为什么会有货币乘数？

中文版

货币乘数，也称作货币扩张系数，是一个经济学术语，用于描述银行体系中货币供应量的放大效应。简单来说，货币乘数解释了为何银行系统中的一小笔存款能够引发更大规模的贷款和货币流通。

那么，为什么会有货币乘数呢？首先，银行体系的核心功能是作为信用中介，将存款转化为贷款。当一家银行收到存款时，它并不会将所有资金都锁在保险箱里，而是会基于一定的比例将其贷出。这个贷出比例就是存款准备金率，它决定了银行能够贷出的最大金额。

然而，这仅仅是货币乘数的起点。因为银行不仅仅依赖于自己的存款来发放贷款，它们还可以从其他银行或金融市场获得资金。这种资金流动性使得银行能够进一步扩大其贷款规模，从而增加了整个银行体系的货币供应量。

此外，货币乘数还受到中央银行政策的影响。中央银行通过调整存款准备金率、公开市场操作等手段，可以影响银行体系的货币供应量。当中央银行降低存款准备金率时，银行能够贷出的资金增加，货币乘数相应增大，反之亦然。

综上所述，货币乘数的存在是由于银行体系的信用中介功能、资金流动性以及中央银行的货币政策共同作用的结果。它反映了银行体系中货币供应量的放大效应，对于理解经济运行和金融稳定具有重要意义。

英文版

Why is There a Money Multiplier?

The money multiplier, also known as the money expansion coefficient, is an economic term used to describe the amplification effect of money supply in the banking system. Simply put, the money multiplier explains how a small deposit in the banking system can trigger larger-scale lending and currency circulation.

So, why is there a money multiplier? Firstly, the core function of the banking system is to act as a credit intermediary, converting deposits into loans. When a bank receives deposits, it does not lock all the funds in a safe, but rather lends them out based on a certain ratio. This lending ratio is the reserve requirement ratio, which determines the maximum amount that a bank can lend.

However, this is just the starting point of the money multiplier. Because banks do not rely solely on their own deposits to issue loans; they can also obtain funds from other banks or financial markets. This liquidity allows banks to further expand their lending scale, thereby increasing the money supply in the entire banking system.

In addition, the money multiplier is also influenced by central bank policies. The central bank can affect the money supply in the banking system by adjusting the reserve requirement ratio, open market operations, and other means. When the central bank lowers the reserve requirement ratio, banks can lend out more funds, and the money multiplier increases accordingly. Vice versa applies.

In summary, the existence of the money multiplier is a result of the combined effects of the credit intermediary function of the banking system, capital liquidity, and the monetary policy of the central bank. It reflects the amplification effect of money supply in the banking system and is crucial for understanding economic operation and financial stability.