Bài giảng Kinh tế vĩ mô: Chương 5 - Th.S. Nguyễn Thị Hồng Thu

Monetary policy and the concept of money are fundamental pillars of any modern economy, profoundly influencing economic stability, growth, and inflation. Understanding the nature, functions, and creation of money is crucial for both policymakers and economic agents. This academic overview delves into the core aspects of money, starting with its basic functions as a medium of exchange, store of value, and unit of account. It further explores the various classifications of money, the mechanisms through which the money supply is determined, and the pivotal roles played by the central bank and commercial banks in controlling and expanding the money stock. The objective is to provide a foundational understanding of these monetary principles.

Students of economics, finance, banking, and general readers interested in macroeconomic principles.

This academic text provides a comprehensive overview of money and monetary policy, beginning with a detailed examination of the essential functions of money. It highlights money's role as a fundamental medium of exchange, facilitating transactions without direct barter, its capacity as a reliable store of value for future consumption or investment, and its indispensable function as a unit of account, providing a common standard for measuring value across diverse goods and services. The text then categorizes different types of money based on their form, such as currency and bank deposits, and critically, by their liquidity, introducing key monetary aggregates like M0, M1, and M2, which are crucial for measuring the money supply within an economy. A significant portion is dedicated to explaining the determination of the money supply and the pivotal roles of financial institutions. It defines base money, issued by the central bank, as the foundation upon which the broader money supply is built, comprising currency in circulation and bank reserves. The operational characteristics of commercial banks are detailed, emphasizing their function as financial intermediaries and their central role in the money creation process. This process is elucidated through the concept of the money multiplier, demonstrating how an initial deposit can lead to a multiple expansion of the money supply through the banking system's lending activities, constrained by the required reserve ratio set by the central bank. The mechanisms of clearing and settlement between commercial banks and the central bank are also discussed, illustrating how these operations contribute to efficient payment systems and influence the overall money supply. Finally, the text consolidates these concepts to show how the nominal money supply is ultimately influenced by the base money and the money multiplier, offering a clear framework for understanding monetary dynamics.