株式会社の産業的活動にもとづく資金の増減
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概要
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Following the former treatise, entitled "The Role played by the Stock Corporations in the Circulation of Money", here, in this treatise, I endeavor to explain the changing mechanism of tight and slack money in the money market, especially such aspects as are affected by the economic activities of stock corporations. As already explained, the money in circulation does not only increase or decrease, but swells or shrinks. It swells by the expansion of credit given by banks, for the money lent to the customers by a bank comes back as deposits to any of the banks in the same monetary circle. Taking "A" as the money amount originally deposited, or as "primary deposit" (adapting this word given by Phillips, but here in a quite different meaning from his, for here I use this word as the original deposit from which derive deposits are created or generated by alternative conversion for loan and deposit), and "r" as the ratio of the reserve fund for deposit in hand, then the mathematical extreme amount of expansion of deposit by banks credit, as a whole, is A/r. This is explained in the following formula:- A+A(1-r)+A(1+r)^2+………+A(1-r)^n+=A/r- The expansion of credit is rather simply explained by such a mathematical formula. That is, it is only the result of the turning over of loans and deposits in the banking system. But here the question is how, and from what sources, does the original deposit generate ? In this treatise the main subject is to answer this question, as well as to explain how the economic activities of stock corporations affect the generation of the original money. 2 In my opinion there are four sources from which the original money generates and forms the primary deposits. They are:- (1) The conversion of merchandise gold into monetary gold; (2) Payment, investment and loan, by the government; (3) Payment and loans by the central bank; (4) The inflow of foreign money. Starting from Macleod to Withers and Phillips, the original deposit upon which the expansion of bank credit is based is considered as nothing but "one that arises from actual lodgment of cash". This concept was adopted by Schesinger, Pigou, Angell, and Ficek. Rogers said "when the banking system as a whole is regarded, instead of the individual bank, the sources of new deposits are seen to be several: (1) Cash inflows from circulation ; (2) Gold imports; (3) Increases in Treasury currency outstanding; (4) Expansion of Federal reserve credit", (cf. "The Absorption of Bank Credit", Econometrica, Vol. 1., No.1, p.64.) This is a far advanced opinion compared with the "mono-source" theory of original deposit of cash. Cash cannot be considered as a source of new or primary deposit, because the cash in circulation may have been lent out from a bank. The deposit that consisted of such cash flowing from circulation cannot be seen as a primary deposit, but should be, without doubt, cosidered as the "derivative deposit," following the word given by Phillips. As to three other items considered by Rogers, the recognition of sources is to be criticized as inaccurate and incomprehensive. The reasons for this will be easily understood if compared with the items I have mentioned above. 3 This treatise explains in detail the states and circumstances that the economic acthities of stock corporations play as the leading part, or supporting part, in generating the primary deposit or original money in the four sources. (The end)
- 桃山学院大学の論文