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Lecture Economics (18th edition): Chapter 32 - McConnell, Brue, Flynn's

Chapter 32 - Money creation. In this chapter, you will learn to: “Fractional Reserve” system, actual reserves vs. required reserves, how banks create money through granting loans, multiple expansion of loans and money by the banking system, the monetary multiplier. | Money Creation Chapter 32 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives “Fractional Reserve” system Actual reserves vs. required reserves How banks create money through granting loans Multiple expansion of loans and money by the banking system The monetary multiplier 32- Fractional Reserve Banking The Goldsmiths Stored gold and gave a receipt Receipts used as money by public Made loans by issuing receipts Characteristics Banks create money through lending Banks are subject to “panics” 32- Fractional Reserve System Balance sheet Assets = Liabilities + Net Worth Both sides balance Necessary transactions Create a bank Accept deposits Lend excess reserves 32- Assets Liabilities and Net Worth Creating a Bank Transaction #1 Vault cash: cash held by the bank Creating a Bank Balance Sheet 1: Wahoo Bank Cash $250,000 Stock Shares $250,000 32- Assets Liabilities and Net Worth Creating a Bank Transaction #2 Acquiring property and equipment Acquiring Property and Equipment Balance Sheet 2: Wahoo Bank Cash $10,000 Stock Shares $250,000 Property 240,000 32- Assets Liabilities and Net Worth Creating a Bank Transaction #3 Commercial bank functions Accepting deposits Making loans Accepting Deposits Balance Sheet 3: Wahoo Bank Cash $110,000 Checkable Deposits $100,000 Property 240,000 Stock Shares 250,000 32- Creating a Bank Transaction #4 Depositing reserves in a Federal Reserve bank Required reserves Reserve ratio Reserve ratio = Commercial bank’s Required reserves Commercial bank’s Checkable-deposit liabilities 32- Reserve Requirements Type of Deposit Current Requirement Statutory Limits Checkable deposits: $0-$9.8 Million $9.3-$43.9 Million Over $43.9 Million Noncheckable nonpersonal savings and time deposits 0% 3 10 3% 3 8-14 0 0-9 Fed can establish and vary reserve ratio within limits set by Congress Required reserves help Fed control lending abilities of commercial banks 32- Assets | Money Creation Chapter 32 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives “Fractional Reserve” system Actual reserves vs. required reserves How banks create money through granting loans Multiple expansion of loans and money by the banking system The monetary multiplier 32- Fractional Reserve Banking The Goldsmiths Stored gold and gave a receipt Receipts used as money by public Made loans by issuing receipts Characteristics Banks create money through lending Banks are subject to “panics” 32- Fractional Reserve System Balance sheet Assets = Liabilities + Net Worth Both sides balance Necessary transactions Create a bank Accept deposits Lend excess reserves 32- Assets Liabilities and Net Worth Creating a Bank Transaction #1 Vault cash: cash held by the bank Creating a Bank Balance Sheet 1: Wahoo Bank Cash $250,000 Stock Shares $250,000 32- Assets Liabilities and Net Worth Creating a Bank Transaction #2 Acquiring