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Geldbasis und Liquiditätsbasis
Alternative analytische Rahmen für die Untersuchung von Geld und Kreditprozessen in der Bundesrepublik Deutschland
Credit and Capital Markets – Kredit und Kapital, Vol. 8 (1975), Iss. 2 : pp. 245–270
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Wolfgang M. Fautz, Bern
Abstract
Monetary Base and Liquidity Base
In this study an attempt has been made to incorporate into the monetary base conception in an analytically meaningful manner the institution of “free liquidity reserves” which is specific for central bank policy in the Federal Republic of Germany. A magnitude is thus obtained, which includes both the current and the potential liquidity of the banking system. We have called this magnitude the “liquidity base”. By analogy with the monetary base, it can be defined either with reference to its sources (supply side) or to its uses (demand side). Hence the points of departure for all instruments of liguidity policy can be identified. The instruments of interest-rate policy are combined into an appropriately constructed interest-rate policy parameter. In this way the analytical framework is laid down for an adequate analysis of the impact of monetary policy measures in a system with liquidity reserves.