bázispénz

Bázispénz, also known as base money or high-powered money, refers to the portion of the money supply that is directly controlled by the central bank. It encompasses the physical currency in circulation plus the reserves held by commercial banks at the central bank. This monetary base serves as the foundation for the broader money supply through the process of fractional-reserve banking, where banks lend out a portion of their deposits, creating new money in the economy.

The central bank influences the size of the monetary base through various monetary policy tools. Open market operations, where the central bank buys or sells government securities, are a primary method. When the central bank buys securities, it injects money into the banking system, increasing reserves and thus the monetary base. Conversely, selling securities withdraws money, shrinking the base. Reserve requirements, the percentage of deposits that banks must hold in reserve, also impact the monetary base, though changes are less frequent.

The velocity of base money, or how quickly it changes hands, is a factor in its effectiveness in stimulating economic activity. While the central bank directly controls the base, its impact on the overall economy is mediated by the banking system's lending behavior and the public's demand for money. Changes in the monetary base are a crucial indicator for understanding and implementing monetary policy, aiming to influence inflation, employment, and economic growth.