货币扩张

货币扩张，也称作货币创造(英語：Money creation)，是中央银行、商业银行和非银行（机构或个人）透過信贷关系共同作用，使得在银行体系内流通货币量扩大的金融行为。

对货币扩张的控制是中央银行的主要任务之一。

不是所有的流通货币都需要有货币现金、实物资产或政府资产作后盾。一国的货币是以国家的经济潜力或政府的法定货币法令作后盾的。这种潜力也成为政府发行货币的理论上限。

货币扩张乘数

货币扩张乘数，也称作存款创造乘数，描述商业银行体系供给货币的机制，它衡量了商业银行体系内增加货币供给的数量。为了控制这个体系创造的货币量，中央银行给商业银行设置严格的准备金比例，中央银行只允许商业银行的初级存款的一部分用于放贷，这也称作现金准备比例。

货币扩张乘数示例

某储户在银行A存入1000元初级存款(銀行負債部分的存款)，现金准备比例为12%，则120元必须被银行保留(銀行資產部分的儲備)，880元可用于放贷(銀行資產部分的貸款)。如果银行A将超额储备880元全部放贷，接受贷款的人将之存到银行B，银行B需要将12%×880元作为初级存款880元的现金储备，可放贷部分为774.40元。如果774.40元被存入C银行，则92.93元须作为储备，可以放贷681.47元，……，以此类推，直至不再有超额储备(此处为了简化，忽略了安全储备)。

$TD={\frac {ID}{crr}}$

TD：总存款的变化量
ID：存款的初始变化
crr：现金准备比例

例如，如果准备金比例为12%，存款的初始增长1000元将使总存款增加8333.33元(1000/.12=8333.33)。

美元货币扩张示例

美国政府发行国库券，即在特定日期支付特定金额的支付承诺。比如发行价值1,000,000美元的债券，投资者以货币进行投资购入债券，以获得债券利息为报偿。
美联储印刷价值1,000,000美元的支票，作为应付款项给美国政府。该支票就是销售债券的进款。

模型构建

B：实际资本 D：总资本 C：现金提取量 rd：活期存款准备金率 rt：定期存款准备金率 k：现金漏出率=C/D

模型构建第一步

B=rd×D+C D=B/(rd+k）

模型构建第二步

引入超额准备金 Re e：超额准备金率 B=rd×D+C+Re D=B/(rd+e+k）

模型构建第三步

引入定期存款T (t,定期存款占活期存款比例） B=rdXD+rt×T+C+Re D=B/(rd+rt×t+e+k）

延伸阅读

Asmundson, Irena; Oner, Ceyda. What Is Money? (PDF). Finance & Development. IMF. September 2012 [8 March 2018]. （原始内容存档 (PDF)于2021-05-03）.
Benes, Jaromir; Kumhof, Michael. The Chicago Plan Revisited. IMF Working Paper. 2012, 202 [2020-03-20]. （原始内容存档于2021-03-14）.
Blanchard, Olivier; David R. Johnson, David R. Johnson. Macroeconomics 6th. Pearson. 2012. ISBN 978-0133061635.
Buiter, Willem H. Can Central Banks Go Broke?. SSRN. May 2008. SSRN 2489665  （英语）.
Cacy, J.A. Budget Deficits and the Money Supply (PDF). Monthly Review. Federal Reserve Bank of Kansas City. June 1975 [8 March 2018]. （原始内容存档 (PDF)于2013-04-24）（英语）.
Cœuré, Benoît. Dissecting the yield curve: a central bank perspective. Eurosystem. European Central Bank. 16 May 2017 [8 March 2018]. （原始内容存档于2021-01-22）.
Disyatat, Piti. The bank lending channel revisited (PDF). BIS Working Papers. Bank of International Settlements. February 2010 [8 March 2018]. （原始内容存档 (PDF)于2019-04-01）（英语）.
Elmendorf, Douglas W.; Mankiw, N. Gregory. The bank lending channel revisited (PDF). Handbook of Macroeconomicss. Harvard University. January 1998 [8 March 2018]. （原始内容存档 (PDF)于2020-08-04）（英语）.
European Central Bank. What is money?. European Central Bank. 20 June 2017 [8 March 2018]. （原始内容存档于2019-11-07）（英语）.
Evans-Pritchard, Ambrose. Japan's Debt Has Officially Passed ¥1,000,000,000,000,000 — No Problem. The Daily Telegraph. 10 August 2013 [8 March 2018]. （原始内容存档于2019-08-05）.
Federal Reserve historical statistics(11 June 2009)（页面存档备份，存于互联网档案馆）
Garbade, Kenneth D. Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks (PDF). FRBNY Staff Reports no. 684. Federal Reserve Bank of New York. August 2014 [2020-03-20]. （原始内容存档 (PDF)于2021-03-17）.
Hegeland, Hugo. Multiplier Theory 7. Harvard University Press. 1970 [1954]. ISBN 978-0678001622.
Hein, Scott E. Deficits and Inflation (PDF). Federal Reserve Bank of St. Louis. March 1981 [8 March 2018]. （原始内容存档 (PDF)于2021-02-14）.
Jahan, Sarwat; Papageorgiou, Chris. What Is Monetarism? (PDF). Finance & Development. IMF. March 2014 [8 March 2018]. （原始内容存档 (PDF)于2020-06-15）.
Kelton, née Bell, Stephanie. The Hierarchy of Money. The Jerome Levy Economics Institute. 1998. SSRN 96845  .
Kumhof, Michael; Jakab, Zoltán. The Truth about Banks. Finance & Development. 2016, 53 (1): 50–53 [2020-03-20]. （原始内容存档于2017-05-04）.
IMF (3 November 2017) "Monetary Policy and Central Banking （页面存档备份，存于互联网档案馆）"
Mankiw, N. Gregory. Macroeconomics 8th. Worth. 2012: 81–107. ISBN 978-1429240024.
Mankiw, N. Gregory. Principles of Economics 7. Cengage Learning. 2014. ISBN 978-1285165875.
McLeay, Michael; Radia, Amar; Thomas, Ryland. Money creation in the modern economy (PDF). Quarterly Bulletin. Bank of England. 2014 [8 March 2018]. （原始内容存档 (PDF)于2021-05-16）.
Meigs, A. James; Wolman, William. Central Banks and The Money Supply (PDF). Second Konstanz Seminar on Monetary Theory and Monetary Policy. Federal Reserve Bank of St. Louis. 1971 [8 March 2018]. （原始内容存档 (PDF)于2020-10-18）.
Mishkin, Frederic S. The economics of money, banking and financial markets (PDF) 4th. Canada: Addison-Wesley. 2011 [2002] [2020-03-20]. ISBN 978-0-321-58471-7. （原始内容 (PDF)存档于2018-03-10）.
Mitchell, William; Muysken, Joan. Full Employment Abandoned: Shifting Sands and Policy Failures. Edward Elgar Publishing. 2008. ISBN 978-1-85898-507-7.
Mitchell, William. Money multiplier and other myths. 21 April 2009 [8 March 2018]. （原始内容存档于2011-07-24）.
Pessoa, Mario; Williams, Mike. Government Cash Management: Relationship between the Treasury and the Central Bank (PDF). Fiscal Affairs Dept. International Monetary Fund. November 2012 [8 March 2018]. （原始内容存档 (PDF)于2020-10-19）.
Pilkington, Philip. Does the Central Bank Control Long-Term Interest Rates?: A Glance at Operation Twist. Fixing the economists. 15 August 2014 [8 March 2018]. （原始内容存档于2020-10-20）.
Ryan-Collins, Josh. Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75. Levy Economics Institute. 25 October 2015 [8 March 2018]. （原始内容存档于2019-03-30）.
Samuelson, Paul. Economics . McGraw-Hill Education. 1997 [1948]. ISBN 978-0070747418.
Schumpeter, Joseph A. History of Economic Analysis. Oxford University Press. 1996 [1954]. ISBN 978-0195105599.
Spencer, Roger W. Inflation, Unemployment, and Hayek (PDF). Federal Reserve Bank of St. Louis. 1975 [8 March 2018]. （原始内容存档 (PDF)于2020-11-18）.
Standard & Poor's (13 August 2013) "Repeat after me: Banks cannot and do not lend out reserves （页面存档备份，存于互联网档案馆）", Ratings Direct
Tucker, Paul. Money and credit: Banking and the Macroeconomy (PDF). Bank of England. 2007 [2020-03-20]. （原始内容存档 (PDF)于2011-12-03）.
Werner, Richard A. Can banks individually create money out of nothing? The theories and the empirical evidence. Elsevier. 16 September 2014. SSRN 2489665  （英语）.
Werner, Richard A. A lost century in economics: Three theories of banking and the conclusive evidence. International Review of Financial Analysis. 2016, 46: 361–379. doi:10.1016/j.irfa.2015.08.014.
Wray, L. Randall. Money and Inflation. University of Missouri-Kansas City. 1 September 2000. SSRN 1010331  （英语）.