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A short course of lectures
«Money Creation»





Convertibility: past and presentPrecious metal deposits with goldsmithsDeposit of notes and coinsLearning outcomesPrecious metal loans by goldsmithsThe bank-to-central bank interbank marketBanking in EuropeMoney creation: sources & fallaciesMoney creationDevelopment of monetary policy: five periods before the Bank of EnglandCentral bank sale of treasury billsMoney identity: sources of money creation The financial system Goldsmith loans by the issue of receiptsExample: bank notesLearning outcomesFirm required reserves modelFrom convertibility to inconvertibilityExample: loan from bankThe central bank-to-bank interbank marketBank of England: early days: some functionsRationale for a liquidity shortageCentral bank forex swap deal with banksPillageThe simplicity of money creationThe interbank marketsPrecious metal coin moneyMonetary policyLearning outcomesBank of England: early days: lender of last resort & Bank rateFinancial marketsA note on the coins of oldSatisfied demand for a bank loanThe path of monetary policy: from interest to inflationMoney: technical issuesCounterfeitingHistorical backdropThe money marketPrice discoveryGovernment spendingA bank receives a deposit...Example: exportsBank lending by a small commercial bankFinancial system and money marketGoldsmith receipts as a means of paymentsNew ore discoveries and miningMoney and inflationA policy on money: now Financial instrumentsFirm borrowed reserves modelMoney creation: corporate sectorEssence of monetary policy: managing interest ratesAllied participants on the financial systemExample: government issues bondsMoney creation in the precious metal coin money ageDebasementBank note moneyBank deposit moneyLearning outcomesBank liquidity managementQuoins of monetary policyBarterBank deposits and the reserve requirementRise of deposit banking in EnglandMeasuring moneyBank note convertibility into goldWhat is bank liquidity?Money creation: fallaciesBankers' reservesLearning outcomesClippingMoney market interest ratesMoney destructionMoney creation: household sectorSurplus liquidityBank of EnglandLenders and borrowersMoney and inflationFinancial intermediariesPrimitive moneyA policy on money: then Money creation: government sectorMoney creation and the central bank-to-bank interbank marketThe bank-to-bank interbank marketMonetary policy after partial and final inconvertibilityInterbank rate modelBanks are "fully lent"An analysis of bank liquidityBank note and deposit money
 
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