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Money and Credit

其他書名	Banking and the Macroeconomy
出版	SSRN, 2008
URL	http://books.google.com.hk/books?id=Rt7izwEACAAJ&hl=&source=gbs_api

註釋In this speech, Paul Tucker, Executive Director for Markets and Monetary Policy Committee member, sets out some thoughts on why money and credit matter for monetary policy making. Though particularly relevant given the current turmoil in banking and capital markets, and in understanding his recent votes on the Monetary Policy Committee, his remarks are set against a backdrop of a decade of change in the structure of those markets. He describes how these structural changes have, in turn, altered both the demand for, and supplies of, money and credit; and challenges the view that the financial system has two independent engines, banking and capital markets. In considering the impact of developments in money and credit supplies on the real economy and for monetary policy, he argues that policymakers need to distinguish changes in broad money from changes in credit; to understand the connections between the two; and within credit, to be clear about developments in total credit versus bank lending alone. Further, following the sort of adverse developments in credit conditions experienced recently, he cautions against policymakers allowing vicious circles to take hold in which tighter liquidity/financial conditions and slower aggregate demand feed back on each other. Finally, he stresses the need for the central banking community to understand, and so to have data illuminating, the underlying drivers of credit expansions and their macroeconomic implications if it is to avoid the difficulties of relying entirely on "mopping up" with "bubbles" and if it is to guard against the risk of one imbalance leading to another.