Zum Einfluß von Auslandstransaktionen auf Bankenliquidität, Geldmenge und Bankkredite

Abstract

Aspects pertaining to the Influence of External Transactions on the Liquidity of Banks, Money Supply and Bank Lendings

This paper starts from an article, published in the monthly reports of Deutsche Bundesbank in early 1993, which analyses the monetary effects of foreignexchange inflows into the Federal Republic of Germany. The results presented in this article - including, inter alia, an increase in money supply, a decrease in credit supply and certain problems in monetary policy-caused liquidity creation - are deemed to be implications of a simplified money supply/money demand model assuming a system of basically fixed exchange rates that may be varied on a caseby- case basis. The model takes account, besides net external claims of the central bank, also net external claims of the merchant banks and the non-banking sector and includes into the theoretical analysis securities in the form of interest tenders purchased under agreements to resell.