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  • 标题:The Compilation of Money Supply According to the IMF's New Manual (Monetary & Financial Statistics Manual - MFSM2000)
  • 本地全文:下载
  • 期刊名称:Economic and Financial Statistics
  • 印刷版ISSN:1513-7910
  • 出版年度:2006
  • 卷号:4
  • 出版社:Bank of Thailand
  • 摘要:Money supply is a variable that reflects to large extent macroeconomic changes owing to the fact that money, a highly liquid financial asset, functions as a medium of payment for goods and services. In the meantime, changes in money supply can affect changes in interest rates, with ramifications on other economic variables such as investment, employment, and growth. In general, the expansion of money supply at an appropriate rate lends support to steady economic growth without putting a strain on inflation and human welfare. The need to understand and monitor the impacts of the use of financial instruments on money supply and consequent economic changes is hence an important issue for the decision makers of monetary policy, whose ultimate goal is to secure economic growth while maintaining price stability. Monetary statistics will serve as an important tool to monitor the workings of the financial system if they are organized in a way such that they reveal the structure and operating mechanism of the financial system. To obtain such efficacy, the compilation of monetary statistics employs classification of financial corporation and financial instrument. Financial corporations are classified into two groups according to their different roles. Depository corporations (DCs), which include central bank, take the role of money issuer who act as agents of transmission of monetary policy (i.e. monetary financial institutions). Other financial corporations (OFCs) take the role of money holder. The financial instruments are also classified so as to clarify the functioning of the financial system. When linked with other macroeconomic statistics, e.g. balance of payment accounts, fiscal accounts, and national income accounts, monetary statistics can depict the relationship between the financial and nonfinancial sectors of the economy, thus are useful for tracing the effects of the transmission of monetary policy.
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