This and more information is available at the RBA Museum website: <<
similar products can also be considered to be money to the extent that they can be readily made
Note that, if the
something that is widely accepted as means of payment – commonly referred to as a medium of exchange in economics textbooks are not financial intermediaries.
equity with the banks and to hold any debt that they may issue. towards deposit funding discussed above. Correlations of annual growth rates, June 1978–June 2018
(2007). However, shifts in the relationship between M3 – the monetary target used by the
also discuss what these measures can tell us about economic activity. As discussed in the section on ‘Measures of Money’, bonds are not considered
One asterisk indicates statistical
As is described in the ‘Measures of Money’ section below, cash held by
Let's first consider the case where a customer (Borrower 1) turns up at Bank A seeking a
used rum (spirits) as a makeshift currency. has been no banking system – and therefore no deposits. McLeay M, A Radia & R Thomas (2014), ‘Money creation in the modern economy’,
This belief that there will be continuing value in holding money as a method of making future
One of the key questions addressed by Reserve Bank research on the monetary aggregates in the
measures of the money stock starting from the very liquid forms and ranging up to broader
rates, income and inflation expectations (e.g. Lowe (2017) and Richards (2018) provide thoughts on whether there might be
The simplest case would be one in which the buyer of the bond holds a deposit at the
re-established itself more recently. (a) All monetary aggregates other than base money are seasonally adjusted and
With two loan customers and two deposit customers undertaking transactions, the banks have
economic activity. between the value of money in circulation and economic activity and/or inflation. RBI controls money supply in the market through various tools and measures. of open repo (where repurchase agreements are contracted without a maturity date) to
The calculated correlations between broad money and nominal non-farm GDP over a
The term AFI (all financial intermediaries) is used to denote
freezers.
who deposits that money with Bank B (Figure B4).
source of funding available to financial intermediaries – they can also raise funds by
Accordingly,
capex, capital, cash rate, central clearing, china, commodities, consumption, counterfeit, credit, cryptocurrency, currency,
any of the monetary aggregates or that they do little to improve forecasting performance
securitisation, security features, services sector, shadow banking, skills, start-ups, statistics,
The
developed in the following decades.
in particular Chapter 2 of RBA (2014)).
The potential relationships between money, economic activity and inflation have been used by
and 1980s, including in Australia – differs from approaches that target an interest rate,
labour market, law enforcement,
In 1910, legislation for a national currency was enacted. 4). and Australian dollar deposits at Australian financial institutions. Australian currency by value, are a liability of the Reserve Bank. These are commonly called ‘monetary aggregates’. by banks. Things that fluctuate (alternatively appreciate and depreciate) in value can
withdraws $75 to use, decreasing Bank A's cash holdings and deposit liability (Figure
Hence, it is common to produce a range of different measures of
also be poor stores of value because the redeemable value may be lower than expected
The notion of goods possessing money-like characteristics of varying degrees is
extension of loans led to the creation of deposits in the banking system and hence an
the entire period since the late 1970s, there is a reasonably strong contemporaneous correlation
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