Geldschaffung durch die Banken

Summary The Creation of Commercial Bank Money. — The author rejects the thesis according to which, in a banking system like the German one, the relation between cash and deposits is supposed to be decisive as to the possible volume of commercial bank credits. This depends rather, he says, on the relation between the banks’ liquid assets and their deposits. Even without any cash surpluses, commercial banks can grant credits since they can always provide for the necessary cash by realizing foreign assets, discounting cheques, or selling money-market securities. The author then demonstrates that the possibility for commercial banks to pay their debts with the central bank or to buy money-market securities or foreign assets from the central bank, is the reason why the German commercial banks never accumulate any surplus reserves. Whatever money flows into the commercial banks from without does not, for the most part, serve the creation of money by a multiplication of the inflowing cash according to the money-multiplier. On the contrary, most of the inflowing cash disappears in the ways just mentioned. Then, the author discusses the old question whether, or why, the official discount rate prevents the commercial banks from rediscounting. He rejects the usual answer according to which this is due to the fact that asingle bank is unable to create money amounting to a multiple of its inflowing cash.

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Resumen Creación de dinero por los bancos de depósito. — El autor muestra su desacuerdo con la tesis de que en un sistema bancario como el alemán la capacidad creativa de nuevos créditos de los bancos depende de la magnitud del coeficiente de efectivos en caja sobre el total de depósitos; lo que importa más bien es la relación entre los activos liquidos y los depósitos bancarios. Aún sin arrojar excesos la caja, el sistema bancario puede crear créditos, pues siempre tiene la posibilidad de aumentar sus existencias de caja repatriando haberes del extranjero, redescontando letras de cambio o vendiendo valores del mercado de dinero. Continua el autor demostrando que jamás surgen réservas en exceso en el sistema bancario alemán, debido a que éste puede reembolsar préstamos concedidos por el Banco Central o puede adquirir de allí valores de cartera a corto plazo. Si ?desde afuera? penetra dinero en el sistema bancario, ello no produce la creación multiple de nuevos créditos, como pone de relieve el coeficiente de creación de dinero. Pues el dinero aflufdo desaparece en su mayor parte por los canales mencionados. El autor aborda también el viejo problema de que si verdaderamente bajo el tipo oficial de descuento los bancos no están dispuestos a presentar letras para el redescuento. Rechaza la contestatión afirmativa que habitualmente se da a este problema, basada en el fenómeno de que un banco aislado no puede conceder créditos en una cuantía que sea un múltiplo de la cantidad de dinero afluida.

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Résumé La création d’argent par les banques commerciales. — L’auteur réprouve la thèse suivant laquelle, dans un système bancaire comme celui de l’Allemagne, la relation entre l’encaisse et les dép?ts déterminerait le montant total des crédits que les banques seraient à même de donner. Il est d’avis que ce montant dépend plut?t de la relation entre les avoirs liquides des banques et leurs dép?ts. Même quand elles n’ont point de surplus d’encaisse, les banques commerciales peuvent donner des crédits, parce qu’elles peuvent toujours se procurer l’argent nécessaire en réalisant leurs avoirs étrangers, en escomptant des chèques, ou en vendant des papiers négociables. Puis, l’auteur démontre que c’est la possibilité qu’ont les banques commerciales de payer leurs dettes chez la banque centrale, ou bien d’y acheter des papiers négociables ou des avoirs étrangers, qui fait que les banques commerciales allemandes n’amassent jamais des réserves en surplus. La plus grande partie de l’argent versé aux banques commerciales ne sert pas à créer son multiple selon le multiplicateur de l’argent; elle dispara?t, au contraire, par les voies susmentionnées. Ensuite, l’auteur discute la vieille question si, ou pourquoi, le taux d’escompte officiel empêche les banques commerciales de rées-compter. Il rejette la réponse traditionnelle qui prétend que cela est d? au fait qu’une seule banque ne saurait créer de l’argent montant à un multiple de l’argent qu’on lui verse.

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Riassunto Produzione di moneta mediante le banche. — L’autore si oppone alla tesi che in sistemi bancari come quello tedesco sia decisivo per la possibilità di creare credito mediante le banche il rapporto tra cassa e depositi; ció dipenderebbe piuttosto dalla relazione tra gli attivi liquidi e i depositi. Anche senza alcuna riserva libera di cassa, il sistema bancario potrebbe creare credito; infatti ci sarebbe sempre la possibilità di procurarsi la cassa necessaria mediante il ritiro di depositi all’estero, lo sconto di cambiali o vendita di titoli del mercato monetario. Egli mostra inoltre che la possibilità di sdebitarsi presso la banca centrale o di acquistare presso di quella titoli del mercato monetario o di procacciarsi depositi all’estero, è la ragione per cui nel sistema bancario tedesco non si arrivi mai ad eccedenza di riserve. Fluisce denaro ?dall’esterno? nel sistema bancario, così esso serve in massima parte non per creare crediti che secondo il moltiplicatore monetario potrebbero causare un multiplo della cassa affluita; piuttosto la cassa scompare di nuovo in massima parte per le vie ora nominate. L’autore inoltre si occupa del vecchio problema se e perché il saggio di sconto ufficiale trattenga le banche dal risconto; egli rifiuta come inesatta la solita risposta secondo la quale ciò sia da ricondursi al fatto che la banca singola in base alla cassa affluita non possa creare un multiplo di credito.

     

Institutions of conflict management and economic growth revisited: a short note

We study the effects of institutions of conflict management like corporatism, trust, civic norms and group membership on economic growth. By employing Schneider and Wagner’s (Kyklos 54:509–532, 2001) model and data from 1990–2011, we show that corporatism has (still) a positive coordination effect and a negative rent-seeking effect. The total effect is positive for most countries.     

Gesundheitspolitik in der Kompromissfalle: Kein Problem gelöst, aber neue geschaffen

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An inverse relationship between efficiency and profitability according to size of (Upper-)Austrian firms? Some further tentative results

This paper examines the relationships between profitability and firm size, and efficiency and firm size, based on firms in Upper Austria. There is considerable evidence suggesting that the average profitability of small enterprises exceeds that of large firms. However, productivity tends to be positively related to firm size. These empirical findings present something of a paradox.An earlier version was presented at the ICSB 36th World Conference on Small Business and Partnership, June 24–26, 1991, Vienna, Austria. The authors gratefully acknowledge the most helpful comments on and suggested improvements of this paper by Professor Robert E. Kuenne (Princeton University) and the participants of the ICSB World Conference.     

Lost in translation – a revival of Wolfgang Stützel's Balances Mechanics

Wolfgang Stützel was a prominent German economist who coined a very special terminology in national accounting and in international economics. Therefore, it can be said that his contributions to economics got lost in translation. Especially, the Balances Mechanics approach and the paradox of competition are his biggest achievements in economic theory, but he never received international recognition. The objective of this paper is to pay tribute to his work by applying his analytical frameworks to the balance of payments crisis in the Eurozone and to the distributional impacts of austerity policy.     

Bedarfsgerechte Steuerung der Gesundheitsversorgung — Chancen und Hindernisse

On 2 July 2018, the German Council of Health Experts handed over its current report entitled, “Demand-oriented health care management” to the Federal Ministry of Health. The pronounced separation of outpatient and inpatient care, and distinction between private and public health insurance, is typical of the German system. Experts’ recommendations include improved coordination of outpatient and inpatient services, monistic hospital financing and family doctor-centred patient care. The main criticism of the report is that it lacks a regulatory concept with competitive management structures.     

New COVID-related results for estimating the shadow economy in the global economy in 2021 and 2022

International Economics and Economic Policy - Considering the development of the shadow economy of 36 European and OECD countries over the period from 2003 to 2022 and the effect of the Coronavirus...     

Next-generation entrepreneurial identity in family business systems: The influence of role-changing events on the understanding of legacy,individual identity,and transgenerational entrepreneurship of next-generation family business principals

The paper addresses how the understanding of family business legacy, individual identity, and transgenerational entrepreneurship of next-generation principals is affected by role changing events in family business systems. The paper uses the insights of a focus group of 38 next-generation family business principals of ultrahigh-net-worth business families from 14 countries. It corroborates that parents and role models are influencing factors on the understanding and perception of family identity, values, and transgenerational entrepreneurship. Identity inflection points during moments of expected and unexpected role changes, such as family business succession, can either positively or negatively impact the appreciation of a next-generation principal regarding legacy, identity, and transgenerational entrepreneurship. Based on the results of the qualitative interviews and peer group discussions, the findings indicate how identity inflection points affect the preservation of the next-generation family business principal's identity and family identity during a moments of role changes in family businesses and are a bottleneck for transgenerational entrepreneurship.