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Money Creation





Learning outcomesIntroductionMoney and inflationMoney: technical issuesThe simplicity of money creationBarterPrimitive moneyPrecious metal coin moneyMoney creation in the precious metal coin money ageIntroductionPillageCounterfeitingNew ore discoveries and miningClippingDebasementBank note and deposit moneyLearning outcomesIntroductionBank note moneyIntroductionPrecious metal deposits with goldsmithsPrecious metal loans by goldsmithsGoldsmith receipts as a means of paymentsGoldsmith loans by the issue of receiptsBankers' reservesBank deposit moneyIntroductionHistorical backdropBanking in EuropeRise of deposit banking in EnglandMoney creation: household sectorMoney creation: government sectorMoney creation: corporate sectorBank note convertibility into goldIntroductionConvertibility: past and presentBank of EnglandA note on the coins of oldFrom convertibility to inconvertibilityFinancial system and money marketLearning outcomesIntroductionThe financial system IntroductionLenders and borrowersFinancial intermediariesFinancial instrumentsFinancial marketsMoney creationPrice discoveryAllied participants on the financial systemThe money marketMoney market interest ratesThe interbank marketsIntroductionThe bank-to-central bank interbank marketThe central bank-to-bank interbank marketThe bank-to-bank interbank marketMoney creation and the central bank-to-bank interbank marketMoney creation: sources & fallaciesLearning outcomesIntroductionMeasuring moneyMoney identity: sources of money creation IntroductionExample: loan from bankExample: exportsExample: government issues bondsExample: bank notesMoney destructionBank deposits and the reserve requirementMoney creation: fallaciesIntroductionA bank receives a deposit...Deposit of notes and coinsGovernment spendingBank lending by a small commercial bankBanks are "fully lent"Bank liquidity managementLearning outcomesIntroductionWhat is bank liquidity?Rationale for a liquidity shortageAn analysis of bank liquidityIntroductionCentral bank sale of treasury billsCentral bank forex swap deal with banksSatisfied demand for a bank loanSurplus liquidityMonetary policyLearning outcomesIntroductionMoney and inflationA policy on money: then IntroductionEssence of monetary policy: managing interest ratesDevelopment of monetary policy: five periods before the Bank of EnglandBank of England: early days: some functionsBank of England: early days: lender of last resort & Bank rateMonetary policy after partial and final inconvertibilityA policy on money: now IntroductionFirm required reserves modelFirm borrowed reserves modelInterbank rate modelQuoins of monetary policyThe path of monetary policy: from interest to inflation
 
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