1, the earliest typical form is bank notes; Coins are usually issued by the central bank and are also credit currency.

2. Bank demand deposits (various names of demand deposits)

3 residents' time deposits and savings deposits in banks

4. All currencies based on bank credit, except banknotes and coins, are generally called "deposit currencies" by the IMF.

(B) credit currency and creditor's rights and debts network

1. The circulation of credit currency is closely related to the comprehensive coverage of economic life by credit relations.

2. It is inevitable to use credit payment tools to realize the rise and fall and transfer of creditor's rights and debts in the modern economic creditor's rights and debts network.

3. Creditor's rights and debts are embodied in certain forms of documents and have the form of legal norms; Bank credit instruments naturally become an ideal currency form to replace the circulation of precious metals.

Second, the creation of savings currency.

(A) the function of modern banks to create money

1. On the basis of adjusting the surplus and deficiency of monetary funds and organizing mutual settlement, banks have developed the functions of issuing bank notes and creating deposit currency.

2. The issuance of bank notes is gradually concentrated in the central bank; The function of modern commercial banks in creating money is embodied in creating deposit money.

(2) Original deposits and derivative deposits

1. Original deposits are deposits formed by commercial banks accepting cash deposits from customers and rediscounting and refinancing funds obtained from the central bank.

2. Derivative deposits refer to deposits from bank loans and investment activities.

3. The difference between original deposit and derivative deposit

Different sources, the original deposit belongs to the base currency and comes from the central bank; Derivative deposits are directly created by the asset business of commercial banks and come from commercial banks.

Different from the base currency, the original deposit is the change from cash in circulation to deposit currency, which does not cause the change of social money supply; The change of derivative deposits directly affects the change of social money supply.

Their status is different, and the original deposit determines the derivative deposit.

(C) the process of deposit currency derivation under the coinage system

1. Let Bank A absorb 10000 yuan coins deposited by customers; According to experience, saving coins equivalent to 20% of the deposit amount is enough to meet the daily needs of extracting coins. Then, Bank A can lend Bank B 8000 yuan ... The balance sheet of Bank A is as follows:

2. Party B pays 8000 yuan of coins to Party C, and Party C deposits the coins in its agent bank B. According to the same consideration, Bank B will keep 20% of the coins, namely 1600 yuan, and lend the remaining 6400 yuan to customers. At this point, the balance sheet of Bank B is as follows:

3. By analogy, from Bank A to Bank B, Bank C, …, Bank N, continuous deposit and loan, loan deposit will produce such a result:

4. Here are: (1) original deposit R, (2) total loan L, (3) total derived deposit (including original deposit) D, and (4) ratio of necessary coin inventory to deposit R. The relationship between these four can be expressed as:

(D) the creation of deposit currency under the modern financial system

1. Similar to the preparation of stock coins.

Banks should prepare some bank notes for the absorbed deposits, so that customers with deposits can keep them for cash withdrawal.

In cheque settlement, the difference between accounts receivable and accounts payable between banks does not need to be settled by bank bills at all, but only needs to be transferred through the bank's deposit account in the central bank.

2. The deposits of banks in the central bank are called reserves.

According to national regulations, the ratio of the bank's reserve deposits in the central bank to the total deposits absorbed by the bank is the statutory reserve ratio.

The excess reserve ratio is the excess reserve ratio.

3. In the cashless payment process mode, the deposit currency is created.

Source of "original deposit":

Depository banks borrow money from the central bank.

The customer receives a cheque from the central bank-for example, a cheque drawn by the national treasury-and entrusts his agent bank to collect the money.

It is also possible that customers sell foreign exchange to deposit money in banks to form deposits, and banks sell foreign exchange to the central bank to form reserve deposits.

The process of deriving ore deposits

for instance

(1) Suppose that customer A of Bank A receives a check from the central bank with the amount of 10000 yuan; Customer a entrusts bank a to collect money. In this way, the reserve deposit of Bank A in the central bank increased by 1 10,000 yuan, while the deposit of Bank A in the bank account increased by 1 10,000 yuan.

(2) Bank A absorbed the deposit and obtained a conditional loan. Assuming that the statutory reserve ratio is still 20%, the statutory reserve for this deposit absorbed by Bank A shall not be less than 2000 yuan. If Bank A provides a loan with a maximum loan amount of 8,000 yuan to customer B, the balance sheet of Bank A is as follows:

(3) When Party B pays 8000 yuan to the customer of Bank B by cheque and Party C entrusts Bank B to collect the money, the balance sheets of Bank A and Bank B are as follows:

(4) Bank B has a reserve deposit of 8,000 yuan in the central bank. According to the statutory reserve ratio of 20%, its maximum loanable amount is 6400 yuan. After lending 6,000 400 yuan to the customer, the balance sheet of Bank B is as follows:

5] When customer D of Bank B pays 6,400 yuan to customer E of Bank C by cheque, and customer E entrusts Bank C to collect the money, the assets and liabilities of Bank B and Bank C are as follows:

[6] Bank C has a reserve deposit of 6,400 yuan in the central bank. According to the statutory reserve ratio of 20%, the maximum loanable amount shall not exceed 565,438+0.20 yuan. If loans are made to customers, the balance sheet of Bank C is as follows:

(7) When the customer of Bank C paid 6,400 yuan to the customer of Bank D by cheque, and the customer entrusted Bank D to collect the money, the balance sheet of Bank C is as follows:

By analogy, the deduction process of deposits is as follows:

(9) The assets and liabilities of the deposit money banking system are as follows:

4. Derived deposit model

Δ D represents the total amount of derivative deposits including original deposits, Δ R represents the initial increase of original deposits or reserve deposits, and rd represents the statutory reserve ratio, so the relationship between them is as follows:

(5) Multiplier created by deposit currency.

1. Two Necessary Premises for Creating Deposit Currency

Each bank only needs to reserve a certain percentage of the deposits it absorbs.

The formation of bank clearing system

2. Multiplier created by deposit currency

The maximum expansion multiple of the total amount of deposits determined by the monetary creation mechanism of bank deposits is called derivative multiple, also known as derivative multiplier, which is the reciprocal of the statutory reserve ratio.

The value of k here is only the maximum multiple that the original deposit can expand, and the expansion multiple in the actual process often cannot reach this value.

3. Demand deposits, time deposits and creating multipliers

Is it still fixed? D is the increase of demand deposits, and rd is the statutory reserve ratio of demand deposits; Suppose again? T is the increase of time deposits, and rt is the statutory reserve ratio of time deposits. R is the increase of total reserve deposits, and the ratio of time deposits to demand deposits is t (? T/？ D) Conduct tests. There are:

4. Creating multipliers for cash and deposit currencies

Customers will withdraw cash from the bank, so that some cash will flow out of the banking system, resulting in the so-called "cash loss." The ratio of cash leakage to total demand deposits is called cash leakage rate, also called withdrawal rate.

Use? C stands for cash leakage and C stands for cash leakage rate, so C =? C/？ d； ? C=c？ D

If cash is included, the creation multiplier of deposit currency is

5. The creation multiplier of excess reserve and deposit currency.

Banks actually hold more reserves than the statutory requirements, which is called excess reserves. The ratio of excess reserves to total demand deposits is called excess reserve ratio, which is expressed by E. At this time, the initial preparation of banks is:

R=？ d？ rd+t？ rt？ D+c？ D+e？ D

=? D(rd+t？ rt+c+e)

The complete deposit currency creation multiplier is:

Third, the process of money creation under the central bank system.

(A) cash into the circulation process

1. The channel for cash to enter economic life is that customers of deposit money banks withdraw cash from their own deposit accounts.

2. Deposit currency banks must withdraw cash from reserve accounts if the cash deposited cannot meet the requirements for cash withdrawal.

3. The cash in circulation is formed by the deposit money bank withdrawing cash from the reserve deposit account of the central bank.

(2) Supplementary cash issuance and reserve deposits

1. Cash issuance and withdrawal

Cash issuance = deposit currency The amount of cash withdrawn by banks is greater than the amount of deposits, which is the increase of cash circulation.

Cash withdrawal = the cash deposited in the bank by the deposit currency is more than the cash withdrawn, which is the decrease of cash circulation.

2. Increase in cash issuance: The fundamental reason is economic growth.

3. Reserve deposits must be replenished.

When issuing cash is an inevitable trend, it means that the deposit money bank keeps withdrawing cash from the reserve deposit account, and the reserve deposit drops accordingly.

Under the condition of economic growth, reserve deposits must be continuously replenished.

(3) Supplementary reserve deposits must be supported by the Central Bank.

1. In order to increase the total reserve deposits of deposit money banks as a whole, it is necessary to increase the asset business of the central bank.

2. Ways for deposit banks to replenish reserves from the central bank:

Discount from the central bank and get loans directly.

Sell your bonds to the central bank.

Sell your foreign exchange to the central bank. ...

3. In the process of replenishing reserve deposits, the central bank has accumulated its own assets; On the other hand, it forms two major liabilities.

The balance of reserve deposits that are often replenished and withdrawn in cash.

Cash in circulation formed by the accumulation of cash leakage

4. There is no limit to the support of the central bank: from the objective economic process, the constraints on the central bank are strong.

Deposit money banks don't need to reserve deposits, and the central bank can't play a role.

Forcibly supporting unlimited money creation will fuel inflation.

(4) Currency multiplier

1. Base currency. In order to create credit currency, both "deposit reserve" and "currency in circulation" are indispensable. Therefore, it is collectively referred to as the base currency, or high-energy currency and strong currency. The International Monetary Fund calls it a "reserve currency".

2. Expression of the composition of the base currency:

B=R+C

Where b is the base currency; R is the deposit reserve held by the deposit currency bank (reserve deposit and cash inventory); C is cash circulating outside the banking system.

3. Currency multiplier, the ratio of money supply to base currency is called currency multiplier. With MS as the money supply, b as the base currency and m as the money multiplier, there are:

MS = m？ B

4. The relationship between base money C+R and money supply C+D:

5. The corresponding algebraic expression:

Fourthly, the overall evaluation of the formation mechanism of modern money supply.

(A) the most economical monetary system

1. Monetary materials are preserved. Banknotes and coins in modern credit currency are made of paper or base metal. Deposit itself is only a number in a bank account, while electronic money is a great deposit.

2. Save money circulation costs.

3. The acceleration of currency circulation can reduce the demand for money.

(B) Two-level currency creation structure

1. Level 1-Deposit Bank that creates deposits:

Creating deposit currency is a decentralized decision made by countless banks at different times and places through self-restraint mechanism.

It is the decentralized decision-making that makes it possible to supply money flexibly according to diversified needs.

Self-restraint mechanism enables them to carefully evaluate and screen the requirements put forward by customers.

2. Level 2-Central Bank

The creation of each deposit currency is reasonable, which does not mean that the total amount of deposit currency created must meet the objective requirements of the economy.

The macro-control of the central bank can solve the global equilibrium problem.

(C) the combination of micro-finance and macro-finance

1. The creation mechanism of credit currency is the combination of micro-finance and macro-finance.

2. The creation of credit currency is a process of many microeconomic behaviors carried out by companies, the public and government agencies on the one hand, and deposit money banks and central banks on the other hand around the deposit, withdrawal, borrowing and lending of specific currencies.

3. Micro-financial behaviors of economic actors provide currency for economic life. Money in circulation constitutes money supply, which is related to the contrast between money supply and money demand, constitutes the core of macro-financial problems, and derives macro-economic results.

4. When the supply and demand of money is unbalanced, so that the objective economic life demands adjustment from the macro aspect of finance, its realization cannot bypass the creation mechanism of credit money: that is, many microeconomic subjects participating in financial behavior can only be affected through the interest mechanism, and on this basis, the macro-equilibrium state can be changed. Of course, there can be extraordinary measures in extraordinary times.

5. Only by understanding the creation mechanism of credit currency can we understand the relationship between financial micro-aspect and financial macro-aspect.