pénzkeresletet

Pénzkereslet is the Hungarian term for money demand. It refers to the quantity of money that households and firms wish to hold at a given point in time. This desire to hold money is influenced by several factors, primarily the need for transactions, precautionary motives, and speculative reasons.

The transaction motive arises from the fact that income and expenditure do not occur simultaneously. People need to hold money to facilitate everyday purchases of goods and services. The larger the volume of transactions and the higher the price level, the greater the transaction demand for money.

The precautionary motive stems from the uncertainty about future income and expenses. Individuals and businesses hold money as a buffer against unforeseen events, such as unexpected medical bills or sudden drops in revenue. This buffer provides a sense of security.

The speculative motive relates to holding money as an asset. In Keynesian economics, individuals may choose to hold money instead of other assets, like bonds, if they expect interest rates to rise in the future. A rise in interest rates would cause the price of existing bonds to fall, leading to a capital loss. Therefore, in anticipation of such a fall, people might prefer to hold liquid money.

The overall money demand is a function of the price level, real income, and the nominal interest rate. An increase in the price level or real income generally increases the demand for money, while an increase in the nominal interest rate tends to decrease it, as holding money becomes more costly due to forgone interest. The concept of money demand is crucial in understanding monetary policy and its effects on the economy.