货币乘数的理论说明与错误评述

Deposit Multiplier and the Operation Strategy of a Bank

国内理论界错误地把存款乘数看成和投资乘数同为一个级数,混淆了存款乘数和投资乘数的差别,误认为现金漏损与存款乘数相关。其实,存款乘数只是货币制度里的一个倍数,可以不是级数。漏损只改变银行准备,丝毫不会改变存款乘数。另外,倍数到底是对R还是对B而言,理论上经常搞错,因而有必要做一细致研究以统一认识,提高理论水平。

Deposit multiplier is thought incorrectly as a geometrical progression as investment multiplier among domestic economists of financial economics. It is also thought incorrectly that deposit multiplier is related to the cash drain of banks because the difference between deposit multiplier and investment multiplier is confused. In fact, deposit multiplier is only a multiplier in monetary system and it might not be a geometrical progression. Cash drains of banking system can＇t change deposit multiplier any way. It can only decrease the reserves of bank or banking system. Another problem , should the multiplier be to the reserve of banks ‘R＇ or to base money ‘B＇ ？ The document studies and solves the problems and corrects some related incorrectness theoretically.