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Balance sheet of the European Central Bank (September 2000). Source: Monthly Bulletin, ECB, November 2000. Table 9.1. M0, M2, money market multipliers and currency (2000). Table 9.2. Theoretical values of the money multiplier ( M1 / M0 ). Table 9.3. Seigniorage around the world.

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Table 9.1

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Table 9 1

Balance sheet of the European Central Bank

(September 2000)

Source: Monthly Bulletin, ECB, November 2000

Table 9.1


Table 9 2

M0, M2, money market multipliers and currency(2000)

Table 9.2


Table 9 3

Theoretical values of the money multiplier (M1/M0)

Table 9.3


Table 9 4

Seigniorage around the world

Source: Masson, Savastano and Sahrma (1998)

Table 9.4


Table 9 5

Bank insurance

Table 9.5


Figure 9 1

Monetary policy procedures

Interest rate

Interest rate

Supply of base money (M0)

Supply of base money (M0)

(a) Money targeting

(b) Interest rate targeting

Figure 9.1


Figure 9 2

Central Bank

Assets

Liabilities

Consolidated Governmentand Nonbank Private Sector

Reserves of commercial banks

Foreign assets

Assets

Liabilities

Loans to comm. banks

Government and private debt

Bank notes held by nonbanks

Bank notes held by nonbanks

Claims on governments

Deposits of private sector

Deposits of government

Where’sM0?

Net worth

Commercial Banks

Assets

Liabilities

Vault cash and reserves at Central Bank

Deposits of government

Liabilities to Central Bank

Deposits of private sector

Real assets, incl. net worth of banking sector

Loans and securities

Net worth

Figure 9.2

Net worth


Figure 9 3

Reserves

change in reserves

Deposits

change in

deposits

Reserves-money stock link

Figure 9.3


Figure 9 4

Currency

Reserves

Currency

Deposits

Reserves-money stock link with currency

M0

change in reserves

M1

change in

deposits

Figure 9.4


Figure 9 5

The money market

B

A

C

Interest rate

0

Figure 9.5

Monetary base (M0)


Figure 9 6

ECB interest rates

EONIA = euro overnight index average

Figure 9.6

1999

2000


Figure 9 7

Bank of England’s Fan

(inflation forecasts as of November 2000)

Percentage increase in prices on a year earlier

Source: Inflation Report, Bank of England, November 2000

Figure 9.7


Figure 9 8

Foreign exchange market interventionand sterilization

Figure 9.8


Figure 9 9

Reserve and capital adequacy ratios

Figure 9.9


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