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Monetary circuit theory : ウィキペディア英語版
Monetary circuit theory
Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school.
It holds that money is created endogenously by the banking sector, rather than exogenously by central bank lending; it is a theory of endogenous money. It is also called circuitism and the circulation approach.
== Contrast with mainstream theory ==
The key distinction from mainstream economic theories of money creation is that circuitism holds that money is created endogenously by the banking sector, rather than exogenously by the government through central bank lending: that is, the economy creates money itself (endogenously), rather than money being provided by some outside agent (exogenously). Circuitism also models banks and other firms separately, rather than combining them into a representative agent as in mainstream neoclassical models.
These theoretical differences lead to a number of different consequences and policy prescriptions; circuitism rejects, among other things, the money multiplier based on reserve requirements, arguing that money is created by banks lending, which only then pulls in reserves from the central bank, rather than by re-lending money pushed in by the central bank. The money multiplier arises instead from capital adequacy ratios, i.e. the ratio of its capital to its risk-weighted assets.〔(【引用サイトリンク】url=http://wfhummel.cnchost.com/multipliermyth.html )〕 It also emphatically rejects the neutrality of money, believing instead that the money supply and its growth or decline are critical to the functioning of the economy.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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