Peníze v bankovním systému analýza bilancí centrálních bank

Money in the Banking System - Analysis of the Balance Sheets of Central Banks

Zbyněk Revenda

Politická ekonomie, 2017, vol. 2017, issue 3, 267-286

Abstract: Crisis development in some banking systems has been associated with large-scale aid programs, which has been heavily involved with the central bank's impact on the very rapid growth of their balance sheets. The banking system in the Czech Republic in the period 2005-2015 has not undergone any crisis. Significant changes in the balance of the Czech National Bank were associated with foreign exchange interventions against the Czech crown. High liquidity determines almost zero demand of banks for loans from the central bank. The Czech National Bank is in the "debtor" position in relation to banks. Central banks in the European Monetary Union and the United States are in the opposite position of the creditors. The dramatic growth in bank reserves had no significant inflationary pressures. The main reason is careful supply of bank loans. All this confirms that issuing money into the economy is associated especially with commercial banks' lending to non-bank subjects. Central bank issues money only to the banking system.

Keywords: bank reserves; central bank; currency; foreign exchange reserves; monetary base; monetary policy; money multiplier; quantitative easing (search for similar items in EconPapers)
JEL-codes: E52 E58 G01 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.polek.1143

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