Vývoj peněžního multiplikátoru v podmínkách pevného měnového kurzu a rozšířeného fluktuačního pásma

The behaviour of the money multiplier under fixed exchange rates and extended fluctuation limit

Helena Horská

Politická ekonomie, 1999, vol. 1999, issue 3

Abstract: The money multiplier is the ratio of the stock of money (M2 in Czech Republic) to the stock of high - powered money (M0 in Czech Republic). Actual data for the money multiplier for M2 are shown that the multiplier is neither constant nor exactly predictable. I suppose the main sources of this instability are the changes of the required - reserve ratio. Every one of these changes always implied the big and unrepeated movement of money multiplier. The next important volatile variable in the multiplier is the ratio of the demand deposits to the term deposits that reflected the changes in liquidity preference of private and household sector. The currency wasn't the least unstable item in the multiplier. Its behavior was influenced by the seasonal fluctuations.

Keywords: money multiplier; monetary base; monetary aggregate M2; currency; demand and term deposits; deposits in foreign currency; floating exchange rates; required - reserve ratio (search for similar items in EconPapers)
Date: 1999
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DOI: 10.18267/j.polek.38

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