Создание и регулирование денежной массы

Process by which the money supply of an economic region is increased
the changes in the money supply

Money creation, or money issuance, is the process by which the money supply of a country, or an economic or monetary region, is increased. In most modern economies, money is created by both central banks and commercial banks. Money issued by central banks is termed reserve deposits and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by engaging in open market operations or quantitative easing. However, the majority of the money supply used by the public for conducting transactions is created by the commercial banking system in the form of bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits. Money creation occurs when the amount of loans issued by banks increases relative to the repayment and default of existing loans. Governmental authorities, including central banks and other bank regulators, can use various policies, mainly setting short term interest rates, to influence the amount of bank deposits commercial banks create.

The monetary authority of a nation—typically its central bank—employs control over money supply, short term interest rates, and other tools of monetary policy to accomplish broader objectives such as unemployment reduction and price stability. Monetary policy directly impacts the availability and the cost of credit in the economy, which in turn impacts investment, stock prices, private consumption, demand for money, and overall economic activity. The exchange rate of a country's currency impacts the value of its net exports. In most developed countries, central banks conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. Central banks operate in practically every nation in the world, with few exceptions. There are some groups of countries, for which, through agreement, a single entity acts as their central bank, such as the organization of states of Central Africa, which all have a common central bank, the Bank of Central African States; or monetary unions, such as the Eurozone, whereby nations retain their respective central bank yet submit to the policies of the central entity, the European Central Bank. Central banking institutions are generally independent of the government executive. Lowering interest rates or purchasing debt (resulting in an increase in bank reserves) is called monetary expansion or monetary easing, whereas the opposite is known as monetary contraction or tightening. An extraordinary process of monetary easing is denoted as quantitative easing, whose intent is to stimulate the economy by increasing liquidity and promoting bank lending.

Debt monetization occurs when a country's central bank loans money to its government to finance public spending. Used to fund government debt as an alternative to raising taxes or selling bonds, the process artificially increases a country's money supply, diluting the value of existing money. Due to its substantial impact on inflation, including the risk of runaway hyperinflation, debt monetization is prohibited in many countries. In the Eurozone, Article 123 of the Lisbon Treaty explicitly prohibits the European Central Bank from financing public institutions and state governments. In Japan, the nation's central bank "routinely" purchases approximately 70% of state debt issued each month, and owns, as of Oct 2018, approximately 440 trillion JP¥ (approx. $4trillion) or over 40% of all outstanding government bonds. In the United States, the 1913 Federal Reserve Act allowed federal banks to purchase short term securities directly from the Treasury, in order to facilitate its cash management operations. The Banking Act of 1935 prohibited the central bank from directly purchasing Treasury securities, and permitted their purchase and sale only "in the open market". In 1942, during wartime, Congress amended the Banking Act's provisions to allow purchases of government debt by the federal banks, with the total amount they'd hold "not [to] exceed $5 billion". After the war, the exemption was renewed, with time limitations, until it was allowed to expire in June 1981. A debt based monetary system is when money creation is issued as debt from commercial banks (primarily). It is essentially leveraged margin that they created themselves, so there is no interest that needs to be paid on the margin. Large banks are required to have a 10% reserve requirement, so they can only leverage up to 10 times their deposits / liabilities. Smaller commercial banks such as community banks and credit unions have zero reserve requirement. The Federal Reserve can only create new money as debt as well, during quantitative easing they buy U. S. Treasuries and mortgage backed securities. When the principal is being paid back to the bank that money is erased/destroyed, the bank only keeps the interest from the loan as income.

Central banks can use open market operations to exchange liquidity in its currency with a bank or a group of banks. The central bank can either transact government bonds and other financial assets in the open market or enter into a repo or secured lending transaction with a commercial bank. The latter option, often preferred by central banks, involves them making fixed period deposits at commercial banks with the security of eligible assets as collateral. When a central bank buys back its bonds, bank reserves increase while outstanding bonds decrease. Operations conducted by central banks can either address short term goals on its agenda or long term factors such as driving the expansion of its balance sheet or funding the minting of new currency to bolster the amount of physical currency in circulation. Traditionally, such a primary factor has been the trend growth of currency (notes and coins) in circulation.

When commercial banks lend money, they expand the amount of bank deposits. The banking system can expand the money supply of a country beyond the amount created by the central bank, creating most of the broad money in a process called the multiplier effect. According to the money multiplier theory, which is often cited in macroeconomics textbooks, the central bank controls the money multiplier because it can impose reserve requirements, and consequently via this mechanism also governs the amount of money created by commercial banks. Most central banks in developed countries, however, have ceased to rely on this theory and stopped shaping their monetary policy through required reserves. Monetarist theory, which was prominent during the 1970s and 1980s, argued that the central bank should concentrate on controlling the money supply through its monetary operations. The strategy did not work well for the central banks like the Federal Reserve who tried it, however, and it was abandoned after some years, central banks turning to steer interest rates to obtain their monetary policy goals rather than holding the quantity of base money fixed in order to steer money growth. Interest rates influence commercial bank issuance of credit indirectly, so the ceiling implied by the money multiplier does not impose a limit on money creation in practice. By setting interest rates, central bank operations will affect, but not control the money supply.

The fractional reserve theory where the money supply is limited by the money multiplier has come under increased criticism since the financial crisis of 2007–2008. It has been observed that the bank reserves are not a limiting factor because the central banks supply more reserves than necessary and because banks have been able to build up additional reserves when they were needed. Many economists and bankers now believe that the amount of money in circulation is limited only by the demand for loans, not by reserve requirements. The model of bank lending stimulated through central bank operations (such as "monetary easing") has been rejected by Neo Keynesian and Post Keynesian analysis as well as central banks. The major argument offered by dissident analysis is that any bank balance sheet expansion (e. g. through a new loan) that leaves the bank short of the required reserves may affect the return it can expect on the loan, because of the extra cost the bank will undertake to return within the ratios limits – but this does not and "will never impede the bank's capacity to give the loan in the first place". Banks first lend and then cover their reserve ratios: The decision whether or not to lend is generally independent of their reserves with the central bank or their deposits from customers; banks are not lending out deposits or reserves, anyway. Banks lend on the basis of lending criteria, such as the status of the customer's business, the loan's prospects, and/or the overall economic situation. Bank of England told us in 2019: "Most of the money in the economy is created by banks when they provide loans. ", but not every provided loan is heightening bank money amount. It depends on payment flows after given loans. (see table by Decker/Goodhart [2021] beside).