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| Author: | Wen, Xuedong |
| Title: | Querying the validity of theory of money supply multiplier (original in Chinese) |
| Journal: | Economist (c)
1998 : 4, p.50-56 |
| Index terms: | MONEY SUPPLY MONETARY THEORY |
| Language: | chn |
| Abstract: | The author thinks that the theory of money supply multiplier is a theory which is apparently right but actually wrong and there are many doubtful points which need to be raised for re-consideration. 1. If the savings resulting from the continuous transfers of a credit fund are counted as money supply, it is, in essence, that the savings and credit which belong to the same sum of money are counted as money supply duplicately. 2. As the use of banks' checks has increased velocity of money, money supply multiplier is, in fact, an issue of velocity of money. 3. Because there exist actually no money supply multiplier, the influence of adjusting saving reserve rate on money supply is far from what people imagine. |
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