Missbrauch des Begriffs „Geld drucken“

Praktisch täglich werden in der Wirtschaftspresse die Begriffe „Liquidität schaffen“  mit  „Geld drucken durch die SNB“ gleichgesetzt, was Verwirrung schafft.

Die SNB will gegen eine zu hohe Bewertung des CHF ankämpfen (Probleme für den Export und den Tourismus etc.), deshalb will sie das Angebot an CHF erhöhen. Das tut sie, indem sie den Banken zu sehr günstigen Bedingungen CHF anbietet: Sie offeriert den Banken, ihre Girokonti bei der SNB (das ist die Liquidität, die die Banken bei ihr zu 0% halten, und z.T. auch als Mindestreserve  halten müssen)  sehr grosszügig zu erhöhen. Die Banken müssen dafür seit dem 3.8.11 zwischen 0,00- 0,25 % zahlen (das nennt man das SNB-Zielband). Dazu müssen die Banken auch Wertschriften als Sicherheiten hinterlegen. Die SNB senkt diesen Satz, wenn sie den Banken noch mehr Anreize geben will, Liquidität bei ihr zu halten. Wenn der Satz schon praktisch bei Null ist, ist dieses Instrument natürlich nicht mehr anwendbar. Die Banken verfügen damit über sehr billige Mittel bei der SNB und sind nun geneigt, sehr günstige Kredite (Hypotheken, Firmenkredite) an Kunden zu vergeben, was die Konjunktur beleben wird. Je nach Konjunkturentwicklung, kann sich daraus auch Inflation ergeben.

Das hat mit „Geld drucken“ rein nichts zu tun. Erst wenn Bankkunden sehr viele Banknoten bei den Geschäftsbanken nachfragen, werden die Banken solche Noten bei der SNB zusätzlich kaufen, um ihre Notenkassen zu füllen. Sie werden mit ihren Girokonti dafür bezahlen. Wenn die SNB ihren Banknotenvorrat aufbraucht, wird sie der Firma Orell Füssli Sicherheitsdruck AG in Zürich den Auftrag erteilen, mehr CHF Banknoten zu drucken und ihr zu liefern. Erst dann kann man von „Geld drucken“ sprechen.

(Erschienen in NZZ vom 27./28.8.2011 unter “Zuschriften von Leserinnen und Leser”)


  • 1
    21. August 2015 - 11:01 | Permalink

    Yep, they sure could just print to pay the interest, and that is an alanerttive to cutting rates -but obviously if they stick to their 2.5% inflation target that delimits the boundaries of this policy option. That is the key difference between our case and the swiss case the RBA’s inflation mandate limits their ability to do this whereas the SNB’s mandate pressed them into action. It is worth noting that having a high cost of funds does not mean you must use rates: brazil, for example, was recently a big seller of real to buy USDs when their coat of funds was double digits and USTs yielded low single digits. They also used taxes to partially close their capital account. I think staying out of FX intervention is a good plan, because it re-opens allthe trade and assistance questions that we know from recent history /experience that politicians and the public service are so bad at managing in the National Interest. I think the other reason that central banks like floats is that it permits them fairly free use of interest rates. And rates are a target they can hit. Fixing the FX and letting rates float is a much harder task

    • 2
      6. October 2016 - 13:50 | Permalink

      Danke für das nachgereichte Rezept!Aber sag mal, bist du dir sicher, dass der Link zu den Keksen der richtige ist? Die sehen ja superlecker aus, aber so ganz ganz anec¼s…wÃrnsdh dir einen schönen SonntagJana vom Gänseblümchen

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