Bill Mitchell-ek Greziako bankuen ikertzeari ekin dio.
Lehen sarrera honetan bankugintzaz arituko gara.
(Blogeko hurrengo sarreran banku gordailuen ‘migrazioaz’ arituko gara.)
Gogora ditzagun, Mitchellekin batera, bankugintzaren zenbait puntu1.
a) Helburu nagusia: akziodunei mozkin maximoa ematea2.
b ) Estrategia: kreditua merezi duten bezeroak bereganatzea3.
1) Bankuek ez dituzte erreserbak mailegatzen4
1. 1) Bankuen arteko transakzioak eta erreserbak5
1. 2.) Banku zentralaren rola6
1. 3) Eguneroko kudeaketa7
1. 4) Erreserben gehiketa eta erreserben kudeaketa8
“The important point (…) is that when a bank originates a loan to a firm or a household it is not lending reserves. Bank lending is not easier if there are more reserves just as it is not harder if there are less. Bank reserves do not fund money creation in the way that the mainstream economics textbooks depict it.”
“MMT notes that bank loans create deposits not the other way around. Reserve balances have nothing to do with this – they are part of the banking system that ensure financial stability.”
2) Banku zentrala eta merkataritza bankuak9
2. 1) Banku indibidualaren mailegatzea10
2. 3) Mailegatzearen ahalmena11
3) Ondorio garrantzitsua: banku zentralaz eta banku kredituen ahalmenaz 12
4) Banku gordailuen rola13
“Loans are not funded by reserves balances nor are deposits required to add to reserves before a bank can lend. This does not deny that banks still require funds in order to operate. They still need to ensure they have reserves. It just means that they do not need reserves before they lend.”
Argi: Banku pribatuek beren mailegu kontuak ‘finantzatu’ behar dituzte16.
Beraz, mailegu sailaren errentagarritasuna “is influenced by what they can lend at relative to the costs of the funds they ultimately have to get to satisfy settlement. So the price that the bank has to pay for deposits(one source of such funds) impact on the profitability of its lending decisions.”
Zer esan gordailuen ‘migrazioaz’?
(Blogeko hurrengo sarreran ukituko da puntu garrantzitsu hau.)
1 Ikus Greek bank deposit migration – another neo-liberal smokescreen: http://bilbo.economicoutlook.net/blog/?p=30132#more-30132.
2 Izan ere, “Banks certainly seek to maximise return to their shareholders“, baina “as long as that doesn’t conflict with the management’s aims to maximise salaries and bonuses for themselves.” Lehentasuna bigarrenak dauka: “There is clear evidence that the management prioritises the latter over the former and will let the bank go broke as long as they preserve their own entitlements.”
3 Ingelesez: “In pursuing that charter, they seek to attract credit-worthy customers to which they can loan funds to and thereby make profit. What constitutes credit-worthiness varies over the business cycle and so lending standards become more lax at boom times as banks chase market share.”
4 Ingelesez: “… banks do not lend reserves! Banks reserves are liabilities of the central bank and function to ensure the payments (or settlements) system functions smoothly.”
5 Ingelesez: “That system relates to the millions of transactions that occur daily between banks as cheques are tendered by citizens and firms and more. Without a coherent system of reserves, banks could easily find themselves unable to fund another bank’s demands relating to cheques drawn on customer accounts for example.”
6 Ingelesez: “Depending on the institutional arrangements (which relate to timing), all central banks stand by to provide any reserves that are required by the system to ensure that all the payments settle.”
7 Ingelesez: “Banks thus will have a reserve management area within their organisations to monitor on a daily basis their status and to seek ways to minimise the costs of maintaining the reserves that are necessary to ensure a smooth payments system.”
8 Ingelesez: “Banks can trade reserves between themselves on a commercial basis but in doing so cannot increase or reduce the volume of reserves in the system. Only government-non-government transactions (which in MMT are termed vertical transactions) can change the net reserve position.”
9 Ingelesez: “… depending on the way the central bank accounts for commercial bank reserves, the banks will seek funds to ensure they have the required reserves in the relevant accounting period. They can borrow from each other in the interbank market but if the system overall is short of reserves these ‘horizontal’ transactions will not add the required reserves. In these cases, the bank will sell bonds back to the central bank or borrow outright through the device called the ‘discount window’.”
10 Ingelesez: “At the individual bank level, certainly the ‘price of reserves’ will play some role in the credit department’s decision to loan funds. But the reserve position per se will not matter. So as long as the margin between the return on the loan and the rate they would have to borrow from the central bank through the discount window is sufficient, the bank will lend.”
11 Ingelesez: “…any balance sheet expansion which leaves a bank short of the required reserves may affect the return it can expect on the loan as a consequence of the “penalty” rate the central bank might exact through the discount window. But it will never impede the bank’s capacity to effect the loan in the first place.”
12 Ingelesez: “So it is quite wrong to assume that the central bank can influence the capacity of banks to expand credit by adding more reserves into the system. Please read the following blog – Building bank reserves will not expand credit – for further discussion.”
13 Ingelesez: “So what role do bank deposits play? How does this relate to the MMT claim that loans are just created from nowhere?
Think about what happens when you go to the bank and ask for credit. This is happening every hour of every business day as households and firms seek credit. The loan is a bank liability which can be used by the borrower to fund spending. When spending occurs (say a cheque is written for a new car), then the adjustment appears in the reserve account the bank that the cheque is drawn on holds with the central bank.”
14 Ingelesez: “Does the bank’s reserve fall as a consequence? Not necessarily because it depends on other transactions. What happens if the car dealer also banks with Bank A (the consumer’s bank)? Then Bank A just runs a contra accounting adjustment (debit the borrower’s loan account; credit the car dealer’s cash account) and the reserve balance doesn’t change even though a settlement has taken place.”
15 Ingelesez: “There are more complicated situations where the reserve balance of Bank A is not implicated. These relate to private wholesale payments systems which come to the settlements system (aka the ‘clearing house’) at the end of the day and determine a ‘net position’ for each bank. If Bank A has more cheques overall written for it than against it then its net reserve position will be in surplus.”
16 Ingelesez: “Private banks still need to ‘fund’ their loan book. Banks have various sources of funds available to them including the discount window offered by the central bank which I explained above. The sources will vary in ‘cost’. Banks clearly try to get access to funds which are cheaper than the rate they charge for their loans. So they will go to the cheapest funding source first and then tap into more expensive funding sources are the need arises. They always know that they can borrow shortfalls from the central bank at the discount window if worse comes to worse.”