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Bankenliquidität, Interbankbeziehungen und Geldangebot

Beda Angehrn
Jahrbuch für Sozialwissenschaft
Bd. 30, H. 3 (1979), pp. 312-330
Stable URL: http://www.jstor.org/stable/20714335
Page Count: 19
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Bankenliquidität, Interbankbeziehungen und Geldangebot
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Abstract

Modern money supply theory usually disregards interbank relations. The implicit underlying argument is that in an aggregative context interbank assets and interbank liabilities offset each other and thus neutralize. The present paper, however, argues that interbank relations — despite this offset — are important in a liquidity and money creating respect. Starting from the microeconomic function of liquidity reserves and from an optimal liquidity policy, the liquidity creating effects of an increase in interbank relations on the banks in question are elaborated. It is shown that an expansion of interbank relations increases the liquidity of the banking system as, on the one hand, interbank assets to a considerable extent represent liquidity reserves, and on the other hand, interbank liabilities have to be ensured by liquidity reserves only to a relatively small extent. Subsequently, this result is applied to a macroeconomic level and integrated into the money supply theory. This is done in two variants: in the first variant, a money supply function is derived in which interbank relations play a role similar to the monetary base; in the second variant, interbank relations appear in the monetary multiplier. In both cases, however, liquidity created by increased interbank relations, cet.par., result in a higher money supply.

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