मनी सप्लाई

Money Supply Measurements

Money supply different levels में measured जाती है: (1) M0 - physical currency (notes और coins)। "Monetary base"। (2) M1 - M0 + demand deposits (checking accounts)। (3) M2 - M1 + savings deposits, money market funds। (4) M3 - M2 + large time deposits, institutional money market funds। Broader measures included। India में RBI similar aggregates publish करती है: Currency with public, deposits, M1, M2, M3। Growth rates of these measures monetary policy stance indicate करती हैं।

Money Supply Control

Central banks money supply control करते हैं: (1) Interest Rate changes - higher rates = less borrowing = less money। (2) Reserve Requirements - banks को कितना cash रखना है। Higher = less lending capability। (3) Open Market Operations - bonds buy/sell करके reserves inject/withdraw करना। (4) Quantitative Easing - large-scale asset purchases। (5) Discount Rate - emergency lending rate। (6) Direct credit controls। 2008 crisis के बाद advanced economies massive money supply expansion किया (QE programs)। 2021-22 inflation इसी का partial consequence थी।

Money Supply और Forex

Money supply growth currency को affect करता है: (1) Rapid expansion = currency weaker (inflation risk)। (2) Contraction = currency stronger (scarcity)。 (3) Differential growth between countries exchange rates को drive करता है। (4) USD/EUR: Fed vs ECB money supply policies की race। (5) India: RBI M3 growth ~10% annual normal है - controlled expansion। (6) Hyperinflation cases (Zimbabwe, Venezuela, Weimar Germany) massive money printing से आते हैं। भारतीय traders को RBI Monetary Aggregates monthly releases check करनी चाहिए। monetary-policy, क्वांटिटेटिव ईज़िंग (QE), मुद्रास्फीति (Inflation) भी पढ़ें।