Politická ekonomie 2017, 65(3):267-286 | DOI: 10.18267/j.polek.1143

Peníze v bankovním systému analýza bilancí centrálních bank

Zbyněk Revenda
Zbyněk Revenda (revy@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Money in the Banking System - Analysis of the Balance Sheets of Central Banks

Crisis development in some banking systems has been associated with large-scale aid programs, which has been heavily involved with the central bank's impact on the very rapid growth of their balance sheets. The banking system in the Czech Republic in the period 2005-2015 has not undergone any crisis. Significant changes in the balance of the Czech National Bank were associated with foreign exchange interventions against the Czech crown. High liquidity determines almost zero demand of banks for loans from the central bank. The Czech National Bank is in the "debtor" position in relation to banks. Central banks in the European Monetary Union and the United States are in the opposite position of the creditors. The dramatic growth in bank reserves had no significant inflationary pressures. The main reason is careful supply of bank loans. All this confirms that issuing money into the economy is associated especially with commercial banks' lending to non-bank subjects. Central bank issues money only to the banking system.

Keywords: bank reserves, central bank, currency, foreign exchange reserves, monetary base, monetary policy, money multiplier, quantitative easing
JEL classification: E52, E58, G01

Published: June 1, 2017  Show citation

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Revenda, Z. (2017). Money in the Banking System - Analysis of the Balance Sheets of Central Banks. Politická ekonomie, 65(3), 267-286. doi: 10.18267/j.polek.1143
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