Central banks and fractional reserve banking: money creation out of nothing?

2017-12-19 10:35:18 Viewed: 386 Downloads: 105
  • Central banks and fractional reserve banking: money creation out of nothing?

      Jannie Rossouw, Vishnu Padayachee and Bradley Bordiss

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    Pub: 2017-12-19 10:35:18

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  • The view is often held that central banks have little or no connection to the
    society within which they exist, although their policy decisions impact directly
    on people, institutions and society. While this view has gained much attention in
    the media and in some academic circles, this article uses evidence from South
    Africa to show the fallacy of the view that ‘money is created out of nothing’
    and that central banks are owned by and secretly controlled for the benefit of
    particular interest groups. Instead, it draws on insights in post-Keynesianism
    to demonstrate that the ownership of the South African Reserve Bank rests in
    the hands of private shareholders, but in an open and transparent manner, and
    that the Reserve Bank succeeds in ensuring that the system is supervised and
    sufficiently regulated in the public interest.

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  • Keywords

    central banks, South African Reserve Bank


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