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Zur monetären Relevanz von Fremdwährungsguthaben - Bemerkungen zu einem Bericht
Baan, Jan Willem | Kleinheyer, Norbert
Credit and Capital Markets – Kredit und Kapital, Vol. 15 (1982), Iss. 1 : pp. 134–137
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Baan, Jan Willem
Kleinheyer, Norbert
Abstract
On the Monetary Relevance of Foreign Currency Deposits
In their proposal concerning money aggregation Baan and Kleinheyer do not distinguish between domestic and foreign currency, since they add foreign currency deposits of residents to the domestic monetary aggregates. In this they are neglecting a basic difference which is stressed especially by the new microfoundation of monetary theory. For the new microeconomics, the most essential criterion for the definition of money is, that the use of money should cause the lowest possible costs. On the contrary, the use of foreign currencies does produce relatively high costs; since normally they are not accepted by residents as means of payment and their exchange rate is uncertain. Thus, in a flexible exchange rate system, the residents’ foreign currency deposits do not imply any danger for a restriceting domestic monetary policy