国际清算银行-货币体系的弹性（英）-2025.6_8页_461kb

报告摘要

BIS Bulletin No 101: Elasticity in the Monetary System

Core Content

This BIS Bulletin explores the concept of elasticity in the monetary system, emphasizing its critical role in maintaining economic stability and flexibility. The two-tier monetary system, consisting of central banks and commercial banks, provides liquidity in an elastic manner, allowing the economy to absorb shocks and maintain smooth operations.

Main Points

Elasticity is essential for the monetary system to function effectively, enabling the money supply to expand and contract as needed to meet the economy's liquidity requirements.
Central banks provide settlement liquidity through mechanisms like intraday overdrafts and reserve supply, which help maintain the integrity of real-time gross settlement (RTGS) systems.
Commercial banks also play a key role by offering credit lines and overdraft facilities, allowing firms and households to access liquidity on demand.
Unused loan commitments serve as an indicator of the monetary system's elasticity, showing the potential liquidity available to firms.
During the Covid-19 pandemic, the elasticity of the monetary system was crucial in helping firms manage liquidity shocks. Credit lines provided significant support, with undrawn credit standing at 120% of annual debt servicing costs in 2020.
Global trade tensions have also increased the demand for liquidity. Firms, especially those in sectors affected by US tariffs, have expanded their credit lines to manage the risks associated with tariff payments and trade uncertainty.
The elasticity of money is particularly important in times of stress, as it allows firms to meet obligations without relying solely on existing cash reserves, which can be insufficient.

Key Information

The Role of Elasticity

Money must be flexible to meet the changing needs of the economy.
Elasticity ensures that obligations can be discharged without causing gridlock.
Central banks act as the lender of last resort, providing liquidity when needed, especially during crises.

Commercial Banks and Credit Lines

Commercial banks offer credit lines that allow borrowers to access liquidity on demand.
These lines help firms manage working capital needs and meet unexpected expenses.
The demand for credit lines is significant, with unused commitments often exceeding used credit in some countries.

Elasticity During the Pandemic

In the first quarter of 2020, US bank credit increased by $500 billion.
Undrawn credit declined by around $250 billion, indicating firms were drawing on credit lines.
The average non-financial firm saw a significant increase in outstanding credit, with a corresponding drop in undrawn credit.

Elasticity in Response to Trade Tensions

Trade uncertainty has led to an increase in undrawn credit, particularly in sectors affected by US tariffs.
Firms in these sectors significantly extended credit lines in the fourth quarter of 2024.
The increase in undrawn credit is attributed to firms anticipating the need for liquidity due to potential tariff payments.

Conclusion

Elasticity in the monetary system is vital for economic resilience and liquidity management. It enables firms to meet their obligations even in times of uncertainty or stress. The fractional reserve system of banks is the foundation of this elasticity, but it also requires regulatory safeguards to ensure the system remains robust and able to respond to significant shocks. Maintaining high levels of bank capital and financial system resilience is crucial for preserving this essential function.

References

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