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Money Creation: Advanced Readings

Name: Money Creation: Advanced Readings
Author: Prof. Dr AP Faure

by Prof. Dr AP Faure

175

Language: English

This is a book of papers which endeavour to dispel the many misleading notions in respect of money creation.

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The basics of money creation is presented in Bookboon’s “Money Creation: An Introduction”. This book presents a number of papers that delve deeper into this significant subject matter. In it we discuss issues such as the myth of a money multiplier (which remains the bedrock of money creation in certain text books), an experiment undertaken in a small country to prove that money creation is the outcome of new bank credit extension, the profound misconception that quantitative easing creates money, the role of bank liquidity (which is 100% under the control of the central bank) in monetary policy, the balance sheet and actual sources of money creation, the fact that there is no such thing as a money “supply” but only a supply of credit, and that the concept of money “demand” is meaningless.

Money creation: the sources 1: general notes
1. Abstract
2. Introduction
3. The literature
4. Only two models of monetary policy
5. A monetary analysis
6. Private sector demand for bank loans
7. Export receipts purchased by local bank
8. Government issues bonds
9. Increased demand for bank notes
10. Money destruction
11. Bank deposits and the reserve requirement
12. Monetary analysis, given various measures of the money stock
13. A parting thought
14. References
Money creation: the sources 2: relationship between credit and money
1. Abstract
2. Introduction
3. What are bank credit, loans and investments?
4. Data
5. A monetary analysis
6. Monetary policy in a nutshell
7. M1, M2 and M3
8. R2 of DCE and M3
9. R2 of DCE and GDPN
10. Concluding remarks
11. References
Money creation: misconceptions: quantitative easing creates money
1. Abstract
2. Introduction
3. Literature review: media
4. Literature review: academia and central banks
5. Does quantitative easing create money?
6. Quantitative easing creates excess reserves
7. Can excess reserves be loaned out by banks?
8. Concluding remarks: the money multiplier is dead
9. References
Money creation: death of the money multiplier
1. Abstract
2. References
Money creation: reflections of an ex-central banker on exogenous / endogenous money
1. Abstract
2. Introduction
3. The banking system and money
4. A monetary analysis
5. A touch of history
6. The reserve requirement and money multiplier
7. A bank liquidity analysis
8. Accommodationism
9. Endogenous money creation
10. Interbank markets and central bank accommodation
11. Interest rate-focused monetary policy
12. Money multiplier-focused monetary policy
13. Interest rate consequences of a money multiplier-focused monetary policy
14. Quantitative easing
15. Accommodationism and structuralism revisited
16. The “exogenous money” puzzle
17. Recent research from the home of the Monetarist School
18. Further questions
19. References
Money creation: empirical evidence of endogeneity
1. Abstract
2. References
Money creation: role of bank liquidity
1. Abstract
2. References
Money matters: there is no such thing as a money “supply”
1. Abstract
2. Introduction
3. Literature review
4. Data
5. Money creation in a nutshell
6. Money aggregates
7. Money “supply” does not exist
8. Monetary policy in a nutshell
9. References
Money matters: money “demand” is meaningless
1. Abstract
2. References
3. Endnotes

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Money Creation: Advanced Readings