Study on the Money Creation and Transmission from the Perspective of Credit

Abstract

Abstract:

Based on the panel data of 167 commercial banks from 2007 to 2017, we examine the constraints faced by banks in money creation, the monetary effect of local government debt issuance and the money transmission with the interest rate liberalization. In general, different types of commercial bank have different constraints in money creation. The local government debt issuance has an important effect on the money creation. With the interest rate liberalization, the financial assets allocation of households and businesses has changed. It means that the deposits decrease. And the price plays a limited role in raising deposits of households and businesses. This paper has important practical significance for improving monetary policy system and management abilities of commercial banks.

Key words: credit money, money creation, loans create deposits, money transmission

Wang Zhaodong, Guo Na, Wei Yunjie. Study on the Money Creation and Transmission from the Perspective of Credit[J]. , 2020, 32(3): 85-96.

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