Dresden 2006 – wissenschaftliches Programm

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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 10: Poster Session (posters are expected to be displayed the full day 8:30-18:00)

AKSOE 10.25: Poster

Mittwoch, 29. März 2006, 16:00–18:00, P2

The Missing Exchange Rate of Banking — •Dieter Braun — Noether Group on Dissipative Microsystems, Applied Physics, Ludwig Maximilians Universität München, Amalienstr. 54, 80799 München, Germany

A bank accepts deposits and grants credits. Using a Feynman-graph representation of bookkeeping, we show that the bookkeeping of a bank actually creates two competing currencies, one for deposits and one for credits. Both are fully separated by bank bookkeeping. The market can demand that prices are split into deposit price levels and credit price levels. A free floating exchange rate between deposit units of account and credit units of account is the result.

Such a generalized bookkeeping allow markets to judge the value of bank assets versus bank liabilities in real time, even at zero interest rates. We give scenarios by applying quantity theory to the proposed bicurrency banking. Market interplay is simulated in a physically motivated random exchange economy model. Both indicate that two-currency banking reduces the impact of interest rates and transforms the profit mechanism of a bank.