Neste curso, você conhecerá os princípios fundamentais da macroeconomia geralmente ensinados em cursos trimestrais ou semestrais para alunos de graduação ou MBA. E, talvez mais importante ainda, você também aprenderá a aplicar esses princípios a uma grande variedade de situações, tanto de sua vida particular quanto profissional. Assim, o Poder da Macroeconomia vai ajudá-lo a ser bem-sucedido em um ambiente globalizado e cada vez mais competitivo. This is a translated version. To join the original English version, please visit this page https://www.coursera.org/learn/principles-of-macroeconomics
"Como o papel-moeda é criado" e multiplicador monetário
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From the course by University of California, Irvine
O Poder da Macroeconomia: princípios da economia no mundo real (em Português)
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University of California, Irvine
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From the lesson
Reserva Federal dos EUA e Política Monetária
Meet the Instructors
Dr. Peter NavarroProfessor
Paul Merage School of Business
[MUSIC]
Now that we know about money, let's find out more about how money is created.
The best way to think about this, is to go back several hundred years
to England, when commodity money, such as
gold, was the prevailing medium of exchange.
And goldsmiths emerged as the first commercial bankers.
In this earlier era people didn't like to carry around all
their gold or leave it sitting around the house because it
was cumbersome and might even get stolen.
So people asked their goldsmith to store it.
The Goldsmiths in turn, would give the gold depositors
a paper receipt, and when a depositor needed to
get some gold to make a purchase, he or
she would use that receipt to redeem the gold.
Now, over time, three important things happened with this system.
First the depositors
figured out that they could trade their
gold receipts for goods rather than go back
to the goldsmith to redeem the paper every time they needed to make a transaction.
These receipts function in effect as the first paper money.
Second, the gold depositors soon figured out that they didn't have to leave their
gold with the goldsmith for free. In fact, it wasn't long before goldsmiths
began competing for depositor's gold.
In those good old days, they didn't offer
people free toasters or rebates to open an account.
They did offer them interest on their gold deposits.
Finally, the goldsmiths figured out that they could operate
under what is today called the system of fractional reserves.
For example, they might take in a $1000 of gold deposits and issue
receipts for that amount to the depositors.
however they then might turn around and also issue another
thousand dollars in gold receipts as loans to other people.
Even thought they didn't have enough gold deposits
to redeem all the receipts that they issued.
The goldsmiths could operate this way because it was
highly unlikely that everyone who held the receipts would come
in at the same time to demand their gold.
In this particular example the implicite fractional reserve is 50% or 5.
At this level the goldsmiths would issue twice as many
receipts as they had gold deposits for and such a system
allowed the goldsmiths to expand the supply of money Over and
above the amount of gold reserves they held in their vaults.
Today's modern banks function much like the goldsmith's of old.
And you can see now how such banks can create money.
Suppose for example that a person deposits a thousand dollars in bank one.
This table shows the balance sheet for bank one in
this initial position where both reserves and deposits are $1000.
Now, suppose further that the banks board of
directors decides that they're going to maintain
a fractional reserve or reserve requirement of 10%.
This means that the board of directors is betting that no more than ten
percent of their depositors will come in and demand their money at any one time.
This in turn means they can safely lend out
at least $900 of the new $1000 demand deposit.
This table shows bank one's balance sheet after making such a loan.
Deposits remain at $1,000, but reserves fall to
$100 while loans and investments go to $900.
At this point, the borrower from bank one deposits the money in bank two.
And this is reflected in bank 2's initial balance sheet in this table.
But since bank 2 also has a 10% reserve requirement, it
can lend out funds, $810 to be precise, as indicated
by bank 2's final balance sheet. In this table.
By now you get the pictures, when $810 is deposited in
bank three, bank three lends out $729, bank four lends
out $656, and so on.
And from this table you can see how the actions of all
the banks together produce what is called the multiple expansion of money.
The final equilibrium is reached when every new dollar
of original bank reserves supports ten dollars of demand deposits.
And through this expansion the original $1000 demand deposit
creates an additional $9000 of new loans and
investments And a total of $10,000 in new deposits.
From this example, we see that there is a new kind of multiplier operating
on bank reserves, a money supply multiplier
very different from the Keynesian expenditure multiplier.
Perhaps you're obvious question is how do you calculate this multiplier.
It's a good question and fortunately there's a very simple formula for it.
The money supply multiplier is simply one
divided by the bank's required reserve ratio.
So in the example above, if the reserve requirement
is 0.10 or 10%, then the money multiplier is ten.
And, 10 times the original $1,000 increase in demand deposits, is $10,000.
Now you try it.
Suppose the reserve requirement is instead 50%.
What's the money multiplier?
[BLANK_AUDIO]
That's right, it's two. One divided by 50.
So if bank one receives a new demand deposit of $1000, it can lend out $500.
Bank two can lend out $250 and so on until
a total of $2000 of new money is in circulation.
Note, then the bigger the reserve
requirement, the smaller the money multiplier, and
the less money that is created by any dollar of demand deposits.
Now, if you have been listening closely, there is probably something bothering you.
You might want to know where, in the example above, the one thousand
dollars of paper money that was deposited in bank one originally came from?
In America, the answer is the Federal Reserve, the nation's central bank.
Through its control of bank reserves, the Federal Reserve sets the level
of interest rates and has a major impact on output and employment.
The Fed, as it is called, was created
in 1913 following the Financial Panic of 1907.
During this panic, numerous banks collapsed
because of so-called runs on the banks.
A bank run occurs when too many
of the bank's depositors demand their money at the same time.
To see the serious problem a bank run creates, imagine what
would have happened to our goldsmith in the example above if everybody
had showed up all at once demanding their $2,000 in gold,
and the goldsmith had had only $1,000 of gold in his vault.
Such bank runs usually
happened because, for one reason or
another, people suddenly believed that they
may not be able to get all their money out of their bank.
The irony of course, is that when everybody tried
to do that at once, the fear becomes reality.
In effect, a self-fulfilling prophecy.
And that's where a central bank comes in.
It can serve as the lender of last resort, so if a bank needs
to pay off its depositors, it can always borrow it
from the fed which is, in essence, a bankers bank.
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