Broad and Narrow Money | 广义货币与狭义货币

📚 Broad and Narrow Money | 广义货币与狭义货币

In economics, money is not a single homogeneous object. The money supply is classified into different measures according to how liquid the assets are. The two most common groups are narrow money and broad money.

在经济学中，货币并不是单一同质的东西。货币供应量根据资产的流动性被划分为不同的度量口径，最常见的两类是狭义货币和广义货币。

1. The Concept of Money Supply | 货币供应量的概念

Money supply is the total stock of money available in an economy at a particular moment. It includes notes and coins held by households and firms, as well as deposits in banks and building societies that can be used to make payments.

货币供应量是指一个经济体在某一时点上可供使用的货币总存量。它包括家庭和企业持有的纸币和硬币，以及银行和建房协会中可用于支付的存款。

Central banks measure the money supply because changes in the amount of money can affect aggregate demand, inflation and interest rates. However, there is no single measure because financial assets vary in liquidity.

中央银行之所以衡量货币供应量，是因为货币数量的变化会影响总需求、通货膨胀和利率。但由于金融资产的流动性不同，并没有单一的度量标准。

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2. What Is Narrow Money? | 什么是狭义货币

Narrow money consists of the most liquid forms of money: assets that can be used immediately for transactions. In many textbooks, this means notes and coins in circulation outside the banking system plus sight deposits, also called demand deposits.

狭义货币由最具流动性的货币形式组成，也就是可以立即用于交易的资产。在许多教材中，狭义货币包括银行体系之外流通的纸币和硬币，加上活期存款（又称即期存款）。

Sight deposits are bank balances that customers can withdraw on demand without notice, such as current account balances. Because they can be converted into cash instantly or used directly via debit cards, they are treated as part of narrow money.

活期存款是客户无需提前通知即可随时提取的银行存款，如往来账户余额。由于它们可以立即兑换成现金或通过借记卡直接使用，因此被计入狭义货币。

Narrow money is sometimes labelled M₁ or M₀ depending on the country and definition. Its key feature is spending power; it represents money ready to circulate.

狭义货币有时被标记为 M₁ 或 M₀，具体取决于国家和定义。其关键特征在于购买力，它代表了随时可以流通的货币。

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3. Components of Narrow Money | 狭义货币的构成

The main components of narrow money are: notes and coins outside banks, demand deposits at commercial banks, and sometimes traveller’s cheques. These items share one characteristic: they can be spent at very short notice with minimal cost.

狭义货币的主要构成包括：银行体系之外的纸币和硬币、商业银行的活期存款，有时还包括旅行支票。这些项目有一个共同特点：可以在极短时间内以极低成本用于支出。

For exam purposes, it is useful to remember that narrow money focuses on the medium of exchange function of money. It does not include savings accounts because those may require notice or may not be directly usable for payments.

从考试角度看，记住狭义货币侧重货币的交换媒介功能很有帮助。它不包括储蓄账户，因为储蓄账户可能需要提前通知，或者不能直接用于支付。

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4. What Is Broad Money? | 什么是广义货币

Broad money is a wider measure of the money supply. It includes narrow money plus a range of less liquid financial assets: savings deposits, time deposits, money market funds and other near-money instruments.

广义货币是更广泛的货币供应量度量口径。它包括狭义货币，再加上一系列流动性较低的金融资产：储蓄存款、定期存款、货币市场基金以及其他准货币工具。

These additional assets are not directly spendable in the same way as cash, but they can usually be converted into cash quickly and at low cost. They therefore act as a store of value and can influence future spending.

这些额外的资产不能像现金那样直接用于支付，但通常可以快速且低成本地转换为现金。因此，它们具有价值贮藏功能，并能影响未来支出。

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5. Components of Broad Money | 广义货币的构成

Typical components of broad money include: narrow money, savings accounts, fixed-term deposits, certificates of deposit, repurchase agreements and shares in money market mutual funds. Definitions vary between central banks.

广义货币的典型构成包括：狭义货币、储蓄账户、定期存款、大额存单、回购协议以及货币市场共同基金份额。各国央行的定义有所不同。

In the UK, broad money has traditionally been measured by M₄, which covers sterling notes and coins plus all sterling deposits held by the private sector with banks and building societies. In the euro area, M₃ is a broad measure that includes similar instruments.

在英国，广义货币传统上以 M₄ 衡量，包括英镑纸币和硬币以及私营部门在银行和建房协会持有的所有英镑存款。在欧元区，M₃ 是一种包含类似工具的广义度量。

These assets are less liquid than cash, but they are still considered money because they can be converted into spending power relatively easily.

这些资产的流动性低于现金，但仍被视为货币，因为它们可以相对容易地转化为购买力。

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6. The Liquidity Spectrum | 流动性谱系

Liquidity describes how quickly and certainly an asset can be converted into cash without a significant loss of value. Notes and coins are perfectly liquid; sight deposits are almost perfectly liquid; time deposits are less liquid.

流动性描述一项资产在不遭受重大价值损失的情况下，能够多快、多确定地转换为现金。纸币和硬币具有完全流动性；活期存款几乎完全流动；定期存款流动性较低。

We can imagine a spectrum: currency, demand deposits, savings deposits, time deposits, money market shares, government bonds. Narrow money sits at the most liquid end, while broad money extends further along the spectrum.

我们可以想象一个谱系：通货、活期存款、储蓄存款、定期存款、货币市场基金份额、政府债券。狭义货币位于流动性最强的一端，而广义货币则沿着谱系进一步延伸。

The classification is useful because it helps economists distinguish between money used for transactions and money held mainly as a store of value.

这种分类很有用，因为它帮助经济学家区分用于交易的货币和主要作为价值贮藏手段持有的货币。

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7. UK Monetary Aggregates: M₀ and M₄ | 英国货币总量：M₀ 与 M₄

Historically, the Bank of England published M₀ as the narrow monetary base. M₀ included notes and coins in circulation outside the central bank plus banks’ operational deposits at the Bank of England.

历史上，英格兰银行公布 M₀ 作为狭义基础货币。M₀ 包括中央银行以外流通的纸币和硬币，加上银行在英格兰银行的运营

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