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1、DescriptionoftheOperationalMechanicsofaBaselRegulatedBankingSystemJackyMallett(jacky@iiim.is)May21,2018AbstractThispaperpresentsadescriptionofthemechanicaloperationsofbankingasusedinmodernbankingsystemsregulatedundertheBaselAccords,inordertoprovidesupportfo
2、raverifiableandcompletedescriptionofthebankingsystemsuitableforcomputersimulation.Feedbackisrequestedonthecontentsofthisdocument,bothwithrespecttotheoperationsdescribedhere,andanyknownnational,regionalorlocalvariationsintheirstructureandpractice.1Introductio
3、nThereappearstobeconsiderableconfusionsurroundingthepreciseoperationofthemodernbankingsystem,inparticularwithrespecttotheregulationoflendinganddepositcreation,thehandlingofloandefaults,andtherelationshipsbetweenholdingsatthecentralbankandthebankclearingsyst
4、emandtherestofthesystem.Simulationoftheaggregatebehaviourofthebankingsystemiswellwithincurrentcomputingcapabilities,andwouldbehighlybeneficialbothinexploringtheimpactsofdifferentregulatoryframeworksonthebehaviourofthesystem,andtoprovideascientificfoundationfor
5、economicunderstandingofthemonetarysystem.Howeverforsimulationeffortstobesuccessfulanaccuratedescriptionofthemechanicaloperationsusedbybanksintheirdaytodayoperationsisrequiredandthisdoesnotappeartobecurrentlyavailableeitherwithineconomictheory,orfromtheregula
6、toryauthorities.ThedescriptionsthatarecurrentlyprovidedbyeconomictextbookssuchasMankiw[1],andMcConnell[2].arenotablydeficient,withimportantaspectsofthesystemsuchastheprecisehandlingofloanrepaymentsandloandefaultsomitted.Thispaperaimstoprovideaclearandverifiab
7、ledescriptionofthefundamentaloperationsofthebankingsystem,whichcanthenbeusedtobuildaccuratesimulationsofitsbehaviour.Wepresenttheseoperationsfol-lowingtheexampleoflate19thandearly20thcenturybookkeepingmanualsonbankingsuchasShand[3],byprovidingdetaileddescri
8、ptionsofthefundamentalbookkeepingoperationsperformedbyabankasitprocessesdeposits,lendsmoney,receivesrepaymentonloans,andhandlesloandefaultsinabankingsystemthatconsistsoftwobanks,AandB,andacentralbank.a
