Geldscho[^9^]https: simpleclub.com lessons wirtschaft geldschopfung

What Is Geldschöpfung?

Geldschöpfung, often translated as money creation, refers to the process by which the total Geldmenge in an economy is increased. This fundamental concept within Makroökonomie is primarily carried out by Geschäftsbanken through Kreditvergabe and by Zentralbanken through various Geldpolitik operations. It is distinct from merely circulating existing money, as Geldschöpfung introduces new money into the Finanzsystem.

History and Origin

The mechanisms of Geldschöpfung have evolved significantly over time, closely tied to the development of modern Bankensysteme. Historically, money creation was often directly linked to the mining of precious metals like gold and silver. With the advent of fractional reserve banking, commercial banks gained the ability to create "book money" or "deposit money" by issuing loans. This system allows banks to lend out a large portion of the deposits they receive, with only a fraction held in reserve. Central banks, like the Deutsche Bundesbank, emphasize that banks create money primarily through accounting entries when granting new credits, rather than simply mediating existing funds., The ⁶e⁵stablishment of central banks further formalized and centralized control over the creation of base money (cash and commercial bank reserves at the central bank) through their monetary policy tools.

Key Takeaways

Geldschöpfung is the process of increasing the overall money supply in an economy.
Both commercial banks and central banks play crucial roles in Geldschöpfung.
Commercial banks create money primarily through loan issuance under the fractional reserve system.
Central banks influence Geldschöpfung through policy rates, reserve requirements, and asset purchases.
Understanding Geldschöpfung is vital for comprehending Inflationsrate, Wirtschaftswachstum, and financial stability.

Formula and Calculation

The most common formula illustrating the potential impact of fractional reserve banking on Geldschöpfung is the money multiplier. This multiplier indicates the maximum amount of money that a Bankensystem can create for each unit of reserves held.

The simple money multiplier ((M)) is calculated as:

M = \frac{1}{\text{RR}}

Where:

(M) = Money Multiplier
(\text{RR}) = Mindestreserve (Reserve Requirement)

The maximum potential increase in the money supply (or the maximum Geldmenge generated) from an initial deposit is:

\Delta \text{M} = \text{Initial Deposit} \times M

For example, if the Mindestreserve is 10% (0.10), the money multiplier would be (1 / 0.10 = 10). This suggests that an initial deposit of €100 could theoretically lead to a maximum of €1,000 in new money in the system.

Interpreting the Geldschöpfung

The interpretation of Geldschöpfung goes beyond simple numerical calculations. It highlights that the majority of money in a modern economy is "book money" or "deposit money" created by Geschäftsbanken when they extend Kreditvergabe. This process is crucial for economic activity, as it provides the Liquidität necessary for investment and consumption.

A high rate of Geldschöpfung, if not aligned with productive economic output, can contribute to an increased Inflationsrate. Conversely, insufficient Geldschöpfung can lead to deflationary pressures and hinder Wirtschaftswachstum. Central banks actively manage this process to maintain price stability and support economic objectives.

Hypothetical Example

Consider a simplified Bankensystem where the Mindestreserve requirement is 10%.

Initial Deposit: A customer deposits €1,000 in Bank A. Bank A's reserves increase by €1,000.
First Loan: Bank A is required to hold €100 (10% of €1,000) as reserves. It can lend out the remaining €900 to another customer, say, a small business owner. When Bank A grants this Kreditvergabe, it credits the business owner's account with €900, effectively creating new money.
Subsequent Deposits and Loans: The business owner uses the €900 to pay suppliers, who deposit the money into Bank B. Bank B then holds €90 (10% of €900) in reserves and can lend out €810. This process continues through the banking system.
Cumulative Effect: As this cycle of deposit, reserve, and loan repeats, the initial €1,000 deposit can lead to a total increase in the Geldmenge of up to €10,000 (€1,000 / 0.10).

This example illustrates how commercial banks, through their lending activities, are significant drivers of Geldschöpfung in the economy.

Practical Applications

Geldschöpfung is a core aspect of monetary policy and has broad implications across the financial landscape.

Monetary Policy: Zentralbanken, such as the Europäischen Zentralbank and the Federal Reserve System, use various tools to influence Geldschöpfung. These include setting benchmark Zinssätze, conducting open market operations (buying or selling government securities like Staatsanleihen), and implementing unconventional measures like Quantitative Lockerung.,
Inflation Management: By managing Geldschö⁴p³fung, central banks aim to control the Inflationsrate. Excessive money creation without a corresponding increase in goods and services can lead to inflation, while too little can result in Deflation.
Economic Stimulus: During economic downturns, central banks may increase Geldschöpfung to lower Zinssätze and encourage Kreditvergabe by Geschäftsbanken, thereby stimulating investment and consumption to foster Wirtschaftswachstum.

Limitations and Criticisms

Despite its fundamental role, Geldschöpfung faces several limitations and criticisms:

Bank Behavior: While banks have the ability to create money through lending, they are constrained by their own profitability assessments, risk appetites, and the demand for loans from creditworthy borrowers. Banks may choose to hold Liquidität beyond the Mindestreserve, limiting the actual money created.
Borrower Demand: The effectiveness of Geldschöpfung in stimulating the economy is ultimately dependent on the willingness of individuals and businesses to borrow and invest. If demand for credit is low, increased liquidity in the Bankensystem may not translate into higher money supply or economic activity.
Financial Stability Risks: Rapid or uncontrolled Geldschöpfung can contribute to asset bubbles, excessive debt accumulation, and ultimately, financial instability. International bodies like the Internationaler Währungsfonds regularly warn about global financial stability risks, including those related to high leverage and potential market turmoil,.
Distributional Effects: The benefits of Geldschöpf²u¹ng may not be evenly distributed, potentially exacerbating wealth inequality if new money disproportionately flows into financial assets rather than productive investments or wages.

Geldschöpfung vs. Geldmenge

While closely related, Geldschöpfung and Geldmenge refer to distinct concepts.

Geldschöpfung is the process by which new money is created and introduced into the economy. It describes the actions of central banks and commercial banks that lead to an expansion of the total money stock.

Geldmenge, or money supply, refers to the total amount of money (currency in circulation, demand deposits, etc.) available in an economy at a specific point in time. It is a stock concept, representing the outcome of past Geldschöpfung processes and other factors.

The confusion often arises because Geldschöpfung directly impacts the Geldmenge. However, Geldschöpfung is the dynamic action, while Geldmenge is the static measure of the money stock.

FAQs

What are the main types of money created during Geldschöpfung?

Geldschöpfung primarily creates two types of money: central bank money (physical currency and bank reserves held at the Zentralbank) and commercial bank money (deposit money, or "book money," created when Geschäftsbanken grant loans).

Does Geldschöpfung always lead to inflation?

Not necessarily. While excessive Geldschöpfung without a corresponding increase in goods and services can lead to an increased Inflationsrate, moderate Geldschöpfung is necessary for a growing economy. Central banks aim to manage the process to achieve price stability and avoid both high inflation and Deflation.

How does the central bank influence Geldschöpfung?

The central bank influences Geldschöpfung through various Geldpolitik tools. These include adjusting key Zinssätze, conducting open market operations (buying or selling government securities), and setting Mindestreserve requirements for commercial banks. These actions affect the cost and availability of money for commercial banks, thereby influencing their lending capacity.

Can individuals or businesses create money?

Individuals and businesses cannot directly create money in the same way that banks or central banks do. When an individual takes out a loan, the Kreditvergabe by a commercial bank creates new money. When an individual repays a loan, that money is effectively "destroyed."