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FRB(アメリカ連邦準備制度)の赤字(2025Q2まで)

以前「 FRB(アメリカ連邦準備制度)の赤字 」について 2025Q2 まで更新されたので、グラフを延長する。データ、出所などの説明は以前の記事を参照。 FRBの利息収入( 青い破線 )は2022からほぼ同水準で変動しているが、利息費用( 緑二重線 )が2023Q3から徐々に減少している。それ以外に債権(国債など)と債務(当座預金)の額を考慮する必要があるが、ここでは省略している。財務省への送金前の純所得( 赤い線 )の赤字はかなり縮小してきた。2025Q2も前期比べてわずかだか赤字は縮小し、銀行業資本として正常な状態に戻りつつあるといえる。 なお、用語の対応は、 総利息収入Total interest income、 総利息費用 Total interest expense 財務省への送金前の純所得 Reserve Bank and consolidated variable interest entities net loss before providing remittances to the Treasury 損失の場合は、 Reserve Bank and consolidated variable interest entity net loss before providing remittances to the Treasury   準備預金への利子率 Interest rate on reserve balances (IORB rate)

Monetary Circuit Theory (MCT) in balance sheet


0. Introduction

Monetary Circuit Theory (MCT) explains the nature of credit money by connecting the creation of credit money by banks and the production by firms. It sees money as a motion of being created, circulated and destroyed. The creation of money by banks is the starting point for generating new income. Since no new wealth is created by simply exchanging existing wealth (as in barter), money must have no intrinsic value by itself and must be created from nothing (ex nihilo). There are some similarities with Marxian economics, which sees capitalist production as M(money) – C(commodities) –M’(increased money).


1. Basic simple pattern

First, banks lend money to firms by creating credit money from nothing (ex nihilo). Firms use this money to pay workers and begin production. This is called initial finance.

Then, firms sell products to workers, receive the money back, and repay their loans to the banks. This is called final finance.

Basic pattern 



2. Final finance with voluntary saving

If some products are not sold, money stays in the hands of workers. If firms issue securities and can sell them to workers, they can receive money back and repay it to the banks. The unsold products then remain as savings (inventory investment).

Monetary circuit with voluntary saving



3. Final finance with involuntary forced savings

However, if there is no voluntary saving, firms may raise prices to get back the full amount of borrowed money. Workers cannot buy all the products with the same nominal income. Firms then recover enough money to repay their loans, but some products remain in the hands of firms. These products are counted as savings in national accounts (capital formation).

Monetary circuit with involuntary saving



This figure shows that by raising prices, firms retain some products as an increase in net worth, which is profit—even though it takes the monetary form.

4. “paradox of profits”

Products kept in firms at he end of the tperiod means an increase in net worth — that is, profit for firms.

There is a well-known question called the “paradox of profits”: where does the money come from to buy the products?

This “paradox” appears because MCT focuses too much on the money form of wealth. Similarly, some Marxist thinkers, like R. Luxemburg, focus too much on the money circuit (M – C – M′) and face the same problem. 

We must distinguish profits themselves from monetary profits. 


5. Interpretation from Marxist economics

Certainly, capital must increase its value. However, the increase does not always have to appear more money, as the circuit, M – C –M’, suggests. In fact, the profit of capital is the increase in the total value of money and commodities, which accrues through the cyclical movement.

Also, MCT incorrectly assumes that firms make profits by raising prices and keeping some products in their hands (e.g., Graziani, 1990, The Theory of the Monetary Circuit). However, from the orthodox Marxian view, it is not necessary to assume monopolistic market operation, because industrial capital exploits more value than it pays in wages.

Balance sheet by Marxsian Economics (in value term)




"Capital" in this balance sheet means accumulated profit.


However, Marx’s Capital reveals the nature of banks and interest in Volume 3, which treats the movement of capital as a whole—consisting of both production and circulation—as explained in the previous article.










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