部分準備銀行制度

ウィキペディア

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出典: フリー百科事典『ウィキペディア（Wikipedia）』 (2023/03/23 08:44 UTC 版)

貨幣制度の教科書的記述に対する批判

オーストラリア準備銀行のグレン・スティーブンス総裁は、「貨幣乗数」について、「ほとんどの実務家は、金融・信用システムが実際にどのように機能しているかについて、かなり不満足な記述であると考えている」と述べた。 ^[32]

元英国の最高金融規制当局者であるターナー卿は、「銀行は、今でも多くの教科書が示唆しているように、貯蓄者から既存のお金を預かって借り手に貸し出すのではなく、信用とお金を虚無から創造し、借り手に融資を行い、同時に借り手の銀行口座に記帳を行うのだ」と述べた^[33]。

元カナダ銀行副総裁のウィリアム・ホワイトは、「数十年前、学術文献では、中央銀行が銀行システムに供給する準備金の重要性と、（貨幣乗数を通じた）貨幣と信用の成長への影響が強調されていたでしょう。今日では、通常の状況下でこのような政策を行う先進国はないということが、より広く理解されています。」と述べた^[34]。

批判

不安定性に基づく批判

1935年、経済学者のアーヴィング・フィッシャーは、大恐慌のデフレ脱却の手段として、100％準備銀行制度を提案した。フィッシャーは次のように書いている。「100パーセントの銀行制度では...連邦準備制度がマネーサプライを絶対的にコントロールできるようになるだろう。現在の預金取扱機関の部分準備銀行制度では、マネーサプライは、短期的には、一般国民の通貨/預金比率や預金機関の超過準備率などの非政策変数によって決定されることを思い出してほしい。」 ^[35]^{[要ページ番号]}

今日、金融改革論者は、部分準備銀行制度は支払い不能な負債、不平等の拡大、不可避の破産、そして持続不可能な経済成長につながると主張している^[36]。

正当性に基づく批判

ヘスース・ウエルタ・デ・ソトやマレー・ロスバードなどのオーストリア学派の経済学者も、部分準備銀行制度を強く批判し、非合法化と犯罪化を求めている。彼らによれば、信用創造はマクロ経済の不安定化を引き起こすだけでなく（オーストリア学派の景気循環理論に基づく）、横領や金融詐欺の一形態であり、世界中の腐敗した政府に対して強い影響力を持つ裕福な銀行家の権力によってのみ合法化されたものだという^[37]^[38]。アメリカの政治家であるロン・ポールも、オーストリア学派の論拠に基づいて、部分準備銀行制度を批判した^[39]。

批判への反駁

完全準備銀行制度を参照のこと。

関連項目

アセット・ライアビリティ・マネージメント

脚注

注釈

^ 例えば、ノーザンロックの国有化における取り付け騒ぎ（英語版）を参照。

出典

^ Frederic S. Mishkin, Economics of Money, Banking and Financial Markets, 10th Edition. Prentice Hall 2012
^ Christophers, Brett (2013). Banking Across Boundaries: Placing Finance in Capitalism. New York: John Wiley and Sons. ISBN 978-1-4443-3829-4
^ Abel, Andrew; Bernanke, Ben (2005). “14”. Macroeconomics (5th ed.). Pearson. pp. 522–532
^ Compare: Bhole, L. M. (1982). “Commercial Banks”. Financial Institutions and Markets: Structure, Growth and Innovations (4 ed.). New Delhi: Tata McGraw-Hill Education (2004発行). pp. 8–35. ISBN 9780070587991 2020年8月22日閲覧. "[...] while in the earlier years, long-term deposits financed short-term loans, now relatively short-term deposits finance long-term loans."
^ ^a ^b Abel, Andrew; Bernanke, Ben (2005). “14”. Macroeconomics (5th ed.). Pearson. pp. 522–532
^ ^a ^b ^c ^d ^e Mankiw, N. Gregory (2002). “18”. Macroeconomics (5th ed.). Worth. pp. 482–489
^ ^a ^b Hubbard and O'Brien. Economics. Chapter 25: Monetary Policy, p. 943
^ Carl Menger (1950) Principles of Economics, Free Press, Glencoe, IL OCLC 168839
^ ^a ^b United States. Congress. House. Banking and Currency Committee. (1964). Money facts; 169 questions and answers on money – a supplement to A Primer on Money, with index, Subcommittee on Domestic Finance ... 1964.. Washington D.C.
^ Charles P. Kindleberger, A Financial History of Western Europe. Routledge 2007
^ ^a ^b The Federal Reserve in Plain English – An easy-to-read guide to the structure and functions of the Federal Reserve System (See page 5 of the document for the purposes and functions)
^ Abel, Andrew; Bernanke, Ben (2005). “7”. Macroeconomics (5th ed.). Pearson. pp. 266–269
^ Maturity Transformation Brad DeLong
^ Page 57 of 'The FED today', a publication on an educational site affiliated with the Federal Reserve Bank of Kansas City, designed to educate people on the history and purpose of the United States Federal Reserve system. The FED today Lesson 6
^ “Mervyn King, Finance: A Return from Risk”. Bank of England. 2021年3月7日閲覧。 “Banks are dangerous institutions. They borrow short and lend long. They create liabilities which promise to be liquid and hold few liquid assets themselves. That though is hugely valuable for the rest of the economy. Household savings can be channelled to finance illiquid investment projects while providing access to liquidity for those savers who may need it.... If a large number of depositors want liquidity at the same time, banks are forced into early liquidation of assets – lowering their value ...'”
^ Mankiw, N. Gregory (2002). “9”. Macroeconomics (5th ed.). Worth. pp. 238–255
^ Federal Reserve Bank of Chicago, Modern Money Mechanics, pp. 3–13 (May 1961), reprinted in Money and Banking: Theory, Analysis, and Policy, p. 59, ed. by S. Mittra (Random House, New York 1970).
^ Eric N. Compton, Principles of Banking, p. 150, American Bankers Ass'n (1979).
^ Paul M. Horvitz, Monetary Policy and the Financial System, pp. 56–57, Prentice-Hall, 3rd ed. (1974).
^ See, generally, Industry Audit Guide: Audits of Banks, p. 56, Banking Committee, American Institute of Certified Public Accountants (1983).
^ “業態別の日銀当座預金残高”. 日本銀行. 2021年3月7日閲覧。
^ Federal Reserve Board, "Aggregate Reserves of Depository Institutions and the Monetary Base" (週次更新)。
^ ^a ^b Bank for International Settlements – The Role of Central Bank Money in Payment Systems. See page 9, titled, "The coexistence of central and commercial bank monies: multiple issuers, one currency": A quick quotation in reference to the 2 different types of money is listed on page 3. It is the first sentence of the document:
^ ^a ^b European Central Bank – Domestic payments in Euroland: commercial and central bank money: One quotation from the article referencing the two types of money:
^ Macmillan report 1931 account of how fractional banking works
^ “Managing the central bank's balance sheet: where monetary policy meets financial stability”. Bank of England. 2021年3月7日閲覧。
^ McGraw Hill Higher Education Archived 5 December 2007 at the Wayback Machine.
^ William MacEachern (2014) Macroeconomics: A Contemporary Introduction, p. 295, University of Connecticut, ISBN 978-1-13318-923-7
^ The Federal Reserve – Purposes and Functions^{[リンク切れ]} (See pages 13 and 14 of the pdf version for information on government regulations and supervision over banks)
^ Reserve Bank of India – Report on Currency and Finance 2004–05 (See page 71 of the full report or just download the section Functional Evolution of Central Banking): The monopoly power to issue currency is delegated to a central bank in full or sometimes in part. The practice regarding the currency issue is governed more by convention than by any particular theory. It is well known that the basic concept of currency evolved in order to facilitate exchange. The primitive currency note was in reality a promissory note to pay back to its bearer the original precious metals. With greater acceptability of these promissory notes, these began to move across the country and the banks that issued the promissory notes soon learnt that they could issue more receipts than the gold reserves held by them. This led to the evolution of the fractional-reserve system. It also led to repeated bank failures and brought forth the need to have an independent authority to act as lender-of-the-last-resort. Even after the emergence of central banks, the concerned governments continued to decide asset backing for issue of coins and notes. The asset backing took various forms including gold coins, bullion, foreign exchange reserves and foreign securities. With the emergence of a fractional-reserve system, this reserve backing (gold, currency assets, etc.) came down to a fraction of total currency put in circulation.
^ “欧州金融機関における流動性リスク管理高度化への取組み”. 野村総合研究所. 2021年3月7日閲覧。
^ Stevens. “The Australian Economy: Then and Now”. Reserve Bank of Australia. 2021年3月7日閲覧。
^ Turner. “Credit Money and Leverage, what Wicksell, Hayek and Fisher knew and modern macroeconomics forgot”. 2021年3月7日閲覧。
^ White. “Changing views on how best to conduct monetary policy: the last fifty years”. Bank for International Settlements. 2021年3月7日閲覧。
^ Fisher, Irving (1997). 100% Money. Pickering & Chatto Ltd. ISBN 978-1-85196-236-5
^ Jackson, Andrew; Dyson, Ben (2012). Modernizing Money. Why our Monetary System is Broken and how it can be Fixed. Positive Money. ISBN 978-0-9574448-0-5
^ Rothbard, Murray (1983). The Mystery of Banking. ISBN 9780943940045
^ Jesús Huerta de Soto (2012). Money, Bank Credit, and Economic Cycles (3d ed.). Auburn, AL: Ludwig von Mises Institute. pp. 881. ISBN 9781610161893. OCLC 807678778 (with Melinda A. Stroup, translator) Also available as a PDF here
^ Paul, Ron (2009). “2 The Origin and Nature of the Fed”. End the Fed. New York: Grand Central Pub.. ISBN 978-0-446-54919-6. https://mises.org/daily/3687