What Is Money? A Comparative Approach to Measuring Money Chapter 3 What Is Money? A Comparative Approach to Measuring Money

Meaning of Money What is it? Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts. A rather broad definition

Meaning of Money Money (a stock concept 存量觀念) is different from: Wealth (財富): the total collection of pieces of property (財產) that serve to store value Income (所得): flow of earnings per unit of time (a flow concept 流量觀念)

Functions of Money Medium of Exchange (交易媒介): Eliminates the trouble of finding a double coincidence (慾望雙重一致)of needs (reduces transaction costs) Promotes specialization(專業) A medium of exchange must Must be easily standardized(標準化) Must be widely accepted(被普遍接受) Must be divisible(可分割) Must be easy to carry(容易攜帶) Must not deteriorate quickly(不易迅速毀損)

交易媒介 自給自足(barter economy) → 物物直接交換 →(3)物物間接交換 自給自足：恐怖 物物直接交換：「慾望雙重一致(double coincident of wants)」 交易雙方對商品的主觀評價不一致 原因： 願意成交的比率不一致 願意成交的單位不一致 願意成交的時點不一致 如何克服呢？ 物物間接交換

Functions of Money Unit of Account (記帳單位，或價值標準): used to measure value in the economy reduces transaction costs Store of Value (價值儲藏): used to save purchasing power over time. other assets also serve this function Money is the most liquid of all assets but loses value during inflation

價值標準 五種商品的交易比率有10種， 比率數目：

Evolution of the Payments System Commodity Money (商品貨幣) : valuable, easily standardized and divisible commodities (e.g. precious metals, cigarettes). 金屬貨幣：秤量貨幣、鑄造貨幣(銀本位、複本位、金本位) 紙幣：可兌換(代表實體貨幣)、不可兌換(Fiat Money) Fiat Money (命令貨幣) : paper money decreed(頒布) by governments as legal tender(法定貨幣). 秤量貨幣：無一定形狀、重量、成色 鑄造貨幣：有一定形狀、重量、成色

Evolution of the Payments System Checks(支票): an instruction to your bank to transfer money from your account Electronic Payment(電子支付系統) (e.g. online bill pay). E-Money (electronic money 電子貨幣): Debit card(借記卡、 扣帳卡或轉帳卡) Stored-value card(儲值卡) (smart card) E-cash(電子現金)

我們即將邁入無現金的社會嗎？？ NO！遙遙無期，Why？ 設置電腦、讀卡機的成本 電子支付安全性問題(及個人私密問題) 支票具有提供收據的優點 支票具有幾天緩衝期的優點

國際關鍵貨幣 《貨幣戰爭》是宋鴻兵編著的一本歐美近代金融史書，書中內容指出從英法戰爭、美國獨立戰爭、南北戰爭，到美國多名總統被刺殺、以至經濟大蕭條，全部由羅斯柴爾德家族（Rothschilds）所領導的國際銀行家，即一群世界精英在背後操控。他們透過策劃和資助暗殺、戰爭、經濟蕭條而獲得巨大利潤，並進一步掌握貨幣發行權(Fed)，控制世界的經濟和政治命脈。「編著者」提出中國應該重回金本位，嚴防國際銀行家入侵，以免中國經濟受到外國勢力操控。 您贊同他的看法嗎？

Measuring Money Definitions of Monetary Aggregates: Variations among definitions of money supply the differences in what members of each society accept as a means of exchange(每個成員對交易工具的接受度不同). in view of the immense financial innovations (無止境的金融創新), some assets are accepted as money in some societies but not others. differences amongst institutions responsible for issuing monetary aggregates(負責發行貨幣的機構不同), normally the central bank and depository institutions. 墨西哥將披索與美元存款都視為貨幣，但中國僅將人民幣存款是為貨幣。

貨幣發行機構 美國： 歐盟： 中國： 台灣：中央銀行、存款貨幣機構 聯邦準備銀行-currency 美國財政部-硬幣(coin) 存款機構 歐洲央行(European Central Bank) 歐盟各國央行 信用機構及歐盟地區之貨幣市場共同基金 中國： 人民銀行-紙幣、硬幣 銀行及郵匯局 台灣：中央銀行、存款貨幣機構

M1為：通貨、旅行支票、活期存款、其他可簽發支票的存款 M2為：M1+小面額定存、儲蓄存款及貨幣市場存款帳戶、貨幣市場共同基金 Table 1 Comparison of Compositions of Monetary Aggregates in the U.S., theEuro Zone and China USA Euro Zone China M1 Currency +Traveler’s checks +Demand deposits +Other checkable deposits Currency +Overnight and similar deposits Money** Currency in circulation +Demand deposits M2 M1 +Small Denomination Time Deposits +Savings deposits and MMDA +Retail MMMF shares M1 +Deposits (2 year maturity) +Deposits redeemable in 3 months Quasi Money*** Time deposits and CDs +Savings deposits +Other deposits M3 N.A.* M2 +Repurchase agreements +MMF shares/units +Debt securities up to 2 years N.A.* M1為：通貨、旅行支票、活期存款、其他可簽發支票的存款 M2為：M1+小面額定存、儲蓄存款及貨幣市場存款帳戶、貨幣市場共同基金

我國中央銀行的定義 M1A=流通在外的通貨+支票存款+活期存款 M1B=M1A+活期儲蓄存款 M2=M1B+準貨幣 準貨幣=定期及定期儲蓄存款+外匯存款+郵政儲金(包括劃撥儲金、存簿儲金、定期儲金)+附買回交易餘額(係指銀行賣出附買回約定債（票）券交易餘額中，屬企業及個人部分)+外國人新台幣存款 (包括國外非金融機構持有之活期性及定期性存款)+ 貨幣市場共同基金

Table 2 Components of Monetary Aggregates in the Euro Area Value as of February 2009 (EUR billions) M1= Currency +Overnight and similar deposits Total M1 M2= M1 +Deposits with agreed maturity within 2 years +Deposits redeemable in 3 months Total M2 M3= M2 +Repurchase agreements +MMF shares/units +Debt securities up to 2 years Total M3 721.0 3,417.0 4,138 2,331.3 1,621.2 8,090.5 330.9 782.2 223.5 9,427.1

Measuring Money M1 The narrowest measure of money More or less the same for most countries M1 consists of currency as well as demand deposits + other checkable deposits Canada is a noteworthy exception Adds checkable deposits at credit unions and other non-bank depository institutions in M1 Currency in the value of banks and ATMs are not included in M1

Measuring Money M2 Monetary aggregates broader than M1 Considerably differs from one country to another The savings deposits and most time deposits are usually included in M2 Savings deposits: interest-bearing non-transaction accounts that can be drawn upon demand at no costs. Time deposits: interest-bearing deposits or certificates of deposits (CDs) held for a given period of time and can be withdrawn with prior written notice, usually at very low costs.

Measuring Money M3 Broadest definition of money The definitions vastly differ from one country to another Many central banks calculated it Such as the ECB, Japan, Canada, Switzerland, Australia, New Zealand, Iceland, Thailand, the Philippines, Mexico, and Turkey. However, a number of central banks no longer calculate M3 For example, the Fed discontinued measuring M3 in March 2006

Which Is The Most Accurate Monetary Aggregate? Which measurement should central banks consider when trying to affect variables in the economy? If the monetary aggregates move together, it does not matter much that we are not sure of the appropriate definition of money if they do not move together, then what one monetary aggregate tells us is happening to the money supply might be quite different from what another monetary aggregate would tell us 20

FIGURE 1 Growth Rates of the ECB M1 and M3 Monetary Aggregates, 1999–2008 Sources: ECB. ”Money, Banking and Investment Funds ,“Monetary Statistics. , March 2009, p. S12. 21

作業 尋找最近20年m1a，M1b，M2 將這些data繪成圖形