{"id":7172,"date":"2014-03-18T19:49:22","date_gmt":"2014-03-18T18:49:22","guid":{"rendered":"http:\/\/blog.zeit.de\/herdentrieb\/?p=7172"},"modified":"2014-03-19T10:58:26","modified_gmt":"2014-03-19T09:58:26","slug":"was-sie-immer-schon-uber-geld-wissen-wollten","status":"publish","type":"post","link":"https:\/\/blog.zeit.de\/herdentrieb\/2014\/03\/18\/was-sie-immer-schon-uber-geld-wissen-wollten_7172","title":{"rendered":"Was Sie immer schon \u00fcber Geld wissen wollten"},"content":{"rendered":"<p>Ein gro\u00dfartiger <a title=\"Bank of England Quarterly Bulletin 2014 Q1\" href=\"http:\/\/www.bankofengland.co.uk\/publications\/Documents\/quarterlybulletin\/2014\/qb14q1prereleasemoneycreation.pdf\" target=\"_blank\">Artikel<\/a> der Bank of England, der dringend f\u00fcr ein deutsches Publikum \u00fcbersetzt werden sollte. Es geht darum, wie das Geld in die Welt kommt.<\/p>\n<p style=\"padding-left: 30px;\"><em>The vast majority of money held by the public takes the form\u00a0of bank deposits. But where the stock of bank deposits comes\u00a0from is often misunderstood. One common misconception is\u00a0that banks act simply as intermediaries, lending out the\u00a0deposits that savers place with them. In this view deposits\u00a0are typically \u2018created\u2019 by the saving decisions of households,\u00a0and banks then \u2018lend out\u2019 those existing deposits to borrowers,\u00a0for example to companies looking to finance investment or\u00a0individuals wanting to purchase houses.<\/em><\/p>\n<p>So ist es eben nicht, denn:<\/p>\n<p style=\"padding-left: 30px;\"><em>Saving does not by itself\u00a0increase the deposits or \u2018funds available\u2019 for banks to lend.\u00a0Indeed, viewing banks simply as intermediaries ignores the fact\u00a0that, in reality in the modern economy, commercial banks are\u00a0the creators of deposit money.<\/em><\/p>\n<p>Deshalb ist auch die Vorstellung falsch, die Notenbank schaffe Geld, dass dann in die Wirtschaft geleitet wird.<\/p>\n<p style=\"padding-left: 30px;\"><em>This demand for base money is therefore more likely to be a\u00a0consequence rather than a cause of banks making loans and\u00a0creating broad money<\/em><\/p>\n<p>Aus diesem Grund ist auch die Vorstellung falsch, unkonventionelle Ma\u00dfnahmen wie Quantitative Easing wirkten, weil pl\u00f6tzlich mehr Geld im Umlauf sei.<\/p>\n<p style=\"padding-left: 30px;\"><em>QE involves a shift in the focus of monetary policy to the\u00a0quantity of money: the central bank purchases a quantity of\u00a0assets, financed by the creation of broad money and a\u00a0corresponding increase in the amount of central bank reserves.\u00a0The sellers of the assets will be left holding the newly created\u00a0deposits in place of government bonds. They will be likely to\u00a0be holding more money than they would like, relative to other\u00a0assets that they wish to hold. They will therefore want to\u00a0rebalance their portfolios, for example by using the new deposits to buy higher-yielding assets such as bonds and\u00a0shares issued by companies \u2014 leading to the \u2018hot potato\u2019\u00a0effect discussed earlier.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ein gro\u00dfartiger Artikel der Bank of England, der dringend f\u00fcr ein deutsches Publikum \u00fcbersetzt werden sollte. Es geht darum, wie das Geld in die Welt kommt. The vast majority of money held by the public takes the form\u00a0of bank deposits. But where the stock of bank deposits comes\u00a0from is often misunderstood. One common misconception is\u00a0that [&hellip;]<\/p>\n","protected":false},"author":215,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-7172","post","type-post","status-publish","format-standard","hentry","category-neues-und-altes-aus-der-wissenschaft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Was Sie immer schon \u00fcber Geld wissen wollten - Herdentrieb<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.zeit.de\/herdentrieb\/2014\/03\/18\/was-sie-immer-schon-uber-geld-wissen-wollten_7172\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Was Sie immer schon \u00fcber Geld wissen wollten - Herdentrieb\" \/>\n<meta property=\"og:description\" content=\"Ein gro\u00dfartiger Artikel der Bank of England, der dringend f\u00fcr ein deutsches Publikum \u00fcbersetzt werden sollte. Es geht darum, wie das Geld in die Welt kommt. The vast majority of money held by the public takes the form\u00a0of bank deposits. But where the stock of bank deposits comes\u00a0from is often misunderstood. 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