{"title":"风险、内部货币和实体经济","authors":"Hugo van Buggenum","doi":"10.2139/ssrn.3889461","DOIUrl":null,"url":null,"abstract":"In modern economies, most money takes the form of inside money; deposits created by commercial banks to fund credit extension. Because inside money is used as a payment instrument, doubts about the risks associated with credit extension can affect aggregate outcomes. This paper constructs and analyzes a model of risky credit extension, inside money creation, and monetary exchange. When credit extension is sufficiently risky, a positive probability of bank default arises and this affects the return characteristics of inside money. Depositors then demand a risk premium for holding inside money, which drives a wedge between bankers' funding costs and the social benefits of money creation. This wedge negatively affects credit extension, output, and welfare. A government can restore efficiency by swapping risky inside money for risk-free forms of government debt.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Risk, Inside Money, and the Real Economy\",\"authors\":\"Hugo van Buggenum\",\"doi\":\"10.2139/ssrn.3889461\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In modern economies, most money takes the form of inside money; deposits created by commercial banks to fund credit extension. Because inside money is used as a payment instrument, doubts about the risks associated with credit extension can affect aggregate outcomes. This paper constructs and analyzes a model of risky credit extension, inside money creation, and monetary exchange. When credit extension is sufficiently risky, a positive probability of bank default arises and this affects the return characteristics of inside money. Depositors then demand a risk premium for holding inside money, which drives a wedge between bankers' funding costs and the social benefits of money creation. This wedge negatively affects credit extension, output, and welfare. A government can restore efficiency by swapping risky inside money for risk-free forms of government debt.\",\"PeriodicalId\":331807,\"journal\":{\"name\":\"Banking & Insurance eJournal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-07-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Banking & Insurance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3889461\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Banking & Insurance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3889461","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
In modern economies, most money takes the form of inside money; deposits created by commercial banks to fund credit extension. Because inside money is used as a payment instrument, doubts about the risks associated with credit extension can affect aggregate outcomes. This paper constructs and analyzes a model of risky credit extension, inside money creation, and monetary exchange. When credit extension is sufficiently risky, a positive probability of bank default arises and this affects the return characteristics of inside money. Depositors then demand a risk premium for holding inside money, which drives a wedge between bankers' funding costs and the social benefits of money creation. This wedge negatively affects credit extension, output, and welfare. A government can restore efficiency by swapping risky inside money for risk-free forms of government debt.