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注目

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)

Turnover of industrial capital, commercial and bank credit: modern Unoist approach 5. Conclusion

 

5. Conclusion

This paper has examined how credit relations develop from the turnover of capital.

First, we showed that under continuous production, shortening circulation time does not reduce the total turnover time of capital. Instead, it reduces the amount of capital required in advance, including the reserve funds. However, these reserve funds always become idle in varying amounts and may occasionally run short.

Second, we argued that such reserve funds in circulation are difficult for individual industrial capitals to manage on their own. Therefore, they rely on each other by using commercial credit. Commercial credit arises spontaneously from the uneven distribution of available reserve funds among different capitals. Thus, under continuous production, credit contributes to reducing the advanced capital.

Third, this paper discussed how the credit giver in commercial credit can act as an intermediary and evolve into banking capital. The credit giver can assess buyers’ creditworthiness and its debt is trusted due to strong sales. It can extend the role of credit intermediary and expand its profit beyond its own productive capacities.

Fourth, we examined how profit is transferred through the markup on credit sales and through interest. Although the cash price is determined by the production price system, both the markup rate and interest rate are shaped by the competition for profit rates within the closed relationship between two or three capitals.

This study has some limitations. By focusing on the relationships between only a few capitals, it does not examine the formation of a general rate of interest. To explore the general rate, Future research should explore competition among multiple credit givers or intermediaries. Furthermore, this paper did not examine the potential for capital saving by specialization in credit operation.

Nevertheless, this paper has proposed a logical development of credit—from capital turnover, to commercial credit, and finally to bank credit—based on the theory of differentiation and emergence.

 

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