Money supply: M0, M1, and M2

137문장 100% 한국어 번역 4명 참여 출처 : 칸아카데미
2 영상보기
영어 to
한국어
2단 보기 1단 보기
번역 0%

Money supply: M0, M1, and M2발음듣기

다른 번역문 등록

What I want to explore in this video is the different ways of measuring the amount of money we have in circulation.발음듣기

다른 번역문 등록

So we're going to start things with our Central Bank in the US.발음듣기

다른 번역문 등록

This would be the US Federal Reserve.발음듣기

다른 번역문 등록

And let's say that they print $4.발음듣기

다른 번역문 등록

And we're going to focus, just for visualization purposes, on that they're doing it physically.발음듣기

다른 번역문 등록

They could also do it electronically.발음듣기

다른 번역문 등록

But we're just going to focus on the physical.발음듣기

다른 번역문 등록

And the way that they get this into circulation is it they'll take these $4 and they'll go buy securities in the open market, normally very safe and very liquid securities.발음듣기

다른 번역문 등록

Liquid means it's very easy to buy and sell those securities in large quantities.발음듣기

다른 번역문 등록

For example, government treasuries is a liquid security, or liquid asset.발음듣기

다른 번역문 등록

PEZ dispensers would not be a liquid asset.발음듣기

다른 번역문 등록

If I bought a billion dollars worth of PEZ dispensers it would be very hard for me to sell - one it would be very hard for me to buy a billion dollars worth.발음듣기

다른 번역문 등록

And it would be even probably even harder for me to sell a billion dollars worth in any short or medium timeframe.발음듣기

다른 번역문 등록

So the Central Bank goes out, and let's say they go and buy one liquid security for $4.발음듣기

다른 번역문 등록

So this is a security right over here.발음듣기

다른 번역문 등록

And the person that they bought the security from decides to deposit it in a bank.발음듣기

다른 번역문 등록

They could either directly deposit it in a bank or they could use that money that they got from selling their security to buy things, and the person they bought things from could deposit it in a bank.발음듣기

다른 번역문 등록

But one way or another we can imagine it all gets deposited in a bank.발음듣기

다른 번역문 등록

So this is our private bank.발음듣기

다른 번역문 등록

I'll call this private bank number one.발음듣기

다른 번역문 등록

So now all of these dollars are transferred to private bank number one.발음듣기

다른 번역문 등록

And they are no longer - the Federal Reserve, or the Central Bank, in the general case, is no longer in possession of them.발음듣기

다른 번역문 등록

They've been transferred right over here.발음듣기

다른 번역문 등록

And I want to cross these out just so we can keep track of things.발음듣기

다른 번역문 등록

Now when they deposit it in private bank number one, they said, well, I need three of these dollars on demand.발음듣기

다른 번역문 등록

And I want to write checks against them.발음듣기

다른 번역문 등록

So they put three of these dollars in a checking account.발음듣기

다른 번역문 등록

There are at three of these dollars a checking account.발음듣기

다른 번역문 등록

So checks up too - so write checks up to $3.발음듣기

다른 번역문 등록

And so they can get a little bit more interest, and the bank's willing to give a little bit more interest on a savings account because they don't have to keep the reserves, they put $1 into a savings account.발음듣기

다른 번역문 등록

And they cannot write checks against that savings account.발음듣기

다른 번역문 등록

Now there are special circumstances now, but for simplicity, let's just say that they cannot write checks.발음듣기

다른 번역문 등록

There are some that have restricted check writing and things like that now.발음듣기

다른 번역문 등록

So this bank says, OK, well, this dollar, I don't have to even have any reserves against it.발음듣기

다른 번역문 등록

I could loan out this dollar.발음듣기

다른 번역문 등록

And the person they lend it to, let's say that they immediately go and deposit it into another bank.발음듣기

다른 번역문 등록

So they immediately go and deposit this in private bank, I'll call this private bank two.발음듣기

다른 번역문 등록

So it's no longer in private bank one.발음듣기

다른 번역문 등록

Let me draw a private bank two.발음듣기

다른 번역문 등록

Private bank two is a right over here.발음듣기

다른 번역문 등록

Private bank number two.발음듣기

다른 번역문 등록

And they deposit it into a savings account in private bank number two.발음듣기

다른 번역문 등록

And let's say all of this, out of all of this, the bank says, well, this is a demand deposit, I have to keep some reserves.발음듣기

다른 번역문 등록

This is a fractional reserve system.발음듣기

다른 번역문 등록

But I can lend out, in the US, I could lend out up to 90% of this.발음듣기

다른 번역문 등록

And maybe this bank is a little bit more conservative, They only lend out 2/3 of this.발음듣기

다른 번역문 등록

So they lend out $2 out of these $3.발음듣기

다른 번역문 등록

And let's say the person they let it do also happens to deposit it in private bank number two, just coincidentally.발음듣기

다른 번역문 등록

So these two also end up in private bank number two.발음듣기

다른 번역문 등록

And so they're no longer in private bank number one, although this person could still write checks up to $3.발음듣기

다른 번역문 등록

And now here in private bank number two - and let's say these are deposited in a checking account.발음듣기

다른 번역문 등록

These are deposited right over here in a checking account.발음듣기

다른 번역문 등록

Now private bank number two, it can do a couple of things.발음듣기

다른 번역문 등록

In this checking account it has to keep some reserves.발음듣기

다른 번역문 등록

Let's say it's even more conservative.발음듣기

다른 번역문 등록

It only decides to lend out half of this, even though it could lend out 90%.발음듣기

다른 번역문 등록

And so it lends out one of these dollars.발음듣기

다른 번역문 등록

And the person that they lend it to just takes that dollar and they put it in their wallet.발음듣기

다른 번역문 등록

So they just put it in their wallet.발음듣기

다른 번역문 등록

And they could also lend out this entire savings.발음듣기

다른 번역문 등록

And let's just say that the person that they lend that $1 in savings to also puts it in their wallet.발음듣기

다른 번역문 등록

And notice, the original $4 are still there.발음듣기

다른 번역문 등록

One, two, three, four.발음듣기

다른 번역문 등록

Now, and just to be clear, this person right over here can write checks up to $3.발음듣기

다른 번역문 등록

And this person right over here can write checks - let me do that same checking account color - they can write checks up to $2.발음듣기

다른 번역문 등록

Now let's think about the different forms of money there are here.발음듣기

다른 번역문 등록

Well, we could think of money in a very, very narrow way, which is just what did the Central Bank print, or create electronically as electronic reserves of its member banks?발음듣기

다른 번역문 등록

But for simplicity here you can just think about the physical currency that it printed, its base money.발음듣기

다른 번역문 등록

And so that, often, is just referred to as base money.발음듣기

다른 번역문 등록

And in the US and other countries it's often the same thing as M0.발음듣기

다른 번역문 등록

There's slight differences from country to country.발음듣기

다른 번역문 등록

And in this example, as soon as they printed it and put it into circulation, that was $4.발음듣기

다른 번역문 등록

We had $4 of base money.발음듣기

다른 번역문 등록

And that's obvious because as soon as they printed this and they bought the security with it, and it was in circulation, that $4 could be used to buy things.발음듣기

다른 번역문 등록

It could be used to facilitate transactions.발음듣기

다른 번역문 등록

Now that clearly isn't all of the stuff that can be used as money in this little universe we created.발음듣기

다른 번역문 등록

This guy, you have the $4 but these people can also write checks right over here.발음듣기

다른 번역문 등록

And so we can have a slightly broader definition of money.발음듣기

다른 번역문 등록

And over here, we will call it M1.발음듣기

다른 번역문 등록

And here, there's a couple of ways you could think about it.발음듣기

다른 번역문 등록

You could think about it as all of the currency that's in people's pockets plus all of the check writing capabilities.발음듣기

다른 번역문 등록

So if you view it that way it, would be this $2 plus $5 of check writing capabilities right over here.발음듣기

다른 번역문 등록

So you could have $2 of physical currency that's in people's wallets, not in bank reserves, plus the $5 of check writing capability, which would give you $7.발음듣기

다른 번역문 등록

Another way you could view it, you could view it as M0 plus checkable deposits.발음듣기

다른 번역문 등록

I'll just write checks here, plus - well I'll write - checkable deposits.발음듣기

다른 번역문 등록

But if you do that, you are now double counting because some of the M0 is reserves in the checkable deposits.발음듣기

다른 번역문 등록

Or you could say some of the checkable deposits is held as reserves for M0.발음듣기

다른 번역문 등록

So then you would have to subtract out the bank reserves.발음듣기

다른 번역문 등록

And so then you would get $4 because we don't want to double count these right over here.발음듣기

다른 번역문 등록

You would get M0 is $4.발음듣기

다른 번역문 등록

And I want to do that in white.발음듣기

다른 번역문 등록

M0 is $4.발음듣기

다른 번역문 등록

The checkable deposits is $5.발음듣기

다른 번역문 등록

Let me do that in the pink.발음듣기

다른 번역문 등록

Plus the $5.발음듣기

다른 번역문 등록

And then you would want to subtract out the reserves.발음듣기

다른 번역문 등록

And the reserves here, there are $2 of the reserves.발음듣기

다른 번역문 등록

So minus $2.발음듣기

다른 번역문 등록

And you would get yourself back to the $7.발음듣기

다른 번역문 등록

And the whole point of this is so you're not double counting something, you're not double counting this right over here, as part of checkable deposits and part of the M0.발음듣기

다른 번역문 등록

You're not using this twice.발음듣기

다른 번역문 등록

It's not part of the base money.발음듣기

다른 번역문 등록

It is both the base money and checkable deposits.발음듣기

다른 번역문 등록

And we don't want to count it twice.발음듣기

다른 번역문 등록

So the simplest way to think about is, well, what can be used in this broader definition to facilitate transactions?발음듣기

다른 번역문 등록

These $2 in people's pockets, and this ability to write up to $5 of checks.발음듣기

다른 번역문 등록

So that's this view right over here.발음듣기

다른 번역문 등록

And if we want to get even broader than that, we can get to something called M2.발음듣기

다른 번역문 등록

And here we could say, OK, what's immediately usable to facilitate a transaction right now?발음듣기

다른 번역문 등록

So that would be our M1.발음듣기

다른 번역문 등록

So that would be our $7 of M1.발음듣기

다른 번역문 등록

Plus things that can be easily converted to M1.발음듣기

다른 번역문 등록

So for example, these savings accounts can be easily converted to checking accounts.발음듣기

다른 번역문 등록

It might only take a couple of days.발음듣기

다른 번역문 등록

There might be some restrictions.발음듣기

다른 번역문 등록

But it can be converted.발음듣기

다른 번역문 등록

And when it gets converted will change the bank's reserve requirements a little bit.발음듣기

다른 번역문 등록

But it will allow, if this person converts it they will have the ability to write more checks.발음듣기

다른 번역문 등록

So M2 includes M1 plus things that are very easy to convert to M1.발음듣기

다른 번역문 등록

And so they'll include things like savings accounts, money market accounts, which I won't go into detail here.발음듣기

다른 번역문 등록

But they're really kind of similar in that you get slightly higher interest, but there are restrictions on your ability to access it.발음듣기

다른 번역문 등록

But it's not too hard to turn it into checking accounts.발음듣기

다른 번역문 등록

And small dollar value time deposit, CD accounts.발음듣기

다른 번역문 등록

But for the sake of simplicity, in this example, it would be the saving accounts.발음듣기

다른 번역문 등록

So it would be our $7 of M1, plus the $2 of savings accounts right over here.발음듣기

다른 번역문 등록

So this is just to give you a picture.발음듣기

다른 번역문 등록

When someone talks about the money supply you really have to say, well, what are you talking about?발음듣기

다른 번역문 등록

The most typical one is that you're really talking about M1, because this is the stuff that's directly usable to facilitate transactions.발음듣기

다른 번역문 등록

Things like the ability to write a check, or dollar bills in someone's wallet.발음듣기

다른 번역문 등록

But they might be talking about base money, M0, narrow money, always of referring to the same thing, especially in the United States.발음듣기

다른 번역문 등록

Or they might be referring to something even broader.발음듣기

다른 번역문 등록

And there are broader definitions even than M2, although M3, they've stopped reporting about it.발음듣기

다른 번역문 등록

But M3 would have things that are a little bit further from being true money, from being a checking account.발음듣기

다른 번역문 등록

But they are already fairly liquid and so they'll include other types of assets.발음듣기

다른 번역문 등록

But the Fed has stopped reporting this in the recent past.발음듣기

다른 번역문 등록

So these are the ones that are typically referred to.발음듣기

다른 번역문 등록

칸아카데미 더보기더 보기

전체보기
Top