双层存款乘数框架下的货币乘数  

The Money Multiplier under the Framework of the Two-tier Deposit Multipliers

作　　者：王国刚 罗煜[2] 潘登 WANG Guogang;LUO Yu;PAN Deng(School of Finance,Renmin University of China)

机构地区：[1]中国人民大学财政金融学院、中国财政与金融政策研究中心 [2]中国人民大学财政金融学院、中国银行业研究中心,100872 [3]中国人民大学财政金融学院

出　　处：《经济理论与经济管理》2024年第3期33-48,共16页Economic Theory and Business Management

基　　金：国家自然科学基金应急重大项目(71850009);中国人民大学科学研究基金(22XNQT03)的资助。

摘　　要：主流文献关于存款乘数和货币乘数的认识在理论逻辑上存在着易被忽视的缺陷,与实践逻辑也不完全一致。一是忽视了对中央银行-商业银行层面存款派生机制的考察,仅从商业银行-客户的层面分析存款乘数;二是将货币乘数中的“货币”界定为包含商业银行准备金存款在内的基础货币,夸大了货币乘数的分母,降低了货币乘数的倍数;三是将法定存款准备金率从中央银行对单家或若干家商业银行的调控效应扩展到整个商业银行系统,过度高估法定存款准备金率在货币政策操作中的功效。本文提出基于双层存款派生乘数的货币乘数理论,指出法定存款准备金率的误区,将货币乘数中的“货币”界定为中央银行发行的“流通中货币”,重新梳理中国和美国货币政策实践中的货币乘数变化趋势。There are two main definitions of money multiplier in literature: one is “deposit multiplier”,and its brief connotation is the expansion multiple of deposit money under the legal reserve ratio requirement in the credit monetary system. The other is “base money multiplier”,and its brief connotation is the expansion(or contraction) of broad money supply caused by the central bank's base money, that is, money multiplier = broad money quantity/base money. There is a close internal relationship between these two multipliers. However, whether it is deposit multiplier or money multiplier, their theoretical logic is not rigorous and inconsistent with practical logic.There are three main defects in the traditional theory of money multiplier: First, when the mainstream theory focuses on the deposit multiplier of the commercial banking system, it ignores the mechanism that the central bank, as a bank, also creates money by connecting deposits and loans, and thus ignores the multiplier mechanism and deposit multiplier at the level of central bank-commercial banks. Second, the logical deduction of the base money multiplier in the mainstream theory is based on the deposit multiplier of a single commercial bank, but it is directly applied to the money multiplier of the whole banking system including the central bank. Third, the mainstream theory only analyzes the direct impact of changes in the statutory reserve ratio on the deposit multiplier of commercial banks. It is believed that the adjustment of the statutory reserve ratio will directly affect the amount of deposits created by commercial banks, and thus affect the change of money supply and the size of money multiplier. It is ignored that the funds obtained by the central bank through the adjustment of the statutory reserve ratio are not stored idle, but are used by the central bank for re-lending, rediscount, foreign exchange purchase and other operations of commercial banks and open market operation. As a result, a deposit multiplier mechanism at the central ban

关 键 词：存款乘数 货币乘数 货币创造 双层存款乘数 

分 类 号：F822.0[经济管理—财政学] F827.12