{"metadata":[{"label":{"en":["Access rights"],"pl":["Prawa dostępu"]},"value":{"en":["The use of this material is allowed only with accordance of applicable rules of fair use or other exceptions provided by law, and any broader use requires the permission of the authorized entity"],"pl":["Korzystanie z tego materiału jest możliwe zgodnie z właściwymi przepisami o dozwolonym użytku lub innych wyjątkach przewidzianych w przepisach prawa, a korzystanie w szerszym zakresie wymaga uzyskania zgody uprawnionego"]}},{"label":{"en":["License"],"pl":["Licencja"]},"value":{"en":["Making materials available on the basis of the agreement with the owner of the property copyrights"],"pl":["Udostępnianie na podstawie umowy z właścicielem majątkowych praw autorskich"]}},{"label":{"en":["Autor opisu"],"pl":["Autor opisu"]},"value":{"en":["WR U/PAdjm"],"pl":["WR U/PAdjm"],"universal":["WR U/PAdjm"]}},{"label":{"en":["Abstract Language "],"pl":["Język streszczenia"]},"value":{"en":["eng"],"pl":["eng"],"universal":["eng"]}},{"label":{"en":["Detailed Type"],"pl":["Szczegółowy typ zasobu"]},"value":{"en":["article"],"pl":["artykuł"]}},{"label":{"en":["Resource Title"],"pl":["Tytuł źródłowy"]},"value":{"pl":["Acta Universitatis Wratislaviensis. Ekonomia"]}},{"label":{"en":["Date issued"],"pl":["Data wydania"]},"value":{"en":["2019"],"pl":["2019"],"universal":["2019"]}},{"label":{"en":["Resource Type"],"pl":["Typ zasobu źródłowego"]},"value":{"pl":["Czasopismo"]}},{"label":{"en":["Date copyrighted"],"pl":["Data zastrzeżenia praw autorskich"]},"value":{"en":["2018"],"pl":["2018"],"universal":["2018"]}},{"label":{"en":["Role"],"pl":["Rola"]},"value":{"pl":["Machaj, Mateusz : Redaktor","Dybał, Mariusz : Redaktor"]}},{"label":{"en":["Alternative title"],"pl":["Tytuł odmienny"]},"value":{"en":["Money multiplier \u2014 the concept, limitations and criticism"]}},{"label":{"en":["Abstract"],"pl":["Abstrakt"]},"value":{"en":["The article presents the money creation process in the modern economy, including the role of the central bank and commercial banks in this process. The concept of money multiplier is described and set in the context of Fed\u2019s monetary policy since 1970s. Special attention is paid to the decrease of the M1 multiplier below the value of one, which accompanied the quantitative easing after the crisis arousal in 2008. Then, the main constraints are mentioned of commercial banks in the process of money creation (impeding the full utilization of the multiplier potential): bank profitability and competitiveness, risk of bank runs, demand for currency, limitations concerning credit collaterals and those resulting from monetary policy, prudential regulations, and the behaviors of bank clients. The paper also reports on arguments critical toward the multiplier approach and suggests to perceive the money supply in the modern economy as an endogenously determined phenomenon: first, commercial banks grant as many credits (thus creating money) as they can owing to the market situation; then, they turn to the central bank to provide reserves. The latter provides reserves (monetary base) as the lender of last resort, aiming to control the interest rate, and not money quantity itself. The conclusions are significant for monetary policy and economic education, as the endogenous approach to money supply can explain why the quantitative easing, contrary to some concerns, did not automatically translate into a considerable increase of credit expansion and price inflation."]}},{"label":{"en":[" Is version of"],"pl":["Jest wersją"]},"value":{"en":["https://czasopisma.uwr.edu.pl/ekon/article/view/8522"],"pl":["https://czasopisma.uwr.edu.pl/ekon/article/view/8522"],"universal":["https://czasopisma.uwr.edu.pl/ekon/article/view/8522"]}},{"label":{"en":["Subject and Keywords"],"pl":["Temat i słowa kluczowe"]},"value":{"en":["money multiplier","quantitative easing","constrains on money creation","money endogeneity"],"pl":["pieniądz","mnożnik kreacji pieniądza","polityka monetarna"]}},{"label":{"en":["Publisher"],"pl":["Wydawca"]},"value":{"en":["Wydawnictwo Uniwersytetu Wrocławskiego"],"pl":["Wydawnictwo Uniwersytetu Wrocławskiego"],"universal":["Wydawnictwo Uniwersytetu Wrocławskiego"]}},{"label":{"en":["Contributor"],"pl":["Współtwórca"]},"value":{"pl":["Machaj, Mateusz","Dybał, Mariusz"]}},{"label":{"en":["Resource Type"],"pl":["Typ zasobu"]},"value":{"en":["text"],"pl":["tekst"]}},{"label":{"en":["Identifier"],"pl":["Identyfikator"]},"value":{}},{"label":{"en":["Related Identifier"],"pl":["Powiązany identyfikator"]},"value":{"en":["ISSN-L: 2084-4093"],"pl":["ISSN-L: 2084-4093"],"universal":["ISSN-L: 2084-4093"]}},{"label":{"en":["Related Identifier Type"],"pl":["Typ identyfikatora"]},"value":{"en":["ISSN-L"],"pl":["ISSN-L"],"universal":["ISSN-L"]}},{"label":{"en":["Volume"],"pl":["Tom/Rocznik"]},"value":{"en":["25"],"pl":["25"],"universal":["25"]}},{"label":{"en":["Issue"],"pl":["Numer"]},"value":{"en":["1"],"pl":["1"],"universal":["1"]}},{"label":{"en":["First Page"],"pl":["Pierwsza strona"]},"value":{"en":["35"],"pl":["35"],"universal":["35"]}},{"label":{"en":["LastPage"],"pl":["Ostatnia strona"]},"value":{"en":["54"],"pl":["54"],"universal":["54"]}},{"label":{"en":["Title"],"pl":["Tytuł"]},"value":{"pl":["Mnożnik kreacji pieniądza \u2013 pojęcie, ograniczenia i krytyka"]}},{"label":{"en":["Creator"],"pl":["Twórca"]},"value":{"pl":["Kresak, Michał"]}},{"label":{"en":["Has version"],"pl":["Ma wersję"]},"value":{"en":["https://czasopisma.uwr.edu.pl/ekon"],"pl":["https://czasopisma.uwr.edu.pl/ekon"],"universal":["https://czasopisma.uwr.edu.pl/ekon"]}},{"label":{"en":["Place of publishing"],"pl":["Miejsce wydania"]},"value":{"en":["Wrocław"],"pl":["Wrocław"],"universal":["Wrocław"]}},{"label":{"en":["Language"],"pl":["Język"]},"value":{"en":["pol"],"pl":["pol"],"universal":["pol"]}},{"label":{"en":["Rights holder"],"pl":["Właściciel praw"]},"value":{"en":["Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o."],"pl":["Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o."],"universal":["Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o."]}},{"label":{"en":["Relation"],"pl":["Powiązanie"]},"value":{}},{"label":{"en":["Location of original object"],"pl":["Lokalizacja oryginału"]},"value":{"pl":["Biblioteka Wydziału Prawa, Administracji i Ekonomii"]}},{"label":{"en":["PLMET"],"pl":["PLMET"]},"value":{"en":["https://docs.psnc.pl/spaces/FBCMETGUIDE/overview"],"pl":["https://docs.psnc.pl/spaces/FBCMETGUIDE/overview"],"universal":["https://docs.psnc.pl/spaces/FBCMETGUIDE/overview"]}}],"id":"https://repozytorium.uni.wroc.pl/manifest","label":{"pl":["Mnożnik kreacji pieniądza \u2013 pojęcie, ograniczenia i krytyka"]},"type":"Manifest","@context":"http://iiif.io/api/presentation/3/context.json","items":[{"width":1600,"id":"https://repozytorium.uni.wroc.pl/canvas/page1","label":{"@none":["PDF/04_Kresak_M_Mnoznik_kreacji_pieniadza.pdf"]},"type":"Canvas","items":[{"id":"https://repozytorium.uni.wroc.pl/annotation/page1","type":"AnnotationPage","items":[{"motivation":"painting","id":"https://repozytorium.uni.wroc.pl/annotation/page1/1","type":"Annotation","body":{"format":"application/pdf","id":"https://repozytorium.uni.wroc.pl/Content/96377/PDF/04_Kresak_M_Mnoznik_kreacji_pieniadza.pdf","label":{"@none":["PDF/04_Kresak_M_Mnoznik_kreacji_pieniadza.pdf"]},"type":"Text"},"target":"https://repozytorium.uni.wroc.pl/annotation/page1"}]}],"height":1200}]}