Purpose

This paper aims to investigate the relationship between money creation process and banking performance for Tunisian listed banks, particularly in the context of increased economic policy uncertainty.

Design/methodology/approach

In the relevant literature, there are two theories of money creation. The theory of money creation out of nothing, by using the central bank for refinancing and the theory of financial intermediation, from which money creation is made from preexisting savings. In this paper, the authors utilize a panel data for a sample composed of 11 Tunisian banks during the period of study from 1999 to 2019.

Findings

The study’s empirical analysis show that both forms of money creation have a positive impact on bank profitability as measured by the return on assets (ROA) and return on equity (ROE) ratios. However, the same analysis shows that the channel of money creation out of nothing is the most profitable for banks. Also, the authors show that economic policy uncertainty negatively influences the relationship between money creation and banking profitability only when credit creation is derived from savings.

Originality/value

This paper contributes to the literature by explaining the nexus between money creation and Tunisian banking performance which depends on the implementation of stable and conducive economic and political environment. Also, this link requires the implementation of monetary measures to encourage savings and develop an efficient capital market and judicious monetary policy enabling the central bank to inject more liquidity into the economy.

中文翻译：

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货币创造过程、银行业绩和经济政策不确定性：来自突尼斯上市银行的证据

目的

本文旨在研究突尼斯上市银行的货币创造过程与银行绩效之间的关系，特别是在经济政策不确定性增加的背景下。

设计/方法/方法

在相关文献中，有两种货币创造理论。无中生有的货币创造理论，通过使用中央银行进行再融资和金融中介理论，货币创造是从预先存在的储蓄中创造出来的。在本文中，作者使用了 1999 年至 2019 年研究期间由 11 家突尼斯银行组成的样本的面板数据。

发现

该研究的实证分析表明，以资产回报率 (ROA) 和股本回报率 (ROE) 比率衡量，这两种货币创造形式对银行盈利能力都有积极影响。然而，同样的分析表明，无中生有的货币创造渠道对银行来说是最有利可图的。此外，作者表明，只有当信贷创造来自储蓄时，经济政策的不确定性才会对货币创造与银行盈利能力之间的关系产生负面影响。

原创性/价值

本文通过解释货币创造与突尼斯银行业绩效之间的关系对文献做出贡献，这取决于稳定和有利的经济和政治环境的实施。此外，这种联系需要实施货币措施以鼓励储蓄并发展有效的资本市场和明智的货币政策，使中央银行能够向经济注入更多流动性。