7

1.
} n(Barter Exchange) n
n on}oo
}
2. (The meaning of money)
rn o}
o o {
3. o(The functions of money)
1.)}(Medium of Exchange)
o onn
o o
2.) }n(Standard of Value)
oo} n
}r on n
n 5 n 10 n 2 onn
1 n }o
: nno o N oo

3.) }o (Standard of deferred payments)

o no o
on n o
4.) }n (Store of value)
}rnoo
}on
n }rn(Liquidity) nono
r n o onn
on

- n(Liquidity) n oo }

- oon()
o
n
onn
r 1 226212 . r

n (Central Bank) n
o
4. (The kinds of money)
1.) } (Commodity money) oo n (Intrinsic
value) n no n
n}nno
2.) nn on nn(Token Coin)
nn (Fiat money) n
oo no nonno n
(demand deposits)
o
r
5.
- } }rn
- n(Internal Value) onn
n o
- non
- n}nno
- nn nn
6.
(Currency) } n nn

(demand deposits)
oo n
n(Narrow money: M1) +

no(Board money: M2) M1 + (Time

deposits)+r (Saving deposits)
no(M3) M2 +o
(Promissory notes)

M3>M2>M1

r 1 226212 . r

 no(M2) no
(M3) o (Near Money)
7.o M1 M2 e 2545-.. 2548
7-1
Monetary Survey (M1 & 2002
2003
2004
2005
M2)
Jan
Dec
Jan
Dec
Jan
Dec
Jan
May p
Broad money (M2)
5,309,179 5,378,857 5,409,326 5,641,844 5,739,561 5,948,370 6,018,800 6,044,122
Narrow money (M1) 578,304 663,493 671,361 766,800 757,908 858,966 847,127 847,644
Currency
427,537 496,030 496,325 546,949 545,306 613,826 592,941 574,495
Demand deposits 150,767 167,464 175,036 219,851 212,602 245,140 254,186 273,150
Quasi money
4,730,875 4,715,364 4,737,966 4,875,044 4,981,653 5,089,404 5,171,673 5,196,477
Time deposits
3,153,263 3,025,231 2,996,828 2,745,932 2,758,138 2,647,582 2,647,766 2,609,033
Saving deposits 1,511,949 1,638,281 1,685,874 2,077,899 2,175,763 2,384,481 2,463,896 2,519,384
Other deposits 2/ 65,664 51,852 55,264 51,213 47,752 57,341 60,011 68,061
n(2548) n}o
8.(Central Bank)

ooo
rn n(Bank of Thailand)
e.. 2485
9. onnr
1.) nn
2.) nnr
3.) o r n n
or
4.) o rrn

}oon
n o j n

10.o
1.)}r

r 1 226212 . r

- r n} 2 n (Legal
reserves) n (Excess reserve)
- }(Clearing House)
- oro ro

rn n(discount rate)
2.)}
- nn
- onn o n o
n n o
oooj()
- } o
- }no n n
n
3.)
- o j
on{j
4.) }on n on
n }o
5.)}ooono(a lender of last resort)
6.)}o(Money supply) (Credit) oo
o/n
(Monetary policy) }

7.) }or jnorn

n ooo
o
11. (Monetary Policy)
j
on no
n o} }
o

r 1 226212 . r

12. (Policy instruments)

1. (legal reserve ratio)
-o
- o
2. r (Open market operations: OMO)
- r o
- r o
nr n
3. n(Rediscount rate)
- no
- no
n nno 10 r rn
on n nr 1 o
or 900, 000 (ro 10
n 100,000 ) nn n}o 5 o
r 950, 000 (ro 5 n 50,000
) n r
ornn(Excess Reserve) on
noo
13. or (Money Creation)
ro(no) o
(Money supply)
- oroo (Balance
sheet) T-Account 1. r (Assets) 2. (Liabilities and
capital)
- (Primary deposits) o o
r on n (Reserve ratio)
no 2 1.)(Legal reserve ratio: r) 2.)
n(Excess reserve ratio:re )
oro
1.nn 0
2. o no

r 1 226212 . r

3. oo n}ndr
o
4. ono 100
n 100 A r . o
no 10 n . noo 90 n no
o B Bo 90 . .on 9
(0.1x90) n 81 noo C n

.
Assets

Liabilities

Reserves
$10.00

Deposits
$100.00

Loans

Assets

Liabilities

Reserves
$9.00

Deposits
$90.00

Loans

$90.00

$81.00

Total Assets
Total Liabilities
$100.00
$100.00

Total Assets
$90.00

Total Liabilities
$90.00

7-1Supply
on=

Money
$190.00!

7-2 or

.
100 0.1x100=10
.
90 0.1x90=9
.
81 0.1x81=8.1

n
oo

0.9x100=90
90
0.9x90=81
81
0.9x81=72.9
72.9

D1

D2

Legal reserve

r 1 226212 . r

D1
6

(D2) = 100 + (1-r) x100+(1-r)2x100+.

= 100 = 1,000
r

= r x 100 + r(1-r) x 100 + r(1-r)2 x100 +

= 100
n(D1) = (1-r) x 100 +(1-r)2x100+..
= (1-r)x100 = 900
n on P
1
r
r(D2) = 1 u P
r

o(Money Multiplier : m) =

n (D1) =

P
 P
r

n Money Multiplier n 1/0.1 =10

o ro o}o}no
no on
n n }o o
nooo}nro o
14.
}rn on n o
n 50,000 o n

1
x 50 ,000
r

}o
15. o
1.) nonr o
or non
n r nn
ono
2.) o(Qualitative Control) n
oo n
r Margin Requirement n Margin Requirement n 70 %
r 1 226212 . r

n or 100 o oono 70
n 30 o }o
16. rn (Demand for money)
o rno
n 3 {
1) oon (Transaction demand for money)
oon n r }o oo
noon on n non
ooo oo
o on
no noon
n nno o
7-2

r1

o
no
7-2 ono

2.) oon (Precautionary demand for money)

}r n
on
oon nn n
}o onnonn or n
nn oono o
nrono
no
3.) o(Speculative demand for money) }
rno nr n o
n o
oo
r 1 226212 . r

oo }n
o
n n 1,000 oo 10 n
no 5 orn
} 2,000
r n n 20 e 30 e oo
D nn{
o r
Pb

D
D
D


 .......... .......... .
2
1  r (1  r )
(1  r ) 3
D

(1  r )
11
1r

D
r

noo n 2000(=100/0.05)
= r/
ono{
o 7-3
Md

L(Y , r )

'L
'L
! 0,
0
'Y
'r

M d (Y
M d (Y

200 )

100 )

o
7-3 rnro

17. (Supply of money)

n }o
18.(Equilibrium of Money Market)
r 1 226212 . r

on o
n r3 7-4

Money supply

r1
r2
r3

r4

Money
demand

Quantity of
Money

7-4

19. o(Monetary Policy)

ooo(Expansion
Monetary Policy) }oo
A Bn o M1 } M2
r3 r 4 7-5o
n oo
onooon
(DAE) n o
oj
o }n on
{j o(Contraction Monetary
Policy) }o{j
o
ooon (DAE) joon
o

r 1 226212 . r

10

MS1

MS2

r1

r2

r3

A
B

r4
0

Money
demand
M1

M2

Quantity of
Money

7-5 oo

20. r o (AS)
o} oo
o r (=C+I+G+NX) o
o 7-6 n Y1 n M1
ooo } M2
oor AD1 } AD2 o
Y1 } Y2 o o P1 } P2
o}o (Vertical Aggregate Supply) n
(Potential Output) or o AD3 }o AD4 n
nr o o P3
} P4 o nn
oo n n
no non o
o}o (Supply side) n
}o

r 1 226212 . r

11

AS

n 2

P4
P3

AD4

P2
P1

n 1
AD1
Y1

Y2

AD2

AD3

Potential output (YF)

o(Y)

7-6 oon

r 1 226212 . r

12