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図だけ(簿記なし!)で理解するMMT その3(貨幣の創造と破壊)

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図だけ(簿記なし!)で理解するMMT その3(貨幣の創造と破壊)

目次
 その1 民間銀行の信用創造
 その2 財政支出「が」貨幣を増やす
 その3 貨幣の創造と破壊  ←いまここです 
 その4 現金についてと、準備預金とその金利



さて、

MMTの創始者のひとりビル・ミッチェルおじいちゃんは、よくこう言います。
MMTはレンズなのだ!

前回の赤字財政支出の仕組みはその最たるもので、政府と中央銀行そして民間銀行が絡み合う財政支出のオペレーションをよくよく分析した結果です。

図だけ(簿記なし!)で理解するMMT は、ここまでその話を再現しただけなので、まあまあ悪くない入門だと自負しているのですがいかがでしょうかね(^^)/

これはなにも、「MMTだからの話ではないのです。
世界でたくさんの国の政府が毎日実行している、ずっとそうしてきた事実の描写なんですね。

今回「その3の目標は、次のシンプルな事実の理解です。

民間にとって統合政府が貨幣について行っていることは事実上、二つ

  • 貨幣の創造と破壊

  • 国債と準備預金の交換

では、いきましょう。

前回、赤字財政支出をやりました。

今回は似たような図を使って、徴税の様子、そして別に赤字ではない、つまり、ふつうに政府預金に残高がある場合の財政支出(よって前回よりだいぶシンプルです)を、図で見ていきます。
そのあとで、赤字財政支出を少し復習し、最後にまとめます。


まず、今回のスタートにしたい基本図です。

基本図2



前回と少し変えてみたのですが気にしないでください。
「3&1」とかの数字は、国債なら政府に3、民間に1、みたいな意味で、お暇でしたら数えてみてください。

まず、徴税(貨幣の破壊)の様子を見ていきますが、特に注意するのは、民間視点で何が起こっているか、です。

政府の内部で何が起こっていても、民間にとって結果以外は関係がないですからね。


徴税等、貨幣の破壊

では徴税の図。
これは前回(その2)の「図2-4 政府支出実行!」の逆です。


図3-1 徴税による貨幣の破壊


政府によって、民間の貨幣(銀行預金と準備預金)が消えました。

比較を際立たせるために、D社がたとえばC社に振り込む場合を考えてみてください。
その場合、預金はC社に移り、準備預金はC社の口座の銀行に移ります。どちらも民間経済のなかで純金融資産の増減がないことを確認してください。

そして、あらためて、貨幣の消滅を図で確認してみてください。
政府と中央銀行の内部でどのような経理がなされていようと、民間には何の影響もない。

どのみち税金を払うことに変わりはない。
民間からみたら、「政府が民間の貨幣を消滅させた、それだけです。

このあと、中央銀行による金融調節が入ります。


図3-2 金融調節(アコモデーション)

こうですね。
Z銀行が準備預金を失ってしまったので、中央銀行は国債を買い上げることで準備預金を補充しています。こうしないと、Z銀行が法律違反になってしまう。

 
確認してみてください。
民間からみたらこれは、「中央銀行が国債と準備預金を交換した
、それだけです。

ちがいますか?

この、中央銀行が準備預金の残高を調整する作業は一般的に「金融調節」といいます。

ここまでが実際の「貨幣の破壊プロセス」でした。

次は、この逆としての「貨幣の創造プロセス」をあらたためてみてみましょう。
貨幣の「生成」ではないですよ。
貨幣の「政府による創造」です。

上の二つの図での動きが逆になります。


財政支出、貨幣の創造

図3-3 財政支出による貨幣の創造

これは前回(その2)の「図2-4 政府支出実行!」と同じしくみです。

 

政府によって、民間の貨幣(銀行預金と準備預金)が生まれました。

比較を際立たせるために、D社がたとえばC社から振り込みを受けた場合を考えてみてください。
その場合、預金がD社に移り、準備預金はD社の口座の銀行に移ります。そのとき民間経済のなかで純金融資産の増減がないことを確認してください。

そして、あらためて、貨幣の消滅を図で確認してみてください。

そしてもちろん、金融調整が入ります。


図3-4 金融調節(アコモデーション)

上の図3-2と同じですね
。交換するものが逆になる。

 
確認してみてください。
民間からみたらこれは、「中央銀行が、国債と準備預金を交換した
、それだけです。

ちがいますか?

ここまでが実際の「貨幣の創造プロセス」でした。

まとめましょう。

まとめ

とりあえず、これは言えますね?

・貨幣は政府が創造し、破壊している。
その時、中央銀行が金融調節を行っている。


ここで、前回の赤字財政支出をもう一度振り返ります。

上でやった、今回の財政支出と基本的には同じなのですが、ちがいは、最初に政府支出がゼロだったので政府が国債を発行して預金を得るというストーリーでした。

図をもう一度。


再掲 図2-2 Y銀行は準備預金を国債と交換した

  
図2-2 のタイトルで、「Y銀行は準備預金を国債と交換した」と書いたのは意図がありました。
ここで行われていることを
民間からみたらこれは、

政府が、国債と準備預金を交換した

それだけですよね?
ちがうでしょうか?
よろしければ、この次の金融調節プロセスは、こうでした。


再掲 図2-3 中央銀行がY銀行の準備預金を調整

 

これは金融調節そのものですね!
国債と準備預金の交換。。。。



つい先ほどはこうまとめました。

・貨幣は政府が創造し、破壊している。
その時、中央銀行が金融調節を行っている。


結局、こうですね。政府が国債と準備預金を交換することもあるから

民間にとって統合政府が貨幣について行っていることは事実上、二つ

  • 貨幣の創造と破壊

  • 国債と準備預金の交換

これで、いいですよね?
ちがいますか?


お疲れさまでした。
「その3」を終わります
PR

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