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Money Creation: An Introduction

páginaprincipal.livro.por Prof. Dr AP Faure
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páginaprincipal.livro.idioma:  English
One of the great mysteries and elegant features of the financial system in general, and of the banking sector in particular, is the creation of new money.
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One of the great mysteries and elegant features of the financial system in general, and of the banking sector in particular, is the creation of new money. The largest component of the money stock, bank deposits, is created by accounting entries. Many texts which cover money creation regard the reserve requirement (RR) as being at the very centre of the process, and many still regard the process as starting with a bank receiving a new deposit (placing the required reserves with the central bank, lending out the rest, which then arrives back in the banking system as a deposit; then the reserve requirement based on this deposit is placed with the central bank ... and so on until the process ends with the factor new deposit x 1 / RR ratio). There are countries which do not have a RR, and money is still created in these countries, because money is bank deposits in the main and these are created when banks make loans. The RR is just one of the many factors that impact on bank liquidity.

  1. Introduction and early history
    1. Learning outcomes
    2. Introduction
    3. Money and inflation
    4. Money: technical issues
    5. The simplicity of money creation
    6. Barter
    7. Primitive money
    8. Precious metal coin money
    9. Money creation in the precious metal coin money age
    10. Bibliography
  2. Bank note and deposit money
    1. Learning outcomes
    2. Introduction
    3. Bank note money
    4. Bank deposit money
    5. Bank note convertibility into gold
    6. Bibliography
  3. Financial system and money market
    1. Learning outcomes
    2. Introduction
    3. The financial system
    4. The money market
    5. Money market interest rates
    6. The interbank markets
    7. Bibliography
  4. Money creation: sources & fallacies
    1. Learning outcomes
    2. Introduction
    3. Measuring money
    4. Money identity: sources of money creation
    5. Money creation: fallacies
    6. Bibliography
  5. Bank liquidity management
    1. Learning outcomes
    2. Introduction
    3. What is bank liquidity?
    4. Rationale for a liquidity shortage
    5. An analysis of bank liquidity
    6. Bibliography
  6. Monetary policy
    1. Learning outcomes
    2. Introduction
    3. Money and inflation
    4. A policy on money: then
    5. A policy on money: now
    6. The path of monetary policy: from interest to inflation
    7. Bibliography
  7. Endnotes
Great read. Easily recommend to anyone with passion for wealth creation.
An excellent exposition of the historical progression of money and the role of money in the economy. Highly recommended as an introductory text for any student of money and banking.
An interesting history and more people who manage funds should be aware of these fundamentals.
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Prof. Dr AP Faure

Alexander Pierre Faure graduated from Elsenburg Agricultural College after school and went on to Stellenbosch University where he graduated with BA (Commerce), Hons BA (Economics), MA (Economics), and PhD (Economics).

He also successfully completed the Stockbroker Examination Requirements at Witwatersrand University (and is a registered Stockbroker - presently non-broking status).

He first worked for the central bank, where he was involved in compiling the monetary statistics (money stock and sources of change, and money market liquidity analysis) and later in the execution of monetary policy.

His career after central banking included private sector banking (the recipient of monetary policy), stockbroking (influenced by monetary policy) and interest rate analysis (reading monetary policy).

After his private sector experience, he became an academic and held the positions Investec Chair in Money and Banking (at Rhodes University and the University of Fort Hare) and Foord Chair in Investments (at Rhodes University).

After retirement he was appointed Professor Emeritus at Rhodes University, and remains engaged in research.  

He has published widely, including books and papers.

He also served on a number of boards of directors, holding the positions of Non-executive Director and Managing Director.