Peněžní a úvěrové multiplikátory ve vybraných ekonomikách

Money and Credit Multipliers in Selected Economies

Zbyněk Revenda

Politická ekonomie, 2016, vol. 2016, issue 5, 505-523

Abstract: The latest financial crisis has led to significant changes in the central bank's monetary policies. They have tried to respond by expansionary monetary policy in the different forms. We analyze if commercial and other banks use a higher quantity of reserves in order to increase granting of loans into the economy. Analysis is focused on the tendencies in money and credit multipliers. There are four analysed economics during the period 2008-2014: Czech Republic, European Monetary Union, Great Britain and the USA. No surprise that multipliers had tendencies to decline, especially from high values in the Great Britain and the USA. Development was quite surprising in the EMU, where all multipliers were very stable. We have observed the biggest exceptions in the USA, and the Czech Republic, respectively. Money multiplier of M1 is still less than 1 in the USA. Czech Republic is specific according to the values of credit multiplier. They are lower than values of money multiplier of M2, and even lower than multiplier of M1 since 2012. The most likely reasons for all trends are presented in the article.

Keywords: bank reserves; central bank; commercial bank; credit; monetary base; monetary aggregates; monetary policy; multiplier; quantitative easing; regulation; supervision (search for similar items in EconPapers)
JEL-codes: E5 G01 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.18267/j.polek.1085

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