Multiplicador Monetario

M = C + D        M0=B=Base Monetaria= DINERO DE ALTO PODER

B = C + R

[pic 1]

[pic 2]

[pic 3]

mβ: MULTIPLICADOR BANCARIO

ΔM = mβ ΔB

[pic 4]

C/D = c = preferencia por el circulante

D/D = 1      R/ D = r = tasa de encaje legal (BCR)

[pic 5]

         mB = f ( c, r) [pic 6]

ΔM = mβ ΔB

M1 = C + Dv

M2= M1 + Da         d = Q / Dv

M3= M2 + DLP        Q = Da + DLP + …

M4= M3 + DCTS        RV= Reservas Voluntarias

M5 = M4 + DAFP        rv: tasa de encaje de las RV

C/Dv = c = 0.5        r = 0.1

a) M = C + D = ¿?        C/Dv = 0.5        =>C=0.5D

M= 0.5D + D        M= 1.5D        D= [pic 7]

D=   =>  D/M = 2/3        => C/M = 1/3[pic 8]

mB =         mB =[pic 9][pic 10]

b) ΔM = 2.5 ΔB

c)  ΔB = B1 – B0 = -1S/.

ΔM = M1 – M0

M0  = 2.5 B0    => M1 = 2.5 B1   => ΔM = 2.5 (-1S/.)

ΔM = -2.50 S/.

ΔC = C1 – C0   => C1 = 1/3 M1 => C0 = 1/3 M0

ΔC = 1/3 ΔM  => ΔC = 1/3 (-2.50) = -0.8333S/.

Créditos (Cr)     D = Cr + R

R = rD  => Cr = (1 - r) D => Cr = (1 – 0.1)D

ΔCr = ¿?

Cr0 = 0.9D0     => Cr1 = 0.9D1 

ΔCr = 0.9 ΔD  => ΔCr = 0.9 (- 1.666)

ΔCr = - 1.49999S/.

↓B => ↓M => ↓ C => ↓ D => ↓ R  => ↓Cr  => ↓M =>↓ C =>↓ D => ↓ R => ↓ Cr => ↓M …

c = 0.4       r = 0.6     B = 1,000S/.

Md = 5000 – 10000i

[pic 11]

mB =         mB = [pic 12][pic 13]

[pic 14]

Md = 5000 – 10000i                MS =1,400

Md = Ms     =>    i = 0.36 = 36%

...