Ein großartiger Artikel der Bank of England, der dringend für ein deutsches Publikum übersetzt werden sollte. Es geht darum, wie das Geld in die Welt kommt.
The vast majority of money held by the public takes the form of bank deposits. But where the stock of bank deposits comes from is often misunderstood. One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them. In this view deposits are typically ‘created’ by the saving decisions of households, and banks then ‘lend out’ those existing deposits to borrowers, for example to companies looking to finance investment or individuals wanting to purchase houses.
So ist es eben nicht, denn:
Saving does not by itself increase the deposits or ‘funds available’ for banks to lend. Indeed, viewing banks simply as intermediaries ignores the fact that, in reality in the modern economy, commercial banks are the creators of deposit money.
Deshalb ist auch die Vorstellung falsch, die Notenbank schaffe Geld, dass dann in die Wirtschaft geleitet wird.
This demand for base money is therefore more likely to be a consequence rather than a cause of banks making loans and creating broad money
Aus diesem Grund ist auch die Vorstellung falsch, unkonventionelle Maßnahmen wie Quantitative Easing wirkten, weil plötzlich mehr Geld im Umlauf sei.
QE involves a shift in the focus of monetary policy to the quantity of money: the central bank purchases a quantity of assets, financed by the creation of broad money and a corresponding increase in the amount of central bank reserves. The sellers of the assets will be left holding the newly created deposits in place of government bonds. They will be likely to be holding more money than they would like, relative to other assets that they wish to hold. They will therefore want to rebalance their portfolios, for example by using the new deposits to buy higher-yielding assets such as bonds and shares issued by companies — leading to the ‘hot potato’ effect discussed earlier.