Publisering 1 – Finansiell endring

I dette innlegget blir det svart på:

1. Definer begrepene basispengemengde og M2

2. Gå til Norges Banks hjemmeside og finn frem til «Historical Monetary statistics, Kapitlet Monetary aggregates: http://www.norges-bank.no/templates/article____42935.aspx. Lag en figur i Excel som viser utviklingen (veksten) av M0 og M2 (målt som årsgjennomsnitt av månedsobservasjoner, jfr. table 3). Hvordan ser det ut til at sirkulerende sedler og mynt (currency) utvikler seg som andel av M2?

3. Skriv et sammendrag av Mishikin, kapittel 12

Basispengemengde (M0)
Basispengemengden er summen av bankenes og pengeholdende sektors beholdning av sedler og mynt av nasjonal valuta i omløp samt deres innskudd i sentralbanken.

M2
M2 er den samlede beholdningen av sedler, mynt, bankinnskudd i sentralbanken, og kreditt fra bankene.

Grafisk fremstilling av forholdet mellom M0 og M2

Logaritmisk fremstilling av M0 i forhold til M2

Andel M0 i forhold til M2

Her kan vi se at M0 og M2 har vært lave og nesten like frem til etter 2. verdenskrig var ferdig. Før denne perioden har det heller ikke vært så veldig stor forskjell i disse mengdene. Etterhvert har vi fått en eksplosjon, og M2 er nå over 10 ganger så stor som M0. Dette kommer av at pengemultiplikatoren har økt kraftig de siste 50 årene som ett resultat av at Norge har en moderne bankstruktur med utstrakt kortbruk. Det er få mennesker som går rundt med kontanter lengre.

Pengemultiplikator - 1950-2008

Sammendrag av Mishkin kap. 12

The historic development of the modern banking system in USA

The historic development of the modern banking system in USA started in 1782 when the first commercial bank, Bank of North America was started. With the National Bank Act in 1863 the current banking system was put under the federal government and all the new local banks were regulated by the local states.

In 1913 the Federal Reserve system was created and all the national banks were required to become members. After the great depression (1930-1933), the Glass-Steagall Act was signed which prohibited small banks from dealing with security investments and in practice separated investment banks and savings banks.

There are 3 main stimuli that drove the financial invocation.

• Reactions to changes in the demand side, to meet the risk of big interest rate fluctuations the banks started trading loans with adjustable rates and financial derivatives.
• Reactions to changes in the supply side; development in information technology is responsible for a big reduction in transaction costs for financial institutions and increased availability for investors. The result of this is more products like debit/credit cards, electronic banking systems and automatic teller machines.
• Attempts to avoid regulations. The banks have never liked being restricted and go to great lengths to avoid them, like sweep accounts and short term security foundations to avoid requirements for reserve capital.

The American commercial banking system structure

In 1927 the McFadden Act and all the other government restrictions to open banks led to the big number of small commercial banks that now exists in USA. About 7500 of them. It was illegal to open branches across the state border, which gave the small banks a big competitive advantage. ATM’s and holding companies were developed to go around these restrictions.

After the 1980’s, there has been a lot of consolidation in the banking industry. One of the main reasons for this was again government regulations and in addition, a large number of bankruptcies of banks. The Riegle-Neal Interstate Banking and Branching Efficiency Act signed in 1994 and the development of information technology further stimulated the establishment of a nationwide banking system. This consolidation improved competition and efficiency in the sector.

In 1999 the Glass-Steagall Act was abolished. The separation of commercial and investment banks were gone. The Gramm-Leach-Bliley Act signed in 1999 gave the opportunity for consolidation across the financial sectors and activities, and further development of information technology leads to banks offering the full specter of financial services.

Different types of banking systems

• Universal banking – There is no division in the financial system. F.eks. a savings bank will also operate in the commercial banking sector. This system exists most strongly in Germany, Holland and Switzerland.
• British style banking – Subsidiaries are kept separate and the equity in the banks are considerably less than what is common when you are running a universal style bank. This system is common in Australia, Canada and the USA.