2021年9月20日月曜日

”there's no free lunch”?

 

2021年9月18日土曜日 どっちがどうなのかわかりやすい解説がほしいところ。 

2021年9月19日日曜日 わかりやすく説明してくれるところはないのかなああ?

の続き

似たような問題は引用した英語記事でも指摘されていた。

For simplicity, let’s assume the deficit expenditure is in cash. This circulates in the economy, stimulating demand and expanding GDP. Some of the cash will remain in the hands of the public in the form of extra currency balances, but most of it will end up in the banking system, as deposits. The banks don’t want to hold zero-interest cash, so they hand it back to the central bank, increasing the banks’ reserves at the central bank.

It is these banks’ reserves that are, in effect, funding the budget deficit. They are NOT free of interest cost, as central banks pay the banks a market-related interest return. And they DO increase official-sector debt – these reserves are a liability of the central bank to the banking system, and so should properly be counted as part of official debt.

In short, the core MMT promise, sometimes implicit, is interest-free financing which doesn’t add to official debt. This is clearly wrong. Milton Friedman got this much right: ‘there is no free lunch’.


どう評価されるべきか?・・・・それは素人のおれには判断のしようがない。 

(debt と言っても、札刷ればーーー価値が低くなろうともーーーそれで解決!・・・では、と素人的には思える・・・・がどうなんだろうね?)




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