Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2010 | nr 3 | 35--81
Tytuł artykułu

Show Me the Money - or How the Institutional Aspects of Monetary Policy Implementation render money supply endogenous

Warianty tytułu
Języki publikacji
The paper presents a historical account of the evolution of modern financial systems. It is argued that money supply had been exogenous for the most part of history, but the demise of gold standard and the development of central banking have rendered it endogenous. The analysis is supported by a review of the monetary policy implementation framework of the National Bank of Poland. Causality test results show that the degree of the banking system's liquidity did not Granger-cause credit expansion in the decade 1998-2008. (original abstract)
Opis fizyczny
  • National Bank of Poland
  • Bagehot W. (1999 [1873]), Lombard Street - A Description of the Money Market, Wiley, New York.
  • Bernanke B. (2009), The Crisis and the Policy Response, speech/bernanke20090113a.htm.
  • Bhattacharya S., Boot A.W.A., Thakor A.V. (1998), The Economics of Bank Regulation, Journal of Money, Credit and Banking, Vol. 30, No. 4, 745-770.
  • Bindseil U. (2004), Monetary Policy Implementation. Theory, Past, and Present, Oxford University Press, New York.
  • Bisschop W.R. (2001 [1896]), The Rise of the London Money Market, Batoche Books, Kitchener, Ontario.
  • Bofinger P. (2001), Monetary Policy. Goals, Institutions, Strategies, and Instruments, Oxford University Press, Oxford.
  • Borio C., Zhu H. (2008), Capital regulation, risk taking and monetary policy: a missing link in the transmission mechanism?, Working Paper, 268, BIS, Basel.
  • Borowski J., Kot A., Rozkrut M., Szpunar P. (2005), Kreacja kredytu we współczesnym systemie bankowym, unpublished manuscript.
  • Brunner K. (1961), A Schema for the Supply Theory of Money, International Economic Review, January, 79-109.
  • Brunner K., Meltzer A.H. (1964), Some Further Investigations of Demand and Supply Functions of Money, Journal of Finance, May, 240-283.
  • Burgess W.R. (1946), The Reserve banks and the money market, Harper and Brothers Publishers, New York and London.
  • Caprio G., Dooley M., Leipziger D., Walsh C. (1996), The Lender of Last Resort Under a Currency Board. The Case of Argentina, Open Economies Review, 7, Supplement 1, 625-650.
  • Cassel G. (1928), The Rate of Interest, the Bank Rate, and the Stabilization of Prices, The Quarterly Journal of Economics, 42 (4), 511-529.
  • Chick V. (1986), The evolution of the banking system and the theory of saving, investment and interest, Economies et societes, 111-126 [Reprinted in: M. Musella, C. Panico, eds. (1995), The Money Supply in the Economic Process: A Post Keynesian Perspective, The International Library of Critical Writings in Economics, Edward Elgar, Aldershot].
  • Chick V. (1993), The Evolution of the Banking System and the Theory of Monetary Policy, in: S.F. Frowen (ed.), Monetary Theory and Monetary Policy: New Tracks for the 1990s, Macmillan, London.
  • De Roover R. (1942), Money, Banking, and Credit in Medieval Bruges, The Journal of Economic History (2), Supplement: The Tasks of Economic History, 52-65.
  • De Roover R. (1944), What is Dry Exchange, Journal of Political Economy 52 (3), 250-266.
  • De Roover R. (1954), New Interpretations of the History of Banking, Journal of World History (2), 38-76.
  • De Soto J.H. (2006), Money, Bank Credit, and Economic Cycles, Ludwig von Mises Institute, Auburn, Al.
  • Diebold F.X. (2001), Elements of Forecasting, South Western Publishing, Cincinnati.
  • Disyatat P. (2008), Monetary policy implementation: Misconceptions and their consequences, Working Paper, 269, BIS, Basel.
  • Foot M.D.K.W., Goodhart C., Hotson A.C. (1979), Monetary base control, Bank of England Quarterly Bulletin, 19 (2), 149-159.
  • Friedman M. (1968), The Role of Monetary Policy, in: B. Snowdon, H.R. Vane, eds. (1997), A Macroeconomic Reader, Routledge, London.
  • Gambacorta L., Mistruli P.E. (2004), Does bank capital affect lending behavior?, Journal of Financial Intermediation, 13 (4), 436-457.
  • Goodfriend M., Hargraves M. (1987), A Historical Assessment of the Rationales and Functions of Reserve Requirements, in: M. Goodfriend (ed.), Monetary Policy in Practice, Federal Reserve Bank of Richmond.
  • Goodhart C. (1987), What do Central Banks Do?, in: C. Goodhart, (1995), The Central Bank and the Financial System, Macmillan, London, 205-215.
  • Goodhart C. (1989), The Conduct of Monetary Policy, The Economic Journal, 99, 293-346.
  • Goodhart C. (1994), What Should Central Banks Do? What Should Be Their Macroeconomic Objectives and Operations?, The Economic Journal, 104, 1424-1436.
  • Goodhart C. (1995), Money Supply Control: Base or Interest Rates?, in: C. Goodhart (ed.), The Central Bank and the Financial System, Macmillan, London, 249-262.
  • Goodhart C. (2001), The Endogeneity of Money, in: P. Arestis, M. Desai, S. Dow (eds.), Money, Macroeconomics and Keynes, Essays in Honour of Victoria Chick, 1.
  • Gorton G. (1985), Clearinghouses and the Origin of Central Banking in the United States, The Journal of Economic History, 45 (2), 277-283.
  • Hall M.W. (1935), Early Bankers in the Genoese Notarial Records, Economic History Review, 6 (1), 73-79.
  • Hamilton J.D. (1996), The Daily Market for Federal Funds, Journal of Political Economy, 104, 26-56.
  • Hanke S.H., Schuler K. (1991), Currency Boards For Eastern Europe, The Heritage Lecture, 355,
  • Heffernan S. (2005), Modern Banking, John Wiley and Sons, Chichester.
  • Hicks J.R. (1967), Monetary Theory and History - An Attempt at Perspective, in: J.R. Hicks, Critical Essays in Monetary Theory, Oxford, The Clarendon Press.
  • Holmes A.R. (1969), Operational Constraints on the Stabilization of Money Supply Growth, in: Federal Reserve Bank of Boston, Controlling Monetary Aggregates, Boston.
  • Holmström B., Tirole J. (1997), Financial Intermediation, Loanable Funds, and the Real Sector, Quarterly Journal of Economics, 112 (3), 663-691.
  • Howells P. (2001), The endogeneity of money, in: P. Arestis, M. Sawyer (eds.) Money, Finance and Capitalist Development, Edward Elgar, Cheltenham.
  • Kohn M. (1999a), Early Deposit Banking, Working Paper, 99-03, Dartmouth College, Department of Economics.
  • Kohn M. (1999b), Bills of Exchange and the Money Market to 1600, Working Paper, 99-04, Dartmouth College, Department of Economics.
  • Kot A., Rozkrut M. (2004), Od stereotypów do praktycznych aspektów prowadzenia współczesnej polityki pieniężnej, Bank i Kredyt, 3, 37-48.
  • Mankiw N.G. (2007), Macroeconomics, New York, Worth Publishers.
  • Meulendyke A.-M. (1988), Can the Federal Reserve influence whether the money supply is endogenous?, Journal of Post Keynesian Economics, X (3), 390-397.
  • Meulendyke, A.-M. (1993), Federal Reserve Tools in the Monetary Policy Process, in: M. Good friend, D.H. Small (eds.), Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings, Federal Reserve Board, Washington D.C.
  • Miles D.K., Baker M. (2009), Quantitative Easing: What It is and How it Might Work, Morgan Stanley (March 5).
  • Mishkin F.S. (2004), The economics of money, banking, and financial markets, Addison-Wesley, Reading M.A.
  • Moore B. (1988), Horizontalists and Verticalists, Oxford University Press.
  • Moore B.J. (1989), The endogeneity of credit money, Review of Political Economy, 1 (1), 65-93.
  • Moore B.J. (2006), Shaking the Invisible Hand, Palgrave Macmillan, New York.
  • Munn C.W. (1981), The Scottish Provincial Banking Companies 1747-1864, John Donald, Edinburgh.
  • Munro J.H. (1994), Patterns of Trade, Money, and Credit, in: T.A. Brady, H.A. Oberman, J.D. Tracy (eds.), Handbook of European History, 1400-1600: Late Middle Ages, Renaissance, and Reformation, BRILL, New York, 147-196.
  • NBP (2001), Monetary Policy Guidelines For the Year 2001,
  • NBP (2007), Monetary Policy Guidelines For the Year 2008,
  • NBP (2009), Senior loan officer opinion survey on bank lending practices and credit conditions, 1st quarter 2009,
  • Niggle C.J. (1990), The Evolution of Money, Financial Institutions, and Monetary Economics, Journal of Economic Issues, XXIV (2), 443-450.
  • Phillips C.A. (1931 [1920]), Bank Credit, Macmillan, New York.
  • Polański Z. (1998), Polityka pieniężna w Polsce w drugiej połowie lat 90.: bieżące problemy i strategiczne wyzwania, Materiały i Studia, 72, Narodowy Bank Polski, Warszawa.
  • Pruski J., Bielecki J.K. (2009), Skąd wziąć pieniądze na kredyty, The Wall Street Journal Polska, 6 January (Tuesday).
  • Reuters (2009), NBP zmniejszył podaż bonów pieniężnych do 12 mld zł, 3 April, 16:10.
  • Rothbard M.N. (1983), The Mystery of Banking, Richardson and Snyder, New York.
  • Rothbard M.N. (1995), Economic Thought Before Adam Smith, Vol. I, Edward Elgar, Cheltenham.
  • Rothbard, M.N. (2005), What Has Government Done to Our Money, Ludwig von Mises Institute, Auburn, Al.
  • Sachs J. (1998), Alternative Approaches to Financial Crises in Emerging Economies, in: M. Kahler (ed.), Capital Flows and Financial Crises, Cornell University Press, Ithaca NY, 247-262.
  • Schuler K. (1992), Free Banking in Canada, in: K. Dowd (ed.) The Experience of Free Banking, Routledge, London, 79-92.
  • Selgin G., White L.H. (1985), The Evolution of a Free Banking System, Economic Research Reports, 85-38 (November), Department of Economics, New York University, New York.
  • Selgin G., White L.H. (1994), How Would the Invisible Hand Handle the Money, Journal of Economic Literature, XXXII, 1718-1749.
  • Smith V.C. (1990 [1936]), The Rationale of Central Banking and the Free Banking Alternative, Liberty Fund, Indianapolis, In.
  • Snowdon B., Vane H.R. (2005), Modern Macroeconomics, Edward Elgar, Cheltenham.
  • Spufford P. (1986), Handbook of Medieval Exchange, Royal History Society, London.
  • Tobin J. (1963), Commercial Banks as Creators of "Money", in: D. Carson (ed.), Banking and Monetary Studies, Richard Irwin Inc., Chicago, Ill.
  • Usher A.P. (1934), The Origins of Banking: The primitive banks of deposit 1200-1600, Economic History Review, 399-428.
  • Usher A.P. (1943), The Early History of Deposit Banking in Mediterranean Europe, Harvard University Press, Cambridge, M.A.
  • Van der We H. (1977), Monetary Credit and Banking System, in: E.E. Rich, C.H. Wilson (eds.) The Cambridge Economic History of Europe, Vol. 5, Cambridge University Press, New York, 290-392.
  • Von Hagen J. (1999), Money growth targeting by the Bundesbank, Journal of Monetary Economics, 43, 681-701.
  • Wigmore B. (1987), Was the Banking Holiday of 1933 a run on the dollar rather than the banks?, Journal of Economic History, 47, 739-756.
  • Woodford M. (2001), Monetary Policy in the Information Economy, in: Economic Policy for the Information Economy, Federal Reserve Bank of Kansas City.
  • Woodford M. (2003), Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press.
  • Yeager L.B. (1997), The Fluttering Veil. Essays on Monetary Disequilibrium, Liberty Fund, Indianapolis, In.
  • Yellen J. (2009), U.S. Monetary Policy Objectives in the Short and Long Run, FRBSF Economic Letter (January), 1-5.
  • Zatorski P. (2005), Kształtowanie i realizacja polityki pieniężnej w warunkach zmiany w polskim systemie bankowym, Bank i Kredyt, 10.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.