Utjecaj bankarstva djelomičnih i potpunih rezervi na novac i monetarni sustav

master's thesis

• Title (english): The effect of fractional and full reserve banking on money and monetary system
• Author: Matija Matić
• Mentor: Josip Tica (mentor); MBZ: 230573
• Committee member: Josip Tica (predsjednik povjerenstva)
• Committee member: Lucija Rogić Dumančić (član povjerenstva)
• Committee member: Vladimir Arčabić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Macroeconomics and Economic Development); Zagreb
• Defense date and country: 2021-09-06, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Macroeconomics

Abstract

Monetarna politika ima nezamjenjivu ulogu u ekonomskoj politici jednako koliko i novac ima nezamjenjivu ulogu u gospodarskoj aktivnosti. Pitanje monetarnog sustava temeljenog na sustavu djelomičnih rezervi u bankarstvu ili sustavu potpunih rezervi u bankarstvu važno je iz perspektive efikasnosti monetarnog sustava, ali i iz perspektive uloge novca u gospodarstvu i društvu. U sustavu djelomičnih rezervi, najveći dio novca stvara se u procesu odobravanja kredita od strane poslovnih banaka. Depoziti stvoreni u procesu odobravanja kredita djelomično su pokriveni obveznom rezervom, tj. gotovim novcem kojeg izdaje središnja banka. Takav sustav prisutan je u svim modernim gospodarstvima danas. S druge strane, sustav potpunih rezervi predstavlja odvajanje monetarne i kreditne funkcije poslovnih banaka, tj. onemogućuje poslovnim bankama sudjelovanje u procesu stvaranja novca. Kreditna aktivnost poslovnih banaka u tom slučaju mora imati potpuno pokriće u državnom novcu. Takav sustav nije implementiran u niti jednoj državi danas, ali je bio aktualan u 19. st. u SAD-u i Ujedinjenom Kraljevstvu kada su novčanice izdane od poslovnih banaka trebale biti u potpunosti pokrivene državnim novcem ili zlatom. U ovom diplomskom radu analiziraju se implikacije stvaranja novca u različitim monetarnim sustavima, uloga poslovnih banaka i središnje banke te utjecaj monetarnog transmisijskog mehanizma na realne makroekonomske varijable. Utvrđene su glavne razlike između bankarstva potpunih i djelomičnih rezervi, utjecaj monetarne transmisije na cikličnost gospodarskih kretanja te najvažniji nedostaci i prednosti sustava potpunih rezervi. U empirijskom dijelu rada, prikazani su rezultati regresijske analize o glavnim determinantama potražnje za novcem u Hrvatskoj.

Abstract (english)

Monetary policy has an irreplaceable role in economic policy just as money has an irreplaceable role in economic activity. The issue of a monetary system based on fractional reserve banking or full reserve banking is important from the perspective of the efficiency of the monetary system, but also from the perspective of the role of money in the economy and society. In the fractional reserve system, most of the money is generated in the process of making loans by commercial banks. Deposits created in the process of making loans are partially covered by the required reserve, i.e. cash issued by central banks. Such a system is present in all modern economies today. On the other hand, full reserve banking represents the separation of the monetary and credit functions of commercial banks, i.e. it prevents commercial banks from participating in the money-creation process. The lending activity of commercial banks in this case must have full coverage in government money. Such a system is not implemented in any state today but was used in the 19th century in the United States and the United Kingdom when banknotes issued by commercial banks were to be fully guaranteed by the state's money or gold. This paper analyzes the implications of money creation in different monetary systems, the role of commercial banks and the central bank, and the effect of the monetary transmission mechanism on real macroeconomic variables. The main differences between full and partial reserve banking are identified, together with the transmission on the cyclical nature of the economic activity and the most important disadvantages and advantages of the full reserve banking system. The results of regression analysis on the main determinants of the monetary demand in Croatia are provided in the empirical part of the paper.

• Keywords: novac; kredit; bankarstvo potpunih rezervi; bankarstvo djelomičnih rezervi; monetarna politika
• Keywords (english): money; credit; full reserve banking; fractional reserve banking; monetary policy
• Language: croatian
• URN:NBN: urn:nbn:hr:148:259897
• Study programme: Title: Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2021-09-06 18:47:07