Rynek eurowalutowy a kreacja pieniądza

• Autorzy: Ryszard Szewczyk

Warianty tytułu

The Eurocurrency Market and Creation of Money

• Języki publikacji: PL

Abstrakty

Praca niniejsza ma charakter teoretyczny ponieważ problem kreacji pieniądza przez rynek eurowalutowy można rozstrzygnąć na gruncie teorii. Praca składa się z dziewięciu rozdziałów w których omówiono między innymi relację między pieniądzem i kredytem, kreacje pieniądza, rodzaje rynków finansowych, mechanizmy funkcjonowania rynku eurowalutowego.

EN

The Eurocurrency market is one of the most interesting phenomenon's in the to-day world economy. This is the market for short time deposits in convertible currencies with banks located outside of the country of origin of the currency, and it is the only true free market in the world today. No monetary authorities are able either to interfere or to regulate the Eurocurrency market because every effort towards implementing controls over activities of banks on the market causes immediately these activities to be moved to another financial centre where no controls edst. The history of the market began in the late fifties when some European, and especially London banks have started attracting time deposits denominated in dollars while offering investors higher interest than American banks did. Funds raised by them in this manner they used to lend to both domestic and foreign borrowers. New kind of banking activity then appeared - money market transactions with funds denominated in dollars being intermediated by banks located outside of the USA. Since that kind of intermediation at the very beginning was being offered mainly by European banks, the market has been called "euro market", and the American currency traded on it in the manner described above - "Eurodollar". This kind of activity has been later on extended on other currencies and also on other financial centers but the prefix "euro" describing the market and currencies traded on it remained. Despite of the fact that the market under consideration has been existing for more than 30 years economists still argue whether or not the euro-banks are able to create money. Proponents say "yes", because there is no reason why should euro-banks, that are normally the same banks that operate on the domestic market, lose their ability to create money while acting on the euro-market. And they show figures to say that total liabilities of euro-banks denominated in dollars are much higher than foreign liabilities of US banks. Opponents say "no". because euro-banks act only as typical financial intermediaries that only raise funds from investors in order to lend them to the ultimate borrowers. No matter how many banks are involved in the process of that intermediation, quantity of money being lent remains the same that has been borrowed by euro banks from investors. The aim of the dissertation is to make it evident that right are those that consider the euro-market to be that of true financial intermediation without being able to increase the amount of money offered to ultimate borrowers. The crucial point is definition of money and this of euro-currency. Since euro-currency is mostly, and correctly, considered to be a (short) time deposit in certain currency with a bank located outside of the country of origin of that currency, it cannot be regarded as money, because the most important characteristic for money as a means of payment is that it can be used for payment immediately. And time deposit can't, as it is shown on several examples in the dissertation. Basing on this distinction I try to make it evident that transactions on the euro-currency market can't increase the amount of money in circulation. The only thing they do is increasing the interbank short time liabilities and making it faster money to flow from initial lenders (investors) to ultimate borrowers without being multiplied in the process.(original abstract)

Słowa kluczowe

PL

Pieniądz; Kreowanie pieniądza; Rynki finansowe; Stopa procentowa; Mechanizmy rynkowe; Rozprawa habilitacyjna

EN

Money; Create money; Financial markets; Interest rate; Market mechanism; Habilitation thesis

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie. Seria Specjalna, Monografie
• Rocznik: 1990
• Numer: nr 95
• Strony: 130

Twórcy

autor

Ryszard Szewczyk

• Akademia Ekonomiczna w Krakowie

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