mln hryvnia, at its cashier's office - 2.0 mln hryvnia. Pass the bank on qiu date became 120.0 million UAH. Norm obov'yazkovogo reserve hardened by the NBU at 17%. Vihodichi zih Danih, zagalny obag tank reserve on the ear 2000 r. becomes 32.0 million UAH. (UAH 30.0 million + UAH 2.0 million); obovyazkovy reserve - 20.4 million UAH.

((120 million UAH * 17%) / 100) reserve reserve - 9.6 million UAH. (UAH 30.0 mln. - UAH 20.4 mln.).

Behind an economical form of form a reserve reservoir (RV), you can pay as follows:

Formula Formula

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de K - capital bank;

ЗК - the bank has got a cash deposit;

MBK - the balance of the bank’s bankruptcy under the interbank loan, including the NBU credit;

VSF - vіdrakhuvannya to the centralized insurance fund;

A0 - deposit to the bank in active operations, not turned to Denmark moment;

Ohr - obov'yazkovy reserve.

Appearance of a vial reserve is an important indicator of a financial stand for a bank, before we can help to get our own goiters, I will drink poaches before the customers and their satisfaction. There is a turn indicator, on one side, for a bank with a continuous liquidity bank, and for one, a bank loan potential. Zavdyaki tsyomu through the regulation of major reserves of banks can be redeemed at the third financial institution and at the second quarter of the year and the masses of pennies in circulation.

For z'yasuvannya mehanizmu penniless and credit multiplicatively zrobimo admitted:

* the central bank having credited one commercial bank A at the given month;

* commercial banks on the cob of the month do not hold large reserves;

* banks vikoristovuyut news of the reserve reserves of banks for credit of their own customers and banks in non-repayable form;

* The norm of obyazykovy reserve in the given month became 12%.

Roszhanemo mehanizmi m ultiplіkatsіі z vіdrazobrazhennyam ruhu koshtіv on the balance sheets of banks. In balance schemes, we’ll be able to see the details, according to the type, the amount and the amount of the straight line (the “+” sign means that the sign is correct, the “-” sign means that it is unchanged). Putting the order down with the sum of the digits in digits (1a, 16, 2a in total) means the number of the transaction, as the reason for the number. Sumy according to the article "Pidsumok" show how much money is in circulation to the bank of the oath of the heaped koshtіv (deposit pennies) that yogo rozmіschennya.

About the operator a) on the 5th of the day, the NBU saw a commercial bank A little sign for the sum of 10.0 million UAH. for credit card fragments; zagalny reserve to a bank

b) Bank A, having seen a bundle of fork, seeing the number of a sewing factory in the amount of UAH 8.8 million, yanking over a pink rachunka. Rasht 1.2 million UAH. got into a korhrahunka

Bank A for the provision of a binding reserve ((UAH 10.0 mln * 12%) / 100);

c) the garment factory paid 8.8 mln hryvnia for that very day for fabric purchased from a trade organization, yak servicing Bank B.

Impossible transaction No. 1 on the balance of Bank A.

small 10

Commercial Bank Balance

It can be seen from the hovering tribute, by sending all the required balance to the bank And the amount of 10 million UAH. That means that in the current year it was 10.0 mln hryvnias, as well as for the NBU for a loan to a bank. On qiu sum zrosta і zagalna masa pennies in circulation. Bank A and himself adjusting the penniless pennies for a total of 8.8 million UAH. (for transaction 16), ale voni went into circulation with Bank B (for transaction Ів) and appeared on the balance sheet. Yakbi is a trading organization, a small penny is banknote small, the banknote is small in bank A, then the balance bag is in the left, and the next is the oath of the deposit pennies in the second turnover, the amount is 18.8 million UAH.

First show how to reserve the balance on the Bank B, which is described as the lower cost, as well as a consolidated trade organization.

a) Cohesion of the trade organization 8.8 million UAH. insured on banknote from Bank B; on qiu sum at ny zb_shshivshisya zagalny reserve;

b) for the growth of reserves, Bank B on the 9th of the day put a small amount of furniture factory in the amount of UAH 7.75 million. (Vilnius reserve), yak having retransmitted to the Rosrachunch rachunka. Resht reserve (1.05 mln hryvnia) the bank having secured on its own crunches for the best possible reserve ((+ 8.8 * 12%) / 100)

c) On the 10th of the year, the furniture factory, having quickly sold the bag of poems, paid my borgs to the wood processing plant (DOK 1) for the purchase of earlier lisomateriali. MLC 1 to be serviced by Bank B.

Operation 2 is indicated so as to appear on the balance of Bank B:

Commercial Bank Balance

small 11

From the table, you can see the following:

* the balance of the bank B has lost the visible name of the reserve reserve with the co-operative credit account of the central bank, the first reason for the whole reason for the loss;

* here is the rule of law itself, which is in the balance of the bank A: payment to the bank, to your counterparty - to the bank, to reduce the amount to the amount of payment of current deposits and reserve to the bank;

* Independent of the loss of a larger part of the increase in the reserve, Bank B has a priority deposit for the amount of UAH 8.8 mln., as well as reserve for a mall of trading organizations.

In the result of operation 2 c) the reserve reserve was shifted to the balance of the bank B. Submission of reserve reserves was doubled on the basis of the transaction 3.

a) on the 13th of 7.75 million UAH. You’ve come to the dock DOK No. 1 at Bank B, for a certain sum of money there has been a large reserve;

b) for the bank growth reserve bank On the 14th, after seeing the trade organization "Skif" a sign for the amount of 6.85 million UAH. and retelling on a rakhunok. Reshta 0.9 million UAH. cash in the jar for a better report of the language reserve ((+ 7.75 * 12%) / 100);

c) the trade organization "Skif" on the same day, for a rag of used poems, paid the borg wholesale organization for the amount of UAH 6.85 million. Wholesale organization servicing Bank G.

Operation 3 matime such a viglyad on the balance of the bank In:

Jar balance

small 12

The reserve balance sheet for the bank In general, I repeat the balance sheet balance for Bank B, there are only a few smaller reserves, and most of the reserves are included in the reserve reserves. The sum of the heaped money from Bank B has grown up, it has grown by 7.75 million hryvnias, the amount of money spent on groceries at DOK No. 1 has gone too far.

You will have the opportunity to reserve the same money at the bank and the bank. The increase in deposit on rakhunki and the increase in reserve at the skin attacking bank will be smaller, lower at the front one at the rate of standard reserve reserve. That means that the process of growing bank deposits (deposit pennies) is worth selling to the docks, the entire amount of the additional deposit (UAH 10.0 mln.) Allocated to the NBU Commercial Bank A, not having to reserve yourself in the reserves of a whole number of banks.

Let’s take a look at the process from the side: as in the scale of the banking system and the flow of money into the bulk of pennies in circulation.

The result of multiplication dodatkova masa pennies, I have already gone to the bank system, there is a clear increase in the amount of growth in deposits at quiet commercial banks, through which I passed the multiply "hvilya". Visota i dovzhina tsієї "hvilі" deposits od obsyagu dodatkovo administration in rezervіv system that rate obov'yazkovogo rezervuvannya.

Let’s take a closer look at the quiet butts themselves, as a matter of fact, they analyzed thoroughly the amount of reserves in banks, for remembering that the norm of reserve reserves should become 12% (Table 2.2).

The process of pennant credit multiplications

small thirteen

It can be seen from the hovering tribute, the process of multiplying money by giving the NBU pointers to Bank A in the amount of UAH 10.0 million. The retention of price points called up to pass A bank, and after the reserve, by 10.0 million UAH. Part of the increase in reserves (UAH 1.2 million) will be credited to Bank A in the central bank for a better reserve, while in the middle of the reserve, the bank will give a loan to its customers (UAH 8.8 million). Oskilki won a pozichku client bank vitrativ payments to the counterparty, scho to be serviced by Bank B, 8.8 million UAH. violated the turnover of the bank A and that winnings in the same amount of their reserves. Remaining with the bank A passive increased by UAH 10.0 million, reserves - by UAH 1.2 million. I vimoga for giving pozavichkami - for 8.8 million UAH., That is why the passive activity was much the same.

Nadhodzhennya pennies in the amount of 8.8 million UAH. from bank A to bank B In the same period of time there will be the same rubble, like in bank A: part of the increase in the reserve (UAH 1.05 mln.) To be deposited in bank B at the central bank; a liability deposit was seen in total reserves (UAH 7.75 mln), which was called up by Vitry Bank to sum up the current reserve amount, moreover, the name of the voucher bank for payments to the bank’s first bank and, therefore, were transferred to Bank B. Otzhe, save bank B for more than 8 , UAH 8 mln., Reserves - by UAH 1.05 mln., Vimogs for donating poems - by UAH 7.75 mln., While passive assets grew by UAH 8.8 mln.

For all the banks in the past, banks and reserves will be the same, as in banks A and B. By zagalom for commercial banks, passive grew by 83.3 million UAH, reserves - by 10.0 million UAH, and above the poems - by 73.3 million UAH From the total amount of growth in bank passives UAH 10.0 million it is secured for pechki poichki, gained in the central bank, and 73.3 million UAH. - increase in deposits on customers ’banknotes - it is secured by credit from third-party commercial banks.

It is independent of those who have a leather okremia bank having put on supplementary credit cards between the largest reserves, who have already gone into the first round, the whole bank system has opened (increased) deposit pennies much more, and lower to the central bank. The fate of the commercial banks is clearly manifested in the hands of the largest peasants, and the servants are penniless.

The credit and credit multiplier (coefficient of multiplier) is determined by the norms of the reserve reserve (r) and is denoted by the formula m = 1 / r. r, de delta - cob prist

reserve, scho having caused the process of multiplication. Protein factual multiplication factors can be seen in the form of a roshrakhunkovoy, but in the process of multiplication they can absorb the latest officials. For example, vikoristannya klіntami bankіv posozhenich koshtіv for gothіvkovyh payments іn pererivaє processes of multiplications і znizhuє yogo ryven. The same inflow of lesser poit for poets and that of pozichkovy percent. In both of these falls, the oath should be lowered by banks, a little poem, satisfied with love cards of different customers, for whom there is a change in the form of their deposit deposits.

Chinnikov’s water hour will accelerate the multiplication process. A penny-credit multiplier can be “not suitable” if the pennies were added to the bank by the central bank through a credit card (in our application, bank A). You will be able to reach this same effect, just reserve one of the banks to grow up a lot of money for getting ready for the customer’s meeting, or even a small singing bank to keep your reserves with a whore, selling parts of your assets to a central bank, for example.

I look at the name of the official multiplier indicator, declining to the hour of song (mm), thoroughly recognizing the number of pennies in circulation (penny proposition) to the sum of the penny for the formula:

multiplier indicator

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de M0 - masa of ready-made turn in pose by banks;

D - a mass of pennies in deposits of commercial banks;

R - the sum of reserves of commercial banks (pennies on the banks and in cash banks).

Roses for the price of the methodology of the multiplier camp for 1 year 2000r. in Ukraine, having risen 1.18 and decreased in 1999 by 2.0%.

The process of a penny-credit multiplicative vidigra is important for a secured proposition of pennies vidovidno to consumer economic turnover. Prote nadmіrne pіdvishchenny yogo ryvnya can lead up to the destruction of rivnovagi on a penny market and strengthening інфляції. Moreover vazhlivim zavdannyam central bank Je correctly viznachennya tendentsії zmіni rіvnya multiplіkatsії, svoєchasne regulyuvannya Yogo vіdpovіdno to tsіley penny-kreditnoї polіtiki. Such regulation should be secured by the winter norms of the reserve reserves, by the excess of the cob growth of the bank reserves, and by the banks of large reserves by the banks for the whole loan reserve. Live in, come on, the central bank can efficiently transfer money to commercial banks to reach the value of credit and credit policies.


1. A penny turnover is the process of uninterrupted waste of pennies in the most complete forms of sub-transactions of economic vidnosin. Vin service flows of products and income from suspension.

2. A grocery turnover is stocked up with no big number of grocery streams, anyway, you can do it one by one, go one at a time into one that is completely balanced. In order to penniless turnover, the nature of a closed, one, unbalanced process, irrespective of the fact that in some forms of pennies, I can see that in any way stinks are brought to pieces.

3. Beyond the economical purposes of the district of groshy streams, the largest groshny turnover is divided into three sectors: groshiy obig, a kind of service staff, realization, exchange and sharing of material values ​​and service; credit turnover, scho serviceman’s displacement of bartosti and economical sub-accounts on large, equivalent and paid ambushes; fiscal-budgetary turnover, a kind of service staff, more than one economic sub-accounts.

4. Groshova masa є the key indicator of a penny turnover, and the regulation of the oath of responsibility - the highest way to reach the value of a penny-credit policy. That is more correct in recognizing an oath, in structure and in favor of the name of a groshovo masi nabuva, an important theoretical and practical value. The practice of viznacha masu pennies (M) on such ambushes is very common:

* вимірювання грошової маси здійснюється з двох боків: 1) з боку центрального банку як емісійного центру країни (відповідний показник грошової маси називається грошовою базою); 2) з боку економічних суб'єктів - власників наявних в обороті запасів грошей (відповідні показники грошової маси (М) називаються грошовими агрегатами);

* в обсяг М включаються всі запаси грошей, які є в розпорядженні економічних суб'єктів (крім банків), незалежно від їх форми, призначення, термінів зберігання;

* грошові агрегати диференціюються залежно від відмінностей у рівнях ліквідності окремих видів грошових запасів; оскільки ці відмінності помітно різняться по окремих країнах, то в кожній з них установлюється свій набір і зміст грошових агрегатів. В Україні визначаються чотири агрегати - M0, Ml, M2, МЗ.

5. Швидкість обігу грошей характеризує частоту їх переходу від одного суб'єкта грошового обороту до іншого. Зміна швидкості обігу грошей має відчутні економічні наслідки - передусім впливає на формування платоспроможного попиту і рівня цін, на кон'юнктуру грошового ринку, а отже - на рівень процента і валютного курсу. Отже, фактор швидкості грошей істотно деформує зв'язок між масою грошей в обороті і цінами, що свідчить про неточність постулатів кількісної теорії грошей. Дж. М. Кейнс вважав неможливим наперед визначити дію цього фактора і тому поставив під сумнів практичне значення постулатів кількісної теорії, передусім на коротких відрізках часу. М. Фрідман вважав за можливе прогнозувати зміну швидкості грошей і враховувати цей фактор при регулюванні впливу М на ціни на коротких часових відрізках. На довгих відрізках часу зміни швидкості грошей незначні і тому вважається за можливе абстрагуватися від цього фактора в грошово-кредитній політиці.

6. Зміна маси грошей в обороті - основний фактор впливу грошей на реальну економіку. З огляду на це важливого значення набуває створення ефективного механізму зміни маси грошей в обороті. Найбільш ефективним може бути механізм емісії грошей на кредитній основі. У цьому механізмі беруть участь як центральний, так і комерційні банки. Центральний банк емітує на монопольних засадах готівкові гроші в оборот і вилучає їх з обороту, а також бере участь в емітуванні безготівкових грошей. Комерційні банки здійснюють емісію тільки безготівкових грошей через механізм грошово-кредитного мультиплікатора.

Запитання для самоконтролю

1. Визначте сутність та основні риси грошового обороту. Які дискусії є в літературі з цього приводу?

2. Назвіть основні потоки грошей, по яких вони рухаються в процесі обороту. Що таке потоки втрат і потоки ін'єкцій? Чи збігаються обсяги цих двох груп потоків?

3. Які два потоки в грошовому обороті рівнозначні і повинні балансуватись?

4. Назвіть вхідні і вихідні потоки у групи суб'єктів "сімейні господарства" і поясніть, як вони балансуються.

5. Поясніть, чому у відкритій економіці наявність чистого імпорту спричиняє необхідність припливу капіталу, а чистого експорту - відпливу капіталу з країни?

6. На які три сектори можна розділити грошовий оборот за економічним змістом його потоків?

7. Який з названих запасів грошей найповніше характеризує обсяг маси грошей в обороті:

- готівка, що перебуває поза банками;

- уся готівка, емітована центральним банком;

- гроші, що перебувають на поточних рахунках у банках;

- гроші, що перебувають у розпорядженні суб'єктів грошового обороту?

8. Чому існують два підходи до виміру маси грошей - через грошову базу і через грошові агрегати?

9. Чому в різних країнах застосовується свій набір грошових агрегатів і різне наповнення кожного з них?

10. Чи можна вважати нормальними сп іввідношення грошових агрегатів М0 і МЗ в Україні? Якщо ні, то чому і чим таке співвідношення спричинене?

11. Який з українських грошових агрегатів виражає:

- запас найліквідніших грошей;

- запас грошей з усім спектром ліквідності, що фактично склався;

- найвужчі гроші;

- найширші гроші.

12. Чи входить до агрегату М0 запас готівки в касах комерційних банків? Обгрунтуйте свою відповідь.

13. Чи входить до агрегату МЗ запас грошей, який зберігають комерційні банки на своїх коррахунках у центральному банку? Обґрунтуйте свою відповідь.

14. Чи є зміна швидкості обігу грошей самостійним фактором впливу на ринкову кон'юнктуру чи це лише механічний наслідок зміни маси грошей, коли при збільшенні маси швидкість зменшується, а при зменшенні - збільшується?

15. Коли можливо абстрагуватися від зміни швидкості обігу грошей при визначенні завдань грошово-кредитної політики, а коли не можливо?

16. Коли зростання швидкості грошей можна розцінювати як позитивне явище, а коли як негативне?

17. Поясніть, чому при наданні банками позичок виникає грошово-кредитна мультиплікація?

18. Визначте, на яку суму зростуть за тиждень пасиви комерційного банку А за таких умов:

- у понеділок торговельна організація внесла на свій рахунок 150,0 тис. грн.;

- за рахунок і в обсязі вільного резерву, що виник, банк у вівторок надав кредит приладобудівному заводу;

- у середу завод за рахунок одержаної позички розрахувався з метало-базою, що також є клієнтом банку А;

- у п'ятницю банк за рахунок нового вільного резерву і в повній його сумі надав кредит автотранспортному підприємству і переказав на його поточний рахунок. До кінця робочого дня це підприємство не використало наданої позички;

- норма обов'язкового резервування на цьому тижні становила 20%.