نوشتههایی از همه جا درباره اقتصاد و اجتماع با تاکید بر رابطه قدرت و ثروت مسیر ارتباطی: @jafkheir
✅ اگر علاقه‌مند و کنجکاوید بدانید در اقتصاد امروزی پول چگونه و توسط چه نهادهایی و با چه ابزارهایی خلق می‌شود و باورهای اشتباه گذشت
✅ اگر علاقه‌مند و کنجکاوید بدانید در اقتصاد امروزی پول چگونه و توسط چه نهادهایی و با چه ابزارهایی خلق می‌شود و باورهای اشتباه گذشته خود درباره خلق پول را تصحیح کنید و با سایر عناوینی که در سرفصل‌های دوره آمده آشنا شوید توصیه به شرکت در کارگاه «آشنایی با ماهیت بانک و خلق پول بانکی در اقتصاد مدرن» می‌شود.
🔷 این مطلب کوتاه تازه منتشره و گلچین‌شده آن در زیر هم مرتبط با بخش نخست کارگاه است و به قصه‌بافی‌هایی که در کتب‌درسی اقتصاد متعارف درباره پول می‌شود اشاره می‌کند.
Central Banks and the Folk Tales of Money
By Pierre Ortlieb, February 3, 2019
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At the SNB annual General Shareholders Meeting in April 2018, Governor Thomas Jordan was verbally confronted by two members of the audience who demanded Jordan explain how money is created – Jordan’s understanding of credit, they argued, was flawed and antiquated. Faced with this line of questioning, Jordan rebutted that banks use sight deposits from other customers to create loans and credit. The audience members pushed back in disagreement, but Jordan did not waver.
On the surface, Jordan’s claim on money creation is an explanation one would find in most economics textbooks. In this common story, banks act as mere intermediaries in a credit creation process that transforms savings into productive investment.
However, only months earlier, Governor Jordan told a different story in a speech delivered to the Zürich Macroeconomics Association. Facing an audience of economists and market professionals, Jordan had embraced a portrayal of money creation that is more modern but starkly opposed to the more folk-theoretical, or “textbook” view. Jordan described how “deposits at commercial banks” are created: In the present-day financial system, when a bank creates a loan, “an individual bank increases deposits in the banking system and hence also the overall money supply.” This is the antithesis of the folk theory offered to the public, presenting a glaring contradiction. Yet the SNB’s duplicity is part of a broader trend: central banks are unable to provide a unified message on credit creation, both internally and among themselves.
For instance, in 2014, the Bank of England published a short, plainly-written paper that described in detail how commercial banks create money essentially out of nothing, by issuing loans to their customers. The Bank author’s noted that “the reality of how money is created today differs from the description found in some economics textbooks,” and sought to correct what they perceived as a popular misinterpretation of the credit creation process. Norges Bank, Norway’s monetary authority, has made a similar push to clarify that credit creation is driven by commercial banks, rather than by printing presses in the basement of the central bank. Nonetheless, other central banks, such as the Bundesbank, have gone to great lengths to stress that monetary authorities have strict control the money supply. As economist Rüdiger Dornbusch notes, the German saving public “have been brought up to trust in the simple quantity theory” of money, “and they are not ready to believe in a new institution and new operating instructions.”
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https://economicquestions.org/centralbanks/