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A short course of lectures
«Money Creation»





Money destructionPrecious metal loans by goldsmithsThe financial system What is bank liquidity?Example: bank notesLearning outcomesMoney creation: fallaciesFinancial system and money marketPillageMoney and inflationMoney creation: government sectorRise of deposit banking in EnglandGoldsmith loans by the issue of receiptsBanking in EuropeNew ore discoveries and miningA note on the coins of oldPrecious metal coin moneyFirm required reserves modelLenders and borrowersA policy on money: now Central bank sale of treasury billsMoney creation: corporate sectorRationale for a liquidity shortageAn analysis of bank liquidityBanks are "fully lent"The money marketClippingMoney creation and the central bank-to-bank interbank marketPrimitive moneyA policy on money: then Monetary policyPrice discoveryFinancial marketsMoney identity: sources of money creation Bank of EnglandFirm borrowed reserves modelMoney and inflationThe simplicity of money creationMonetary policy after partial and final inconvertibilityBank liquidity managementDebasementLearning outcomesQuoins of monetary policyLearning outcomesLearning outcomesMoney: technical issuesGoldsmith receipts as a means of paymentsDeposit of notes and coinsHistorical backdropA bank receives a deposit...The interbank marketsFinancial intermediariesPrecious metal deposits with goldsmithsFinancial instrumentsBarterMoney creation: household sectorSurplus liquidityThe path of monetary policy: from interest to inflationSatisfied demand for a bank loanThe bank-to-bank interbank marketLearning outcomesBank note and deposit moneyBank of England: early days: some functionsMoney market interest ratesBank lending by a small commercial bankMeasuring moneyConvertibility: past and presentMoney creationExample: government issues bondsGovernment spendingAllied participants on the financial systemThe bank-to-central bank interbank marketMoney creation in the precious metal coin money ageBank deposit moneyBankers' reservesExample: exportsThe central bank-to-bank interbank marketCounterfeitingFrom convertibility to inconvertibilityBank deposits and the reserve requirementEssence of monetary policy: managing interest ratesBank note moneyExample: loan from bankCentral bank forex swap deal with banksInterbank rate modelBank of England: early days: lender of last resort & Bank rateBank note convertibility into goldMoney creation: sources & fallaciesDevelopment of monetary policy: five periods before the Bank of England
 
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