Massa monetária

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Em economia, a massa monetária é a quantidade total de dinheiro disponível na economia num determinado momento.<ref>Paul M. Johnson. "Money stock:," A Glossary of Political Economy Terms</ref>

Os dados sobre a massa monetária são geralmente disponibilizados pelo banco central, e seguidos atentamente por economistas e outros analistas, devido aos seus possíveis efeitos sobre os níveis de preços (inflação). Essa relação está historicamente associada com a teoria quantitativa da moeda, e sinais de uma ligação directa entre a inflação a longo prazo, e o crescimento da massa monetária, o que reforça a ideia de que a [[política monetária pode ser uma ferramenta importante no controlo da inflação.<ref>Milton Friedman (1987). “quantity theory of money”, The New Palgrave: A Dictionary of Economics, v. 4, pp. 15-19.</ref>

Agregados monetários, genericamente

A moeda é usada como forma de extinguir dívidas, e como uma reserva de valor. Consoante as suas funções e características, o dinheiro é hoje classificado numa de várias medidas, que vão desde uma definição estrita, mais directamente afectada pela política monetária, até uma definição lada. Estas medidas são chamadas "agregados monetários", tendo geralmente um prefixo M, e indo de M0 a M3, de um sentido mais estrito a mais lato.

M0

O M0 é a moeda física mais depósitos junto do banco central. É a medida mais líquida, apenas incluindo activos que podem ser movimentados imediatamente.

O M0 também é visto como sendo dinheiro do banco central, visto que apenas o banco central o pode criar. Todos os outros agregados são vistos como dinheiro da banca comercial, visto que podem ser criados na banca comercial.

M1

O M1 = M0 + saldos de contas à ordem, também imediatamente movimentáveis.

M2

O M2 = M1 + depósitos a prazo de baixos montantes (no caso dos EUA, até $100 000) e fundos de tesouraria não institucionais

M3

O M3 = M2 + depósitos a prazo de grandes montantes + fundos de tesouraria institucionais + repos de curta duração + outros activos líquidos. È a forma mais lata de dinheiro.

Agregados monetários, União Europeia

O Banco Central Europeu define os agregados monetários da seguinte forma:<ref>dos agregados monetários na área Euro.</ref>:

  • M1: Moeda em circulação + depósitos overnight
  • M2: M1 + depósitos com uma maturidade até 2 anos + depósitos desmobilizãveis com um pré-aviso até 3 meses
  • M3: M2 + Repos + Fundos de tesouraria + Instrumentos de dívida com maturidade até 2 anos


Banca fraccional

The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new type of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system<ref name="bis">Bank for International Settlements - The Role of Central Bank Money in Payment Systems. See page 9, titled, "The coexistence of central and commercial bank monies: multiple issuers, one currency": http://www.bis.org/publ/cpss55.pdf A quick quote in reference to the 2 different types of money is listed on page 3. It is the first sentence of the document:

"Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies."</ref><ref name="ecb">European Central Bank - Domestic payments in Euroland: commercial and central bank money:

http://www.ecb.int/press/key/date/2000/html/sp001109_2.en.html One quote from the article referencing the two types of money:

"At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time, this monopoly came to be shared with commercial banks, when deposits and their transfer via checks and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking, cashless payment instruments became increasingly used, at the expense of banknotes"</ref>:
  1. central bank money (physical currency)
  2. commercial bank money (money created through loans) - sometimes referred to as checkbook money<ref>Chicago Fed - Our Central Bank: http://www.chicagofed.org/consumer_information/the_fed_our_central_bank.cfm
the reference is found in the "Money Manager" section:
"the Fed works to control money at its source by affecting the ability of financial institutions to "create" checkbook money through loans or investments. The control lever that the Fed uses in this process is the "reserves" that banks and thrifts must hold."</ref>

In the money supply statistics, central bank money is M0 while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.


Ligação à inflação

Equação monetária

A massa monetária é importante porque está ligada à inclação via a equação monetária:

MV = PQ
om:
M - massa monetária do país
V - valocidade da moeda (número de vezes que cada unidade monetária é gasta num ano)
P - preço médio de todos os bens e serviços vendidos no ano
Q - quantidade de bens e serviços vendido durante o ano

Individual Consumer Loans at All Commercial Banks, 1990-2008
Net Free or Borrowed Reserves of Depository Institutions, 1990-2008

In recent years, the irrelevance of open market operations has also been argued by academic economists renowned for their work on the implications of rational expectations, including Robert Lucas, Jr., Thomas Sargent, Neil Wallace, Finn E. Kydland, Edward C. Prescott and Scott Freeman.

Arguments

Assuming that prices do not instantly adjust to equate supply and demand, one of the principal jobs of central banks is to ensure that aggregate (or overall) demand matches the potential supply of an economy. Central banks can do this because overall demand can be controlled by the money supply. By putting more money into circulation, the central bank can stimulate demand. By taking money out of circulation, the central bank can reduce demand.

For instance, if there is an overall shortfall of demand relative to supply (that is, a given economy can potentially produce more goods than consumers wish to buy) then some resources in the economy will be unemployed (i.e., there will be a recession). In this case the central bank can stimulate demand by increasing the money supply. In theory the extra demand will then lead to job creation for the unemployed resources (people, machines, land), leading back to full employment (more precisely, back to the natural rate of unemployment, which is basically determined by the amount of government regulation and is different in different countries). Predefinição:Fact

However, central banks have a difficult balancing act because, if they put too much money into circulation, demand will outstrip an economy's ability to supply so that, even when all resources are employed, demand still cannot be satisfied. In this case, unemployment will fall back to the natural rate and there will then be competition for the last remaining labour, leading to wage rises and inflation. This can then lead to another recession as the central bank takes money out of circulation (raising interest rates in the process) to try to damp down demand.

The main debate amongst economists in the second half of the twentieth century concerned the central banks ability to know how much money to inject into or take out of circulation under different circumstances. Some economists like Milton Friedman believed that the central bank would always get it wrong, leading to wider swings in the economy than if it were just left alone. That is why they advocated a non-interventionist approach.

Current Chairman of the U.S. Federal Reserve, Ben Bernanke, has suggested that over the last 10 to 15 years, many modern central banks have become relatively adept at manipulation of the money supply, leading to a smoother business cycle, with recessions tending to be smaller and less frequent than in earlier decades, a phenomenon he terms "The Great Moderation" <ref>FRB: Speech, Bernanke-The Great Moderation-February 20, 2004</ref>.

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