High powered money


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High powered money

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'This can have a significant effect on liquidity since every $1 billion the BSP purchases from the foreign exchange market translates to an expansion of high powered money by roughly about P52 to 54 billion.'
High Powered Money. This is the quantity of notes in circulation plus the reserves of commercial banks with the Bank of England.
Appendices Table A-1 Measures of Seigniorage Variables Description Monetary Base Reserve money (line 14 in IFS) (or high-powered money) Seigniorage l: Ratio of the change in high powered money to nominal GDP (Fischer 1982) Seigniorage 2: Ratio of high-powered money to nominal GDP in current period minus ration of high-powered money to nominal GDP in last period plus the product of the ratio Of high powered money to nominal GDP in last period times the growth rate of nominal GDP In current period to one plus the growth rate of GDP in current period (Walsh 1998).
The money supply (M) is a function of the three "proximate determinants": the monetary base or high powered money (H), the deposit to reserve ratio (D/R), and the deposit to cash ratio (D/C).

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