Money Supply发表评论(0)编辑词条

What Does Money Supply Mean?
The entire quantity of bills, coins, loans, credit and other liquid instruments in a country's economy.

Explains on Money Supply
Money supply is divided into multiple categories - M0, M1, M2 and M3 - according to the type and size of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth.

In economics, money supply or money stock, is the total amount of money available in an economy at a particular point in time.There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits.

Money supply data are recorded and published, usually by the government or the central bank of the country. Public- and private-sector analysts have long monitored changes in money supply because of its possible effects on the price level, inflation and the business cycle.

That relation between money and prices is historically associated with the quantity theory of money. There is strong empirical evidence of a direct empirical relation between long-term price inflation and money-supply growth. These underlie the current reliance on monetary policy as a means of controlling inflation. This causal chain is however contentious, with heterodox economists arguing that the money supply is endogenous and that the sources of inflation must be found in the distributional structure of the economy. (see Lance Taylor's 2004 Reconstructing Macroeconomics)

Money is used in final settlement of a debt and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. Since most modern economic systems are regulated by governments through monetary policy, the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each. Narrow measures include those more directly affected by monetary policy, whereas broader measures are less closely related to monetary-policy actions. Each measure can be classified by placing it along a spectrum between narrow and broad monetary aggregates. The different types of money are typically classified as Ms. The number of Ms usually range from M0 (narrowest) to M3 (broadest) but which Ms are actually used depends on the system. The typical layout for each of the Ms is as follows:

M0: Notes and coins (currency) in circulation and in bank vaults, plus reserves which commercial banks hold in their accounts with the central bank (minimum reserves and excess reserves). This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply. M0 is usually called the monetary base. The designation M0 may lead to confusion because it seems to imply that M0 is part of M1, which is not strictly the case. 
M1: Equals M0 + checkable deposits (checking deposits, officially called demand deposits, and other deposits that work like checking deposits) + traveler's checks. M1 represents the assets that strictly conform to the definition of money: assets that can be used to pay for a good or service or to repay debt. Although checks linked to checking deposits are gradually becoming less popular, debit cards linked to these deposits are becoming more popular. Like checks, debit cards, as a means to complete a transaction through their links to checkable deposits, can also be considered as a form of money.
M2: Equals M1 + savings deposits, time deposits less than $100,000 and money market deposit accounts for individuals. M2 represents money and "close substitutes" for money. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.
M3: Equals M2 + large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. M3 is no longer published or revealed to the public by the US central bank. However it is estimated by a web site called Shadow Government Statistics.

Fractional-reserve banking

The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system:

central bank money (physical currency, government money)
commercial bank money (money created through loans) - sometimes referred to as private money, or checkbook money

In the money supply statistics, central bank money is M0 while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.

货币供应量概述
　　货币供应量，是指一国在某一时期内为社会经济运转服务的货币存量，它由包括中央银行在内的金融机构供应的存款货币和现金货币两部分构成。

　　世界各国中央银行货币估计口径不完全一致，但划分的基础本依据是一致的，即流动性大小。所谓流动性，是指一种资产随时可以变为现金或商品，而对持款人又不带来任何损失，货币的流动性程度不同，在流通中的周转次数就不同，形成的货币购买力及其对整个社会经济活动的影响也不一样。

　　一般说来，中央银行发行的钞票具有极强的流动性或货币性，随时都可以直接作为流通手段和支付手段进入流通过程，从而影响市场供求关系的变化。商业银行的活期存款，由于可以随时支取、随时签发支票而进入流通，因此其流动性也很强，也是影响市场供求变化的重要因素。有些资产，如定期存款、储蓄存款等，虽然也是购买力的组成部分，但必须转换为现金，或活期存款，或提前支取才能进入市场购买商品，因此其流动性相对较差，它们对市场的影响不如现金和活期存款来得迅速。

    货币供应量的层次划分
　　按流动性标准划分货币供应量的层次，对中央银行而言，有两个方面的意义：

　　一方面，这种货币供应层次的划分，有利于为中央银行的宏观金融决策提供一个清晰的货币供应结构图，有助于掌握不同的货币运行态势，并据此采取不同的措施进行调控；

　　另一方面，这种货币层次划分方法，有助于中央银行分析整个经济的动态变化。每一层次的货币供应量，都有特定的经济活动和商品运动与之对应。通过对各层次货币供应量变动的观察，中央银行可以掌握经济活动的状况，并分析预测其变化的趋势。

　　美国自70 年代以后，面对各种信用流通工具不断增加和金融状况不断变化的现实，先后多次修改货币供应量不同层次指标。到80 年代，公布的情况是：

　　M[1A]＝流通中的现金+活期存款

　　M[1B] = M[1A]+可转让存单+自动转帐服务存单+信贷协会股票+互助储蓄银行活期存款

　　M2 = M1B+商业银行隔夜回购协议+欧洲美元隔夜存款+货币市场互助基金股票+所有存款的储蓄存款和小额定期存款

　　M3 = M2+大额定期存单（10 万元以上）＋定期回购协议+定期欧洲美元存款

　　L = M3+银行承兑票据+商业票据+储蓄债券+短期政府债券而日本的货币量层次划分又不同于美国，中央银行控制重心也有很大差异。其划分方法为：

　　M1=现金+活期存款

　　M2 = M1+企业定期存款

　　M1 + CD = M1+企业可转让存单

　　M2 + C = M1+定期存款+可转让存单

　　M3 = M2+CD+邮局、农协、渔协、信用组合、劳动金库的存款+信托存款以上美国和日本对货币量层次的划分，既考虑了货币的流动程度，同时也充分顾及本国金融体制、金融结构、金融业务的状况。

　　我国从1994 年三季度起由中国人民银行按季向社会公布货币供应量统计监测指标。参照国际通用原则，根据我国实际情况，中国人民银行将我国货币供应量指标分为以下四个层次：

　　M0：流通中的现金；

　　M1：M0+企业活期存款+机关团体部队存款+农村存款+个人持有的信用卡类存款；

　　M2：M1+城乡居居储蓄存款+企业存款中具有定期性质的存款+外币存款+信托类存款；M3：M2+金融债券+商业票据+大额可转让存单等。

　　其中，M1 是通常所说的狭义货币量，流动性较强；M3 是广义货币量，M2与M1，的差额是准货币，流动性较弱；M3 是考虑到金融创新的现状而设立的，暂未测算。

English Terms                英名名称      中文翻译 详细解释 
M1 Money Supply definition 1 货币供应量M1 货币供应的一种，包括所有实质金钱，例如纸币与硬币，也包括活期存款，即支票户口及即期户口 
M2 Money Supply definition 2 货币供应量M2 货币供应的一种，包括货币供量1，加所有定期存款、储蓄存款及非机构性货币市场基金 
M3 Money Supply definition 3 货币供应量M3 货币供应的一种，包括货币供应量2，加所有大额定期存款、机构性货币市场基金、短期购回协议，以及较大型流通资产