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Endogenost novca i uloga središnje banke u zatvorenoj monetarnoj ekonomiji

Author

Listed:
  • Karlo Vujeva

    (Faculty of Economics and Business, University of Zagreb)

Abstract

U radu se detaljno analizira kauzalni mehanizam preko kojeg kvantiteta likvidnosti nastaje, odnosno načina na koji novac fluktuira unutar ekonomskog sustava. Shodno tome, cilj je teorijski i makro-računovodstveno argumentirati činjenicu inherentne endogenosti nastanka likvidnosti u suvremenim ekonomijama. Spomenuta endogenost nije prirodno zadana, već je povijesno nasljeđe višestoljetnog razvoja poslovnog i središnjeg bankarstva. Posljedično, većina novca nastaje (i nestaje) u interakciji poslovnih banaka i nemonetarnog sektora, pri čemu je uloga središnje banke naknadna i prije svega – defanzivna. Naličje ove teze je implikacija znatno manje mogućnosti kontrole količine novca od strane nositelja monetarne vlasti. Uz to, viškovi centralnobankarske likvidnosti ne mogu se zaista odobravati u kredite, tj. nužno ostaju „zarobljeni“ u pasivi središnjih banaka do dospijeća njihovih izvora kreacije, (spore) pretvorbe u gotovinu ili restriktivnih kontra-operacija na strani aktive koji bi ih poništili. Istodobno, stvaranje kredita u aktivi kreira depozite u pasivi poslovnih banaka “ex nihilo”, predstavljajući elastičnost monetarnog sustava. Navedeno je u sukobu sa srednjostrujaškim akademskim kanonom kojem su najveći intelektualni utjecaji bili J.M. Keynes i M. Friedman, svaki na svoj specifičan način. U kontekstu ekonomskih modela, navedeno je u direktnom proturječju s modelom monetarne multiplikacije te pogotovo IS-LM (Hicks-Hansen) modelom koji su u posljednjem stoljeću bili podloga za obrazovanje više desetina generacija ekonomista diljem svijeta. Nasuprot njih stoji najstarija, donedavno relativno zaboravljena i recentno nanovo široko validirana kreditna teorija (ili teorija endogenog novca) koja najpreciznije zahvaća stvarni mehanizam stvaranja i poništavanja likvidnosti unutar postojećeg monetarnog sustava.. Pritom, radi opsega rada, naglasak je na zatvorenoj monetarnoj ekonomiji, kao temeljnoj analitičkoj cjelini za makro-računovodstvenu i monetarno konzistentnu razradu tematike.

Suggested Citation

  • Karlo Vujeva, 2025. "Endogenost novca i uloga središnje banke u zatvorenoj monetarnoj ekonomiji," EFZG Working Papers Series 2503, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:2503
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    Keywords

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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