Dirua: transakzio bertikalak eta horizontalak (1)

Aspaldian ikertu genuen zirkuitu teoria.

Beranduago, Mosler-ek zirkuitu teoriari egindako kritika dela kausa1, Mosler (eta DTM, oro har) hartu genuen abiapuntutzat (Zirkuitu teoriatik DTMra)

Sarrera orokorra: Modern Money Theory2

Bertan transakzio bertikalez3 eta transakzio horizontalez4 irakur daiteke.

(Segituko du)

1 Ikus Warren Mosler: MMT (DTM) eta zirkuitu monetarioaren teoria eta Zirkuitu teoria (ZT).

3 Vertical transactions: “MMT labels any transactions between the government sector and the non-government sector as a vertical transaction. The government sector is considered to include the treasury and the central bank, whereas the non-government sector includes private individuals and firms (including the private banking system) and the external sector – that is, foreign buyers and sellers. (“Deficit Spending 101 – Part 1 : Vertical Transactions”, Bill Mitchell, 21 February 2009)

In any given time period, the government’s budget can be either in deficit or in surplus. A deficit occurs when the government spends more than it taxes; and a surplus occurs when a government taxes more than it spends. MMT states that as a matter of accounting, it follows that government budget deficits add net financial assets to the private sector. This is because a budget deficit means that a government has deposited more money into private bank accounts than it has removed in taxes. A budget surplus means the opposite: in total, the government has removed more money from private bank accounts via taxes than it has put back in via spending.

Therefore, budget deficits add net financial assets to the private sector; whereas budget surpluses remove financial assets from the private sector. This is widely represented in macroeconomic theory by the national income identity:

G − T = S − I − NX

where G is government spending, T is taxes, S is savings, I is investment and NX is net exports.

The conclusion that MMT draws from this is that it is only possible for the non government sector to accumulate a surplus if the government runs budget deficits. The non government sector can be further split into foreign users of the currency and domestic users.

MMT economists aim to run deficits as much as the private sector wants to save and for real resources to be fully used e.g. full employment. As most private sectors want to net save and globally, external balances must add up to zero, MMT economists usually advocate budget deficits.

Further information: Sectoral balances.

4 Horizontal transactions: “MMT economists describe any transactions within the private sector as “horizontal” transactions, including the expansion of the broad money supply through the extension of credit by banks.

MMT economists regard the concept of the money multiplier, where a bank is completely constrained in lending through the deposits it holds and its capital requirement, as misleading (“Money multiplier and other myths”, Bill Mitchell, 21 April 2009 ). Rather than being a practical limitation on lending, the cost of borrowing funds from the interbank market (or the central bank) represents a profitability consideration when the private bank lends in excess of its reserve and/or capital requirements (see interaction between government and the banking sector).

According to MMT, bank credit should be regarded as a “leverage” of the monetary base and should not be regarded as increasing the net financial assets held by an economy, with only the government or central bank able to issue high powered money with no corresponding liability (“Money multiplier and other myths”, Bill Mitchell, 21 April 2009). Stephanie Kelton argues that bank money is generally accepted in settlement of debt and taxes because of state guarantees, but that state-issued high-powered money sits atop a “hierarchy of money” (Kelton, Stephanie (Bell) (2001), “The Role of the State and the Hierarchy of Money” , Cambridge Journal of Economics (Cambridge) (25): 149–163).”

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