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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)

Turnover of industrial capital, commercial and bank credit: modern Unoist approach 0. Abstract

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

Abstract

 After the experience of large-scale Quantitative Easing, exogenous monetary theories such as monetarism have been losing influence. In contrast, Endogenous Money Supply Theories maintain that money is created “from nothing” through commercial bank lending. However, they often treat banks themselves as emerging from nothing, without explaining their logical emergence.


In Marxian economics, bank credit is regarded as originally rooted in commercial credit. Furthermore, Unoist scholars have argued that the inevitable idle money arising during the turnover of capital leads to the development of commercial credit, and that banking capital can emerge from the credit operations of industrial capital.


Expanding on these contributions, this study examines how individual industrial capital can evolve into banking capital. First, it shows that uncertainty in circulation time necessitates indeterminate reserve funds under continuous production. Second, to manage these funds efficiently, industrial capitalists extend commercial credit to one another. Third, a credit-giving capitalist in a favorable position can expand its credit functions beyond its productive capacity and ultimately evolve into banking capital. Fourth, the paper formulates how profit is transferred through both markups on commercial credit and interest, using a simple mathematical expression within a self-contained relationship between two or three industrial capitals. These findings demonstrate the logical emergence of banking capital specializing in credit intermediation and profit transfer through competition between capitals in credit operations.


This approach enables the analysis of industrial and banking capital as functionally interchangeable, offering insights into their transformation under neoliberal financial deregulation.


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