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					 Ch.   29 The Monetary System
                                      We will learn about:
                                      •   화폐의 기능 (The functions and measurement of
                                          money)
                                      •   화폐의 양 (통화량)의 중요성
                                      •   통화량의 측정 지표 (The money multiplier)
                                      •   중앙은행에 의한 통화량 조절 (The Bank of
                                          Korea and its functions)
                                      •   예금은행의 통화 창출 과정과 예금통화 승수

Money is the set of assets in an
  economy that people regularly use
  to buy goods and services from
  other people.

• 화폐가 없다면? 물물교환 경제와
  쌍방간 요구의 일치[barter economy &
  double coincidence of wants].


                                                                                     1
Money has three functions in the economy: 1) Medium of
  exchange2) Unit of account, and 3) Store of value
   A Medium of Exchange교환의 매개수단 is an item that buyers give to
      sellers when they want to purchase goods and services. A medium of
      exchange is anything that is readily acceptable as payment.
   A Unit of Account회계의 단위 is the yardstick people use to post prices
      and record debts.
   A Store of Value가치의 저장수단 is an item that people can use to transfer
      purchasing power from the present to the future.

  We can also distinguish between commodity money물품화폐,
    which takes the form of a commodity with intrinsic value자체의
    가치 like gold, silver, cigarettes, and fiat money법화, which is

    used as money because of government decree. Fiat money
    does not have intrinsic value like coins, currency, and check
    deposits.

                                                                       2
            화폐의 정의: 두가지 기준


1. 이 물건이 교환의 매개로서 기능하고 있는가? 아
   니라면,
2. 이 물건을 교환의 매개로 얼마나 쉽게 바꿀 수 있
   는가? Liquidity is the ease with which an asset can be
   converted into the economy’s medium of exchange[유
   동성(liquidity: 자산을 교환의 매개로 얼마나 쉽게 바꿀 수 있는가)의 정도
   기준으로 화폐 여부를 결정




                                                          3
    화폐의 양, 통화지표: 왜 중요한가?
• 화폐는 소비자와 생산자 사이에 이루어지는 모든 경제거래를
  매개, 촉진하는 중요한 기능 수행
• 시중에 돈이 너무 많으면…
• 시중에 돈이 너무 부족하면…
• 따라서 국민경제의 안정적 발전을 위해 시중에 있는 돈의 양
  (통화량)을 적정수준으로 유지해야 하며이를 위해 우선 통화
  량을 파악해야 함
• 우리나라: 2002년 새 통화지표 개발, 공표
   – 종래 금융기관의 법적 지위 기준에서 금융상품의 유동성
     기준으로



                                     4
          협의의 통화 (M1)

• 통화의 지급결제기능 기준
  – 현금 및 기능면에서 쉽게 현금화
    할 수 있는 예금 (수표, 자동이체
    등)
  – 단기금융시장 유동성 지표
• 가장 좁은 의미의 통화량
  – 민간보유 현금 (기념화폐 제외한
    지폐와 동전)
  – 결제성 예금 (요구불 예금 및 수시
    입출식 저축성 예금)
                          M1
                           5
          광의의 통화 (M2)

• 지급결제기능과 가치저장수단으로서의
  기능
  – 약간의 이자만 포기하면 언제라도 인




                        M2
    출 가능한 예금 포함
  – 시중 유동성 지표
• M1 보다 넓은 의미의 통화량
  – M1
  – 기간물 정기예금, 적금, 부금
  – 시장형 금융상품
  – 실적형 금융상품
  – 거주자 외화예금
                          6
   Money in the Korean Economy (2003.12)
  10억원

                                                     M2
   898,069



                                            준통화 (Savings deposits)
                                            (기간물 예금 적금 부금+
                                             시장형 금융상품 (CD)+
                                              실적배당형 상품 +
                                               금융채 +기타))

                        M1
   298,953
               예금통화 (demand deposits)   • Everything in M1
                (요구불예금 수시입출식
              저축성예금: 투신사 MMF 포함)

                 현금통화 (currency)
             (기념주화를 제외한 민간화폐 보유액)
        0
                                                                     7
료 : 한국은행, 조사통계월보
           기타 통화지표

• 총유동성 (M3)
  – 현금통화+ 은행 및 비은행금융기관 예수금+ 금융채+
    상업어음매출 + 양도성예금증서 +환매조건부채권매
    도 + 표지어음
• 최광의 유동성지표 (L): 경제 전체 유동성
  – 현재 개발 중




                                   8
                             한국은행
The Bank of Korea (BOK) serves as the nation’s central bank.
   – It is designed to oversee the banking system. It regulates banks to
      ensure they follow banking laws intended to promote safe and
      sound banking practices.
   – It regulates the quantity of money in the economy.
   – It conducts monetary policy, which is the setting of the money
      supply by policymakers in the central bank.
   – It acts as a banker’s bank, making loans to banks and as a lender of
      last resort 최종 대부자.

             한국은행이 하는일:
   – 화폐의 발행.           –                   국고금수금 및 정부 대상 대출
   – 통화신용정책의 수립 및 집행. –                    대외지급준비자산의 보유운용
   – 금융기관 대상 예금 및 대출.  –                   은행 경영분석 및 검사
                       –                   경제조사 및 통계편제 등
                                                                        9
       Banks can influence the quantity of demand deposits in the
          economy and the money supply.
Reserves are deposits that banks have received but have not loaned
  out. 시중은행의 대출 관행이 통화량의 변화에 영향을 미친다. 이것을 이해하려면 부분
  지급 준비제Fractional Reserve Banking System를 이해 해야. In a fractional-reserve
  banking system, banks hold a fraction of the money deposited as
  reserves and lend out the rest[분지급준비제도란 시중은행이 고객의 예금 중 일부를 반드시 은
  행 ”금고”에 보관해야 하는 제도]

  The reserve ratio is the fraction of deposits that banks hold as
  reserves.
      When a bank makes a loan from its reserves, the money supply
       increases. The money supply is affected by the amount deposited
       in banks and the amount that banks loan.
          - Deposits into a bank are recorded as both assets and liabilities.
          - The fraction of total deposits that a bank has to keep as reserves is
             called the reserve ratio.
          - Loans become an asset to the bank.
                                                                                10
• This T-Account shows a bank that…
  – accepts deposits,
  – keeps a portion           제 1 은행 (만원)
    as reserves,         Assets     Liabilities
  – and lends out
    the rest.         Reserves     Deposits
                            10.00       100.00
  – It assumes a
    reserve ratio     Loans
    of 10%.                 90.00
                    Total Assets    Total Liabilities
                           100.00          100.00
                                                    11
• When one bank loans money, that money is generally deposited
  into another bank.
• This creates more deposits and more reserves to be lent out.
• When a bank makes a loan from its reserves, the money supply
  increases.
• How much money is eventually created in this economy?


• 지급준비율이 10%일때, 100만원의 예금이 얼마의 통화량을
  창조할 수 있을까?
• 연습: 먼저 장농속 100만원이 제1은행에 예금된다고 가정. 이
  중 90만원이 대출되고 이 90만원이 제2은행에 예금됨. [지
  금까지 증가한 예금액은? 통화량은?]
• 이 90만원 중 81만원이 다시 대출되면 . .

                                                             12
   First National Bank              Second National Bank
   Assets         Liabilities          Assets         Liabilities

Reserves         Deposits           Reserves         Deposits
      $10.00            $100.00           $9.00             $90.00

Loans                               Loans
        $90.00                              $81.00

Total Assets    Total Liabilities   Total Assets     Total Liabilities
        $100.00         $100.00             $90.00           $90.00

             Money Supply = $190.00!
                                                                  13
The money multiplier is the amount of money the banking
  system generates with each dollar of reserves.
The money multiplier is the reciprocal of the reserve ratio:
                           M = 1/R

   Ex) 지급준비율이 20% 이라면, 승수는 5.

한국은행이 통화량을 조절하는 방법: The BOK has three tools
 in its monetary toolbox:
  – Open-market operations공개시장조작
  – Changing the reserve requirement지금준비금의 조절
  – Changing the discount rate재할인율의 조절

                                                               14
Open-Market Operations      공개시장조작


  – The money supply is the quantity of money available in the
    economy.
  – The primary way in which the central bank changes the
    money supply is through open-market operations i.e buy
    government bonds from or sell government bonds to the
    public[한국은행이 금융시장에서 국채를 매입하거나 매각함으로써 시중에 유통되는 통화
    량을 조절].

     • Therefore, it follows that:
  통화량을 증가시키려면? To increase the money supply, the
    central bank buys government bonds from the public.
  통화량을 감소시키려면? To decrease the money supply, the
    central bank sells government bonds to the public.
                                                             15
Reserve Requirements    지금준비금의 조절

  – The central bank also influences the money supply with
    reserve requirements.
  – The reserve requirement is the amount (%) of a bank’s total
    reserves that may not be loaned out. It is the minimum
    amount of reserves that banks must hold against deposits[한국
    은행이 각 은행이 의무적으로 보관해야 하는 지급준비금의 비율을 조절함으로써,
    시중에 유통되는 통화량을 조절].
     • Therefore, it follows that:
  통화량을 증가시키려면: Increasing the reserve requirement
   decreases the money supply.
  통화량을 감소시키려면: Decreasing the reserve requirement
   increases the money supply.


                                                             16
Changing the Discount Rate        재할인율의 조절

  – The discount rate is the interest rate the central bank charges
    banks for loans[한국은행이 시중은행에 대한 대출금의 금리를 조절함으로써, 시중에
    유통되는 통화량을 조절].

      • Therefore, it follows that:
  통화량을 증가시키려면: Decreasing the discount rate
    increases the money supply.
  통화량을 감소시키려면: Increasing the discount rate
    decreases the money supply.




                                                                  17
The central bank’s control of the money supply is not precise and
  there are problems in controlling the money supply. The central
  bank must wrestle with two problems that arise due to fractional-
  reserve banking.
   – The central bank does not control the amount of money that
      households choose to hold as deposits in banks대출받은 사람이 과연
      전액을 모두 은행에 다시 예치할까? (절반만 예치한다면?)

   – The central bank does not control the amount of money that
     bankers choose to lend시중은행이 초과지급준비금을 전혀 보유하지 않을까?




                                                                 18
                           Summary
• The term money refers to assets that people regularly use to buy
  goods and services.
• Money serves three functions in an economy: as a medium of
  exchange, a unit of account, and a store of value.
• Commodity money is money that has intrinsic value.
• Fiat money is money without intrinsic value.
• The Bank of Korea regulates Korea’s monetary system.
• It controls the money supply through open-market operations or by
  changing reserve requirements or the discount rate.
• When banks loan out their deposits, they increase the quantity of
  money in the economy.
• Because the central bank cannot control the amount bankers choose
  to lend or the amount households choose to deposit in banks, the
  central bank’s control of the money supply is imperfect.

                                                                19

				
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