Wunschdenken: ….government bond sales are not a borrowing operation at all

verfasst von Popeye, 20.04.2004, 12:45

-->In einem Aufsatz, des hier schon häufiger vorgestellten L. Randall Wray, der immer für kleine Überraschungen gut ist, wird das chartalistische Geld-Modell nun auf den Kopf gestellt.

Der Aufsatz ist die Kurzfassung eines Beitrages von Wray, in dem zu Ehren des hier ebenfalls schon vorgestellten A. Mitchell Innes erschienen Buches: <a href=http://www.amazon.de/exec/obidos/ASIN/1843765136/qid=1082456404/sr=1-2/ref=sr_1_8_2/028-7910530-6654107>Credit and State Theories of Money: The Contributions of A. Mitchell Innes</a>.

Beifällig zitiert Wray Innes wie folgt:

„The government by law obliges certain selected persons to become its debtors…. This procedure is called levying a tax, and the persons thus forced into the position of debtors to the government must in theory seek out the holders of the tallies or other instrument acknowledging a debt due by the government, and acquire from them the tallies by selling to them some commodity or in doing them some service, in exchange for which they may be induced to part with their tallies. When these are returned to the government treasury, the taxes are paid. How literally true this is can be seen by examining the accounts of the sheriffs in England in the olden days. They were the collectors of inland taxes, and had to bring their revenues to London periodically. The bulk of their collections always consisted of exchequer tallies, and though, of course, there was often a certain quantity of coin, just as often there was, one at all, the whole consisting of tallies. (1913 p. 398)“

Um sich dann etwas später zu folgender eigenen Aussage zu versteigen:

“ While it may sound strange, we conclude that treasury bond sales are not a borrowing operation at all, but are a reserve draining operation (that substitutes one kind of government liability for another). Indeed, the treasury cannot really sell bonds unless banks already have excess reserves, or unless the CB stands ready to provide reserves the banks will need to buy the bonds. If the treasury typically tried to first “borrow” by selling bonds before it spent, it would be draining reserves it will create only once it spends. As it drained required or desired reserves, it would cause the fed funds rate to rise above the CB’s target—inducing an open market purchase and injection of reserves.

Another way of putting it is that government spends by issuing IOUs, and the private sector uses those IOUs to pay taxes and buy government bonds. Obviously, if government spending were the only source of these IOUs, the private sector could not pay taxes or buy bonds before the government provided them. In the real world, government spending on goods and services is the main, but not the only source, of the IOUs needed by the private sector to pay taxes and buy government bonds. In addition, the CB provides reserves through discounts or open market operations (or, gold and foreign currency purchases), and these IOUs are perfect substitutes for treasury IOUs.

We conclude that the purpose of government bond sales is not to borrow reserve, but to offer an interest-earning alternative to undesired reserves that would otherwise drive the fed funds (overnight) rate toward zero. Note that if the CB paid interest on excess reserves, the treasury would never need to sell bonds because the overnight interest rate could never fall below the rate paid by the CB on excess reserves. Note also that in spite of the widespread belief that government deficits push up interest rates, they actually reduce the overnight rate to zero unless the treasury and CB coordinate efforts to drain the resulting excess reserves. (For proof, note that for many years the overnight interest rate in Japan has been kept at zero, in spite of government deficits that reached 8% of GDP, merely by keeping some excess reserves in the banking system.) On the other hand, budget surpluses drain reserves, causing a shortage that drives up the overnight rate unless the CB and treasury buy and/or retire government debt. Needless to say, orthodoxy has got the interest rate effects of government budgets exactly backwards.”

Was kam also wohl zuerst, die Steuer oder die Anleihe (die nur “undesired reserves” aufsaugt)?

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gesamter Thread:

• Wunschdenken: ….government bond sales are not a borrowing operation at all - Popeye, 20.04.2004, 12:45
  • Re: Wunschdenken: ….government bond sales are not a borrowing operation at all - CRASH_GURU, 20.04.2004, 16:19
  • Re: Wunschdenken: ….government bond sales are not a borrowing operation at all - dottore, 20.04.2004, 17:51
  • Re: @Popeye - Der Staat schafft sich sein Geld selbst - Wray/Innes - R.Deutsch, 21.04.2004, 09:56
    • Re: @Popeye - Der Staat schafft sich sein Geld selbst - Wray/Innes - dottore, 21.04.2004, 12:57
      • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - CRASH_GURU, 21.04.2004, 14:23
        • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - Popeye, 21.04.2004, 14:47
          • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - CRASH_GURU, 21.04.2004, 15:07
            • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - Popeye, 21.04.2004, 15:29
              • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - CRASH_GURU, 21.04.2004, 16:06
                • Re: @Popeye + dottore- Der Staat schafft sich sein Geld selbst - Wray/Innes - Popeye, 21.04.2004, 16:48
                  • Re: Genau jener MONAT ist das Problem - dottore, 21.04.2004, 17:18
                    • Re: Genau jener MONAT ist das Problem - Popeye, 21.04.2004, 17:28
                      • Re: Papier schwimmt! - dottore, 21.04.2004, 18:28
                        • Re: Papier schwimmt! - also die Hypla doch nicht ganz abgehakt? - CRASH_GURU, 21.04.2004, 18:40
                • Re: Vorfinanzierungsproblem ist und bleibt unlösbar - dottore, 21.04.2004, 16:54
                  • Re: Vorfinanzierungsproblem ist und bleibt unlösbar - CRASH_GURU, 21.04.2004, 17:20
        • Re: LT, TM und Regiogelder - dottore, 21.04.2004, 16:15
          • Re: LT, TM und Regiogelder - CRASH_GURU, 21.04.2004, 17:15
            • Re: Ziemlich groß die Krümel - dottore, 21.04.2004, 18:02