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Словарь терминов >> Денежные агрегаты >> Денежные агрегаты (Определение ЕЦБ)

Денежные агрегаты (Определение ЕЦБ)

 


  • Narrow money (M1) includes currency, i.e. banknotes and coins, as well as balances which can immediately be converted into currency or used for cashless payments, i.e. overnight deposits.
  • "Intermediate" money (M2) comprises narrow money (M1) and, in addition, deposits with a maturity of up to two years and deposits redeemable at a period of notice of up to three months. Depending on their degree of moneyness, such deposits can be converted into components of narrow money, but in some cases there may be restrictions involved, such as the need for advance notification, delays, penalties or fees. The definition of M2 reflects the particular interest in analysing and monitoring a monetary aggregate that, in addition to currency, consists of deposits which are liquid.
  • Broad money (M3) comprises M2 and marketable instruments issued by the MFI sector. Certain money market instruments, in particular money market fund (MMF) shares/units and repurchase agreements are included in this aggregate. A high degree of liquidity and price certainty make these instruments close substitutes for deposits. As a result of their inclusion, M3 is less affected by substitution between various liquid asset categories than narrower definitions of money, and is therefore more stable.

 

Table 1: Definitions of euro area monetary aggregates
Liabilities ( 1 ) M1 M2

( 1 ) Liabilities of the money-issuing sector and central government liabilities with a monetary character held by the money-holding sector.

 

http://www.ecb.de/stats/money/aggregates/aggr/html/hist.en.html

 

 

 

Currency in circulation X X X
Overnight deposits X X X
Deposits with an agreed maturity up to 2 years   X X
Deposits redeemable at a period of notice up to 3 months   X X
Repurchase agreements     X
Money market fund (MMF) shares/units     X
Debt securities up to 2 years     X

 














  


 
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