3715:): The monopoly power to issue currency is delegated to a central bank in full or sometimes in part. The practice regarding the currency issue is governed more by convention than by any particular theory. It is well known that the basic concept of currency evolved in order to facilitate exchange. The primitive currency note was in reality a promissory note to pay back to its bearer the original precious metals. With greater acceptability of these promissory notes, these began to move across the country and the banks that issued the promissory notes soon learnt that they could issue more receipts than the gold reserves held by them. This led to the evolution of the fractional reserve system. It also led to repeated bank failures and brought forth the need to have an independent authority to act as lender-of-the-last-resort. Even after the emergence of central banks, the concerned governments continued to decide on asset backing for the issue of coins and notes. The asset backing took various forms including gold coins, bullion, foreign exchange reserves and foreign securities. With the emergence of a fractional reserve system, this reserve backing (gold, currency assets, etc.) came down to a fraction of the total currency put in circulation.
2128:) were required to be held. In order to mitigate the impact of bank failures and financial crises, central banks were also granted the authority to centralize banks' storage of precious metal reserves, thereby facilitating transfer of gold in the event of bank runs, to regulate commercial banks, and to act as lender-of-last-resort if any bank faced a bank run. The emergence of central banks reduced the risk of bank runs which is inherent in fractional-reserve banking, and it allowed the practice to continue as it does today. where it is the system of banking prevailing in almost all countries worldwide.
2393:
52:
2239:. Historically, central banks have occasionally changed reserve requirements discretionarily in order to influence the money supply directly and via that mechanism the interest rate level. Today, however, this implementation policy is rarely used. In the US, the Federal Reserve eliminated reserve requirements entirely in 2020, instead preferring to use changes in the interest rate paid on reserves held by commercial banks as its most important monetary policy instrument to directly influence the broader interest rate level in the economy.
3526:"At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time, this monopoly came to be shared with commercial banks, when deposits and their transfer via cheques and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking, cashless payment instruments became increasingly used, at the expense of banknotes"
2613:
months' etc. These residual contractual maturities may be adjusted to account for expected counterparty behaviour such as early loan repayments due to borrowers refinancing and expected renewals of term deposits to give forecast cash flows. This analysis highlights any large future net outflows of cash and enables the bank to respond before they occur. Scenario analysis may also be conducted, depicting scenarios including stress scenarios such as a bank-specific crisis.
997:
2405:
3039:
2400:) since 1959. In January 2007, the amount of "central bank money" was $ 750.5 billion while the amount of "commercial bank money" (in the M2 supply) was $ 6.33 trillion. M1 is currency plus demand deposits; M2 is M1 plus time deposits, savings deposits, and some money-market funds; and M3 is M2 plus large time deposits and other forms of money. The M3 data ends in 2006 because the federal reserve ceased reporting it.
914:
934:
3053:
1869:
4142:
1857:
924:
3185:
Bailments (1832, p. 66) and "Money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it." Lord
Chancellor Cottenham, Foley v Hill (1848) 2 HLC 28.
2520:
In some jurisdictions (such as the
European Union), the central bank does not require reserves to be held during the day. Reserve requirements are intended to ensure that the banks have sufficient supplies of highly liquid assets, so that the system operates in an orderly fashion and maintains public
2260:
in exchange for credits they make to the borrowers' deposit accounts. Deposits created in this way are sometimes called derivative deposits and are part of the process of creation of money by commercial banks. Issuing loan proceeds in the form of paper currency and current coins is considered to be a
2608:
The ability of the bank to borrow money reliably and economically is crucial, which is why confidence in the bank's creditworthiness is important to its liquidity. This means that the bank needs to maintain adequate capitalisation and to effectively control its exposures to risk in order to continue
1961:
Bank deposits are usually of a relatively short-term duration, and may be "at call", while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide
2460:
related to fractional-reserve banking have generally been used to impose restrictive requirements on note issue and deposit-taking on the one hand, and to provide relief from bankruptcy and creditor claims, and/or protect creditors with government funds, when banks defaulted on the other hand. Such
2320:
that could be created by commercial banks for a given fixed amount of base money and reserve ratio. This theoretical maximum is never reached, because some eligible reserves are held as cash outside of banks. Rather than holding the quantity of base money fixed, contemporary central banks typically
2184:
or from the central bank), by selling assets, or by calling in short-term loans. If creditors are afraid that the bank is running out of reserves or is insolvent, they have an incentive to redeem their deposits as soon as possible before other depositors access the remaining reserves. Thus the fear
3339:
Banks are dangerous institutions. They borrow short and lend long. They create liabilities which promise to be liquid and hold few liquid assets themselves. That though is hugely valuable for the rest of the economy. Household savings can be channelled to finance illiquid investment projects while
3184:
Thus by the 19th century we find "n ordinary cases of deposits of money with banking corporations, or bankers, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded." Joseph Story, Commentaries on the Law of
2558:
To avoid defaulting on its obligations, the bank must maintain a minimal reserve ratio that it fixes in accordance with regulations and its liabilities. In practice this means that the bank sets a reserve ratio target and responds when the actual ratio falls below the target. Such response can be,
2429:
of the statutory minimum, borrowers may let some funds sit idle, and some members of the public may choose to hold cash, and there also may be delays or frictions in the lending process. Government regulations may also limit the money creation process by preventing banks from giving out loans even
2223:
The process of fractional-reserve banking expands the money supply of the economy but also increases the risk that a bank cannot meet its depositor withdrawals. Modern central banking allows banks to practice fractional-reserve banking with inter-bank business transactions with a reduced risk of
2612:
Contemporary bank management methods for liquidity are based on maturity analysis of all the bank's assets and liabilities (off balance sheet exposures may also be included). Assets and liabilities are put into residual contractual maturity buckets such as 'on demand', 'less than 1 month', '2–3
2042:
Fractional-reserve banking predates the existence of governmental monetary authorities and originated with bankers' realization that generally not all depositors demand payment at the same time. In the past, savers looking to keep their coins and valuables in safekeeping depositories deposited
2175:
Each bank is legally authorized to issue credit up to a specified multiple of its reserves, so reserves available to satisfy payment of deposit liabilities are less than the total amount which the bank is obligated to pay in satisfaction of demand deposits. Largely, fractional-reserve banking
1966:
to cover withdrawals within the normal pattern. Banks and the central bank expect that in normal circumstances only a proportion of deposits will be withdrawn at the same time, and that reserves will be sufficient to meet the demand for cash. However, banks may find themselves in a shortfall
2097:(note holders of gold originally deposited) lost faith in the ability of a bank to pay their notes, however, many would try to redeem their notes at the same time. If, in response, a bank could not raise enough funds by calling in loans or selling bills, the bank would either go into
2921:
It is important how the term "reserves" is defined for calculating the reserve ratio, as different definitions give different results. Other important financial ratios may require analysis of disclosures in other parts of the bank's financial statements. In particular, for
2524:
In other jurisdictions (such as the United States, Canada, the United
Kingdom, Australia, New Zealand, and the Scandinavian countries), the central bank does not require reserves to be held at any time – that is, it does not impose reserve requirements.
2176:
functions smoothly, as relatively few depositors demand payment at any given time, and banks maintain enough of a buffer of reserves to cover depositors' cash withdrawals and other demands for funds. However, during a bank run or a generalized
2180:, demands for withdrawal can exceed the bank's funding buffer, and the bank will be forced to raise additional reserves to avoid defaulting on its obligations. A bank can raise funds from additional borrowings (e.g., by borrowing in the
2511:
Having a shortage of cash when large deposits are withdrawn (although a legal minimum reserve amount is often established as a regulatory requirement, reserves may be made available on a temporary basis in the event of a crisis or
2290:
money created or adopted by the central bank regardless of its form – precious metals, commodity certificates, banknotes, coins, electronic money loaned to commercial banks, or anything else the central bank chooses as its form of
3310:
Page 57 of 'The FED today', a publication on an educational site affiliated with the
Federal Reserve Bank of Kansas City, designed to educate people on the history and purpose of the United States Federal Reserve system.
2881:
In this example the cash reserves held by the bank is NZ$ 3,010m (NZ$ 201m cash + NZ$ 2,809m balance at
Central Bank) and the demand deposits (liabilities) of the bank are NZ$ 25,482m, for a cash reserve ratio of 11.81%.
2216:) or riskier classes of financial assets (such as equities or long-term bonds) may lock up a depositor's wealth for a period of time, making it unavailable for use on demand. This "borrowing short, lending long" or
3340:
providing access to liquidity for those savers who may need it.... If a large number of depositors want liquidity at the same time, banks are forced into early liquidation of assets – lowering their value ...'
2383:
In countries where the central bank does not impose a reserve requirement, such as the United States, Canada and the United
Kingdom, the theoretical money multiplier is undefined, having a denominator of zero.
2131:
During the twentieth century, the role of the central bank grew to include influencing or managing various macroeconomic policy variables, including measures of inflation, unemployment, and the international
2082:, the goldsmiths observed that people would not usually redeem all their notes at the same time, and they saw the opportunity to invest their coin reserves in interest-bearing loans and bills. This generated
3967:
2264:
The money creation process is also affected by the currency drain ratio (the propensity of the public to hold banknotes rather than deposit them with a commercial bank), and the safety reserve ratio (
2926:, disclosures are incorporated into a note to the financial statements that provides maturity analysis of the bank's assets and liabilities and an explanation of how the bank manages its liquidity.
3500:
Bank for
International Settlements – The Role of Central Bank Money in Payment Systems. See page 9, titled, "The coexistence of central and commercial bank monies: multiple issuers, one currency":
2422:
usually forms the majority of the money supply. The acceptance and value of commercial bank money is based on the fact that it can be exchanged freely at a commercial bank for central bank money.
2994:
have strongly criticized fractional-reserve banking, calling for it to be outlawed and criminalized. According to them, not only does money creation cause macroeconomic instability (based on the
4110:
2609:
its operations. If creditors doubt the bank's assets are worth more than its liabilities, all demand creditors have an incentive to demand payment immediately, causing a bank run to occur.
2898:, which is the ratio of cash reserves to demand deposits. However, other important financial ratios are also used to analyze the bank's liquidity, financial strength, profitability etc.
1967:
situation when depositors wish to withdraw more funds than the reserves held by the bank. In that event, the bank experiencing the liquidity shortfall may borrow short-term funds in the
2086:
for the goldsmiths but left them with more notes on issue than reserves with which to pay them. A process was started that altered the role of the goldsmiths from passive guardians of
3609:
4120:
2136:. In the course of enacting such policy, central banks have from time to time attempted to manage interest rates, reserve requirements, and various measures of the money supply and
2152:. In other words, the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a
2378:
3706:
3315:
2272:. The Federal Reserve does not impose a reserve requirement, but pays interest on reserve balances, influencing the general interest rate level in the economy in that way.
3298:
1958:
countries of the United States, the United
Kingdom, Canada, Australia, and New Zealand, and the three Scandinavian countries, do not impose reserve requirements at all.
1787:
2220:
function of fractional-reserve banking is a role that, according to many economists, can be considered to be an important function of the commercial banking system.
3845:
3964:
3168:
2208:
Fractional-reserve banking allows banks to provide credit, which represent immediate liquidity to borrowers. The banks also provide longer-term loans, and act as
2591:
Because different funding options have different costs and differ in reliability, banks maintain a stock of low cost and reliable sources of liquidity such as:
1816:
2491:
Central bank support for distressed banks, and government guarantee funds for notes and deposits, both to counteract bank runs and to protect bank creditors.
1982:
As banks hold in reserve less than the amount of their deposit liabilities, and because the deposit liabilities are considered money in their own right (see
1777:
1742:
3537:
2010:
ratios. This helps ensure that banks remain solvent and have enough funds to meet demand for withdrawals, and can be used to influence the process of
1899:
3479:
1555:
4107:
2540:, which are considered by some economists to restrict lending, the capital requirement ratio acts to prevent an infinite amount of bank lending.
3270:– An easy-to-read guide to the structure and functions of the Federal Reserve System (See page 5 of the document for the purposes and functions)
4004:
3896:
3830:
3681:
3576:
3386:
3361:
3263:
3242:
554:
420:
4177:
3606:
2269:
3151:
Money facts; 169 questions and answers on money – a supplement to A Primer on Money, with index, Subcommittee on
Domestic Finance ... 1964
3783:
1568:
2253:
When a loan is made by the commercial bank, the bank creates new demand deposits and the money supply expands by the size of the loan.
2268:
beyond the legal requirement that commercial banks voluntarily hold). Data for reserves and vault cash are published regularly by the
1727:
3948:
3921:
2325:
goals, implying that the theoretical ceiling imposed by the money multiplier does not impose a limit on money creation in practice.
963:
3312:
4172:
3503:
A quick quotation in reference to the 2 different types of money is listed on page 3. It is the first sentence of the document:
3123:
1924:
1449:
3795:
2014:
in the banking system. However, rather than directly controlling the money supply, contemporary central banks usually pursue an
127:
2297:
demand deposits in the commercial banking system; also referred to as "chequebook money", "sight deposits" or simply "credit".
3506:"Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies."
2995:
1209:
1119:
711:
462:
2090:, charging fees for safe storage, to interest-paying and interest-earning banks. Thus fractional-reserve banking was born.
4146:
2621:
An example of fractional-reserve banking, and the calculation of the "reserve ratio" is shown in the balance sheet below:
1892:
1861:
1105:
865:
808:
2235:
and interest rates. Influencing interest rates are an important part of monetary policy used by central banks to promote
835:
212:
3550:
4182:
3803:
3670:
3006:, legalized only due to the influence of powerful rich bankers on corrupt governments around the world. US politician
2425:
The actual increase in the money supply through this process may be lower, as (at each step) banks may choose to hold
2392:
656:
4132:
3067:
1385:
1075:
544:
376:
102:
51:
1732:
1617:
1395:
1169:
519:
354:
3938:
3027: – extending a loan to the borrower and simultaneously crediting the borrower's money account".
4192:
4187:
4093:
4059:
2181:
2116:
was the world's first central bank, created in 1668. Many nations followed suit in the late 1600s to establish
1968:
1885:
1421:
469:
388:
2275:
Just as taking out a new loan expands the money supply, the repayment of bank loans reduces the money supply.
3697:(See pages 13 and 14 of the pdf version for information on government regulations and supervision over banks)
2987:
2404:
2217:
2015:
1064:
1054:
716:
359:
147:
2283:
There are two types of money created in a fractional-reserve banking system operating with a central bank:
2231:
theory, a well-regulated fractional-reserve bank system could be used by the central bank to influence the
4197:
4167:
3356:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. pp. 403–406.
3331:
3087:
2209:
1223:
1134:
3523:: commercial and central bank money: One quotation from the article referencing the two types of money:
2256:
The proceeds of most bank loans are not in the form of currency. Banks typically make loans by accepting
3817:
3223:
Frederic S. Mishkin, Economics of Money, Banking and
Financial Markets, 10th Edition. Prentice Hall 2012
2482:
2419:
1983:
1976:
1946:
The country's central bank may determine a minimum amount that banks must hold in reserves, called the "
1563:
1174:
956:
890:
651:
589:
549:
408:
187:
177:
2347:
17:
3758:
4068:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy",
3626:
3453:
3260:
3021:, former chief financial regulator of the United Kingdom, stated that banks "create credit and money
2956:
2941:
2901:
For example, the ANZ National Bank Limited balance sheet above gives the following financial ratios:
2003:
1940:
1759:
1676:
1380:
1305:
1239:
1191:
1034:
813:
788:
666:
626:
621:
489:
278:
227:
137:
61:
3784:
Submission to Inquiry into the Australian Banking Industry", Reserve Bank of Australia, January 1991
3381:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. p. 88.
2196:
of payments, central bank lending to member banks, regulatory auditing, and government-administered
2895:
2577:
2549:
2537:
2533:
2501:
2466:
2133:
2121:
1947:
1836:
1826:
1546:
1503:
1455:
1400:
1214:
927:
880:
706:
696:
646:
584:
293:
162:
107:
4022:"Credit Money and Leverage, what Wicksell, Hayek and Fisher knew and modern macroeconomics forgot"
933:
3997:
3520:
3162:
2236:
2193:
2071:
2031:
1849:
1831:
1681:
1636:
1585:
1426:
1315:
1049:
855:
830:
726:
721:
609:
594:
569:
534:
142:
36:
996:
3725:
4000:
3954:
3944:
3917:
3892:
3826:
3677:
3646:
3572:
3382:
3357:
3238:
2197:
2113:
2066:
1737:
1613:
1508:
1375:
1370:
1365:
1339:
1300:
1124:
1024:
768:
763:
604:
574:
509:
222:
57:
4162:
3638:
3551:"Managing the central bank's balance sheet: where monetary policy meets financial stability"
3441:
Federal Reserve Board, "Aggregate Reserves of Depository Institutions and the Monetary Base"
3092:
2968:
2553:
2307:
2177:
2157:
2007:
1963:
1809:
1602:
1576:
1494:
1487:
1470:
1416:
1390:
1277:
1259:
1244:
1164:
1155:
1059:
1044:
1006:
980:
949:
917:
845:
823:
803:
778:
641:
631:
539:
457:
3149:
4114:
4065:
4051:
3971:
3613:
3319:
3267:
3097:
2991:
2983:
2972:
2935:
2891:
2529:
2488:
Sanction on bank defaults and protection from creditors for many months or even years, and
2457:
2426:
2322:
2265:
2257:
2189:
2161:
2153:
2060:
2056:
1999:
1951:
1792:
1717:
1708:
1666:
1631:
1623:
1431:
1320:
1234:
1015:
885:
870:
860:
783:
773:
686:
636:
579:
559:
529:
504:
479:
393:
283:
273:
122:
97:
4070:
4021:
3859:
3102:
2960:
2923:
2564:
2508:
Generating too much money by making too many loans against a narrow money deposit base;
2248:
2228:
2011:
1699:
1537:
1229:
1199:
1114:
1081:
937:
850:
818:
758:
691:
676:
671:
599:
398:
381:
364:
268:
233:
217:
202:
117:
4126:
Bank for International Settlements – The Role of Central Bank Money in Payment Systems
3759:"Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada"
3440:
3431:, p. 56, Banking Committee, American Institute of Certified Public Accountants (1983).
2908:
Liquid assets reserve ratio is ($ 201m + $ 2,809m + $ 1,797m)/$ 25,482m, i.e., 18.86%.
4156:
3884:
2952:
2473:
2213:
2169:
2137:
2125:
2109:
1928:
1920:
1766:
1722:
1498:
1460:
1440:
1325:
1286:
1039:
895:
875:
798:
753:
524:
514:
494:
371:
182:
172:
157:
152:
87:
77:
3860:"Ban All the Banks: Here's The Wild Idea That People Are Starting To Take Seriously"
3281:
3082:
3058:
3044:
3018:
3010:
has also criticized fractional-reserve banking based on Austrian School arguments.
2999:
2964:
2451:
2413:
2397:
2232:
2117:
1995:
1987:
1971:
from banks with a surplus. In exceptional situations, such as during an unexpected
1936:
1873:
1691:
1661:
1521:
1219:
1096:
1069:
681:
484:
349:
288:
245:
207:
192:
112:
92:
3642:
2442:, central banks have been created throughout the world to address these problems.
1950:" or "reserve ratio". Most commercial banks hold more than this minimum amount as
2321:
focus on setting and maintaining target interest rates in order to satisfy their
3991:
3692:
2317:
2075:
1955:
1281:
1146:
1091:
1086:
1029:
840:
731:
701:
322:
312:
197:
132:
82:
3194:
Charles P. Kindleberger, A Financial History of Western Europe. Routledge 2007
3034:
2098:
1991:
1939:. Fractional-reserve banking differs from the hypothetical alternative model,
1516:
1355:
1291:
317:
3958:
3650:
2536:
is perhaps the most important of these other required ratios. When there are
2438:
Because the nature of fractional-reserve banking involves the possibility of
1927:
in liquid assets as a reserve, typically lending the remainder to borrowers.
3077:
3023:
2313:
2052:
2019:
1821:
1782:
1465:
1254:
1249:
430:
415:
252:
3757:
Carter, Thomas J.; Mendes, Rhys R.; Schembri, Lawrence (18 December 2018).
2627:
Example 2: ANZ National Bank Limited Balance Sheet as of 30 September 2017
4141:
1975:, the central bank may provide funds to cover the short-term shortfall as
1856:
3983:
3072:
3007:
2584:
2513:
2439:
2149:
2102:
2094:
2074:
for commercial transactions and thus became an early form of circulating
2037:
1972:
1269:
1129:
474:
307:
3148:
United States. Congress. House. Banking and Currency Committee. (1964).
3571:(Eighth, global ed.). Harlow, England: Pearson. pp. 505–509.
2605:
As with reserves, other sources of liquidity are managed with targets.
2087:
988:
793:
564:
167:
4125:
3501:
2917:
Total capital ratio is ($ 8,703m + $ 2,062m)/$ 107,787m, i.e., 9.99%.
2573:
Borrowing funds (whether repayable on demand or at a fixed maturity),
2083:
2048:
1943:, in which banks would keep all depositor funds on hand as reserves.
1141:
344:
3943:(3d ed.). Auburn, AL: Ludwig von Mises Institute. p. 881.
2914:
Tangible equity ratio is ($ 8,703m − $ 3,297m)/107,787m, i.e., 5.02%
3003:
2403:
2079:
1360:
1310:
452:
403:
2617:
Hypothetical example of a bank balance sheet and financial ratios
2967:. It was proposed as a method of reversing the deflation of the
2044:
1932:
1916:
1686:
1653:
1264:
1204:
661:
499:
425:
43:
3987:
3627:"How are Banks and the Fed Linked? Teaching Key Concepts Today"
2481:
100% Marginal Reserve requirements for note issue, such as the
1994:
originally created by the central bank. In most countries, the
3708:
Reserve Bank of India – Report on Currency and Finance 2004–05
3625:
Ihrig, Jane; Weinbach, Gretchen; Wolla, Scott (3 April 2023).
2528:
In addition to reserve requirements, there are other required
1597:
3711:(See page 71 of the full report or just download the section
3592:
Hubbard and O'Brien. "Chapter 25: Monetary Policy, p. 943".
2200:—are designed to prevent the occurrence of such bank runs.
2124:, and to specify the form in which such assets (called the
3963:(with Melinda A. Stroup, translator) Also available as a
3180:
3178:
2532:
that affect the amount of loans that a bank can fund. The
2188:
Many of the practices of contemporary bank regulation and
3235:
Banking Across Boundaries: Placing Finance in Capitalism
2316:
traditionally used to demonstrate the maximum amount of
1935:
in the bank or as balances in the bank's account at the
1919:
in all countries worldwide, under which banks that take
2911:
Equity capital ratio is $ 8,703m/107,787m, i.e., 8.07%.
2905:
Cash reserve ratio is $ 3,010m/$ 25,482m, i.e., 11.81%.
2212:
for those funds. Less liquid forms of deposit (such as
4091:
Thomson, P. (1956), Variations on a theme by Philips,
2101:
or default on its notes. Such a situation is called a
4130:
4121:
Regulation D of the Federal Reserve Board of the U.S.
4029:
Proceedings of Towards a Sustainable Financial System
3737:
3735:
3521:
European Central Bank – Domestic payments in Euroland
2350:
2975:
in the US) more direct control of the money supply.
2108:
These early financial crises led to the creation of
2002:
authority) regulates bank-credit creation, imposing
2478:
Government bond deposit requirements for note issue
2430:when the reserve requirements have been fulfilled.
2185:of a bank run can actually precipitate the crisis.
2018:to control bank issuance of credit and the rate of
4044:Crick, W.F. (1927), The genesis of bank deposits,
2372:
2504:is that they are intended to prevent banks from:
3458:Board of Governors of the Federal Reserve System
3124:Nationalisation of Northern Rock#Run on the bank
2894:used to analyze fractional-reserve banks is the
2148:In most legal systems, a bank deposit is not a
3726:"Federal Reserve Board - Reserve Requirements"
2418:In countries with fractional-reserve banking,
2408:Components of the euro money supply 1998–2007
2337:, is the inverse of the reserve requirement,
1893:
957:
8:
3796:"Abolition of compulsory ratio requirements"
3694:The Federal Reserve – Purposes and Functions
3143:
3141:
1990:to grow beyond the amount of the underlying
3825:. Danmarks Nationalbank. 2009. p. 43.
3673:Macroeconomics: A Contemporary Introduction
3418:, pp. 56–57, Prentice-Hall, 3rd ed. (1974).
2544:Liquidity and capital management for a bank
2105:and caused the demise of many early banks.
1778:International Financial Reporting Standards
1743:Separation of investment and retail banking
4088:, New York, Macmillan, chapters 1–4, 1921,
3332:"Mervyn King, Finance: A Return from Risk"
3288:(5th ed.). Pearson. pp. 266–269.
3167:: CS1 maint: location missing publisher (
2601:Committed lines of credit with other banks
2120:which were given the legal power to set a
1986:), fractional-reserve banking permits the
1900:
1886:
1771:
1704:
1542:
1344:
1011:
975:
964:
950:
446:
257:
50:
31:
4074:, 5 & 12 August 2019, pp. 28–31.
2971:, as it would give the central bank (the
2396:Components of US money supply (currency,
2357:
2349:
294:Transaction (checking / current)
4097:vol 46, December 1956, pp. 965–970.
3416:Monetary Policy and the Financial System
3405:, p. 150, American Bankers Ass'n (1979).
3213:(5th ed.). Worth. pp. 482–489.
3204:
3202:
3200:
2623:
2391:
1923:from the public keep only part of their
4137:
4081:, Chicago, University of Chicago, 1962.
3940:Money, Bank Credit, and Economic Cycles
3713:Functional Evolution of Central Banking
3540:account of how fractional banking works
3137:
3115:
2598:High quality marketable debt securities
1707:
1584:
1545:
1439:
1408:
1347:
1154:
1104:
1014:
987:
299:
260:
42:
18:Criticism of fractional reserve banking
3516:
3514:
3496:
3494:
3492:
3480:"Money Creation in the Modern Economy"
3160:
2696:Due from other financial institutions
2563:Selling or redeeming other assets, or
2070:). These notes gained acceptance as a
3676:, p. 295, University of Connecticut,
3429:Industry Audit Guide: Audits of Banks
3256:
3254:
2078:. As the notes were used directly in
7:
4108:Money creation in the modern economy
3988:"2 The Origin and Nature of the Fed"
3261:The Federal Reserve in Plain English
2688:Due to other financial institutions
2570:Restricting investment in new loans,
2270:Federal Reserve in the United States
923:
2674:Term deposits and other borrowings
4079:Free reserves and the money supply
1817:Private equity and venture capital
1728:Bank for International Settlements
25:
3377:Mankiw, Nicholas Gregory (2022).
3352:Mankiw, Nicholas Gregory (2022).
3237:. New York: John Wiley and Sons.
3209:Mankiw, N. Gregory (2002). "18".
2724:Derivative financial instruments
2702:Derivative financial instruments
2538:no mandatory reserve requirements
2500:The currently prevailing view of
2373:{\displaystyle m={\frac {1}{R}}.}
1862:Business and Economics portal
4140:
4056:A Program for Monetary Stability
4031:. Stockholm School of Economics.
3051:
3037:
2959:, where banks would not lend on
2869:Total Liabilities plus Net Worth
2595:Demand deposits with other banks
1954:. Some countries, e.g. the core
1867:
1855:
1450:Base erosion and profit shifting
995:
932:
922:
913:
912:
2840:Goodwill and other intangibles
2716:Payables and other liabilities
3891:. Pickering & Chatto Ltd.
3454:"Interest on Reserve Balances"
2996:Austrian Business Cycle Theory
2766:Shares in controlled entities
2261:weakness in internal control.
1210:Collateralised debt obligation
1120:Bull (stock market speculator)
712:Strategic financial management
1:
3937:Jesús Huerta de Soto (2012).
3643:10.1080/09538259.2022.2040906
2164:). That deposit account is a
1556:Final consumption expenditure
866:Sustainable development goals
3802:. Vol. 48, no. 4.
3607:McGraw Hill Higher Education
3233:Christophers, Brett (2013).
2646:
2636:
56:The old town hall where the
4178:Schools of economic thought
3916:. Richardson & Snyder.
3848:Jeremy Warner, UK Telegraph
3804:Reserve Bank of New Zealand
3631:Review of Political Economy
3567:Blanchard, Olivier (2021).
2872:
2862:
2850:
2842:
2834:
2828:
2820:
2814:
2806:
2800:
2790:
2782:
2774:
2768:
2760:
2754:
2746:
2740:
2732:
2726:
2718:
2712:
2704:
2698:
2690:
2684:
2676:
2670:
2662:
2656:
2227:Additionally, according to
4214:
4048:, vol 7, 1927, pp 191–202.
3746:(2nd ed.). Routledge.
3671:William MacEachern (2014)
3068:Asset liability management
2939:
2933:
2738:Available for sale assets
2668:Balance with Central Bank
2547:
2449:
2411:
2312:The money multiplier is a
2305:
2246:
2055:, receiving in exchange a
2035:
2029:
1913:Fractional-reserve banking
1788:Professional certification
1386:Enterprise risk management
1170:Offshore financial centres
617:Fractional-reserve banking
545:Enterprise risk management
3912:Rothbard, Murray (1983).
2979:Austrian School criticism
2963:but would only lend from
2626:
2534:capital requirement ratio
1733:Financial Stability Board
520:Diversification (finance)
4113:25 December 2018 at the
4094:American Economic Review
4060:Fordham University Press
3970:16 December 2014 at the
2461:measures have included:
2456:Government controls and
2210:financial intermediaries
2182:interbank lending market
1969:interbank lending market
1422:Mergers and acquisitions
470:Automated teller machine
4173:Criticisms of economics
3612:5 December 2007 at the
3299:Maturity Transformation
2998:), but it is a form of
2826:Premises and equipment
2752:Net loans and advances
2467:required reserve ratios
2237:macroeconomic stability
2218:maturity transformation
2192:—including centralized
717:Stress test (financial)
4147:Business and economics
4084:Philips, C.A. (1921),
3914:The Mystery of Banking
3819:Pengepolitik i Danmark
3742:Jagdish Handa (2008).
3313:The FED today Lesson 6
3088:Credit theory of money
2886:Other financial ratios
2758:Related party funding
2409:
2401:
2374:
2333:The money multiplier,
2295:Commercial bank money:
2243:Money creation process
1224:certificate of deposit
3800:Reserve Bank Bulletin
3538:Macmillan report 1931
3403:Principles of Banking
3318:13 March 2011 at the
3266:26 March 2009 at the
2955:proposed a system of
2483:Bank Charter Act 1844
2420:commercial bank money
2407:
2395:
2375:
1984:commercial bank money
1977:lender of last resort
1175:Conduit and sink OFCs
891:Too connected to fail
652:Investment management
550:Environmental finance
409:Correspondent account
103:Community development
4077:Meigs, A.J. (1962),
3846:A banking revolution
3122:For an example, see
2988:Jesús Huerta de Soto
2957:full-reserve banking
2942:Full-reserve banking
2812:Deferred tax assets
2682:Other liquid assets
2502:reserve requirements
2496:Reserve requirements
2348:
2144:Regulatory framework
2016:interest-rate target
2004:reserve requirements
1941:full-reserve banking
1401:Financial statements
1381:Credit rating agency
1306:Repurchase agreement
789:Exchange traded fund
667:Mathematical finance
627:Fundamental analysis
622:Full-reserve banking
228:Bank holding company
138:Export credit agency
35:Part of a series on
3763:www.bankofcanada.ca
3337:. Bank of England.
2986:economists such as
2951:In 1935, economist
2780:Current tax assets
2710:Trading securities
2578:capital instruments
2576:Issuing additional
2567:of illiquid assets,
2550:Capital requirement
2288:Central bank money:
2134:balance of payments
2122:reserve requirement
1948:reserve requirement
1925:deposit liabilities
1837:Accounting scandals
1827:Stock market bubble
1547:Government spending
1504:Employment contract
1456:Corporate tax haven
1215:Credit default swap
881:Time value of money
707:Statistical finance
697:Sustainable finance
647:Investment advisory
289:Time deposit (Bond)
4183:Monetary economics
3998:Grand Central Pub.
3744:Monetary Economics
3556:. Bank of England.
3485:. Bank of England.
2896:cash reserve ratio
2427:reserves in excess
2410:
2402:
2370:
2072:medium of exchange
2032:History of banking
1832:Stock market crash
1682:Investment banking
1672:Fractional-reserve
1637:Warrant of payment
1586:Government revenue
1509:Financial planning
1427:Structured finance
856:Security (finance)
831:History of banking
727:Structured product
722:Structured finance
535:Economic expansion
37:financial services
4006:978-0-446-54919-6
3898:978-1-85196-236-5
3858:Weisenthal, Joe.
3832:978-87-87251-70-9
3682:978-1-13318-923-7
3578:978-0-134-89789-9
3443:(Updated weekly).
3414:Paul M. Horvitz,
3401:Eric N. Compton,
3388:978-1-319-26390-4
3363:978-1-319-26390-4
3244:978-1-4443-3829-4
3157:. Washington D.C.
2879:
2878:
2832:Retained profits
2787:Total Liabilities
2365:
2204:Economic function
2198:deposit insurance
2067:Bank of Amsterdam
1915:is the system of
1910:
1909:
1800:
1799:
1750:
1749:
1738:Deposit insurance
1644:
1643:
1478:
1477:
1376:Corporate finance
1371:Capital structure
1366:Capital budgeting
1301:Performance bonds
1182:
1181:
1165:Financial centres
1125:Financial planner
1025:Asset (economics)
974:
973:
769:Corporate finance
764:Capital structure
739:
738:
510:Corporate finance
330:
329:
62:full-reserve bank
58:Bank of Amsterdam
27:System of banking
16:(Redirected from
4205:
4145:
4144:
4136:
4066:Lanchester, John
4052:Friedman, Milton
4033:
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3864:Business Insider
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3427:See, generally,
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3093:Endogenous money
3061:
3056:
3055:
3054:
3047:
3042:
3041:
3040:
2969:Great Depression
2744:Bonds and notes
2660:Demand deposits
2624:
2554:Market liquidity
2530:financial ratios
2458:bank regulations
2379:
2377:
2376:
2371:
2366:
2358:
2308:Money multiplier
2302:Money multiplier
2258:promissory notes
2178:financial crisis
2008:capital adequacy
1902:
1895:
1888:
1874:Money portal
1872:
1871:
1870:
1860:
1859:
1810:Economic history
1772:
1705:
1603:Deficit spending
1577:Transfer payment
1543:
1471:Transfer pricing
1417:Leveraged buyout
1391:Enterprise value
1345:
1260:Letter of credit
1245:Futures contract
1078:
1076:Over-the-counter
1065:Foreign exchange
1012:
999:
976:
966:
959:
952:
936:
926:
925:
916:
915:
846:Personal finance
779:Equity (finance)
642:Impact investing
632:Growth investing
540:Enterprise value
447:
258:
213:Savings and loan
54:
32:
21:
4213:
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4208:
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4193:Monetary reform
4188:Monetary policy
4153:
4152:
4151:
4139:
4131:
4117:Bank of England
4115:Wayback Machine
4104:
4041:
4039:Further reading
4036:
4024:
4020:Turner, Adair.
4019:
4018:
4014:
4007:
3982:
3981:
3977:
3972:Wayback Machine
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3614:Wayback Machine
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3320:Wayback Machine
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3268:Wayback Machine
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3098:Monetary reform
3057:
3052:
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3038:
3036:
3033:
3016:
2992:Murray Rothbard
2984:Austrian School
2981:
2973:Federal Reserve
2961:demand deposits
2949:
2944:
2938:
2936:Monetary reform
2932:
2892:financial ratio
2888:
2619:
2556:
2548:Main articles:
2546:
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2323:monetary policy
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2266:excess reserves
2251:
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2190:central banking
2162:savings account
2154:deposit account
2146:
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2000:monetary policy
1952:excess reserves
1906:
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1793:Fund governance
1769:
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1718:Banking license
1709:Bank regulation
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1667:Deposit account
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1632:Non-tax revenue
1628:
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1432:Venture capital
1396:Risk management
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1321:Syndicated loan
1297:
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886:Too big to fail
871:Systematic risk
784:Ethical banking
774:Cost of capital
749:
741:
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687:Private banking
657:Islamic banking
637:Hedge (finance)
560:Ethical banking
530:Economic bubble
505:Climate finance
480:Bank regulation
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394:Instant payment
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4102:External links
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4075:
4071:The New Yorker
4063:
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3885:Fisher, Irving
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3685:
3663:
3637:(2): 555–571.
3617:
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3577:
3569:Macroeconomics
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3379:Macroeconomics
3369:
3362:
3354:Macroeconomics
3344:
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3291:
3286:Macroeconomics
3280:Abel, Andrew;
3272:
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3243:
3225:
3216:
3211:Macroeconomics
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3103:Positive Money
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2934:Main article:
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2924:liquidity risk
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2559:for instance:
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2450:Main article:
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2398:M1, M2, and M3
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2306:Main article:
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2279:Types of money
2277:
2249:Money creation
2247:Main article:
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2112:. The Swedish
2030:Main article:
2027:
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2012:money creation
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1712:
1711:
1703:
1702:
1700:Lists of banks
1695:
1694:
1689:
1684:
1679:
1674:
1669:
1664:
1658:
1657:
1652:
1651:
1648:
1647:
1642:
1641:
1640:
1639:
1634:
1629:
1627:
1626:
1621:
1610:
1608:
1606:
1605:
1600:
1594:
1589:
1588:
1582:
1581:
1580:
1579:
1574:
1572:
1571:
1569:Redistribution
1566:
1560:
1558:
1550:
1549:
1541:
1536:
1535:
1532:
1531:
1528:
1527:
1525:
1524:
1519:
1513:
1511:
1506:
1501:
1491:
1486:
1485:
1482:
1481:
1476:
1475:
1474:
1473:
1468:
1463:
1458:
1453:
1444:
1443:
1437:
1436:
1435:
1434:
1429:
1424:
1419:
1411:
1410:
1406:
1405:
1404:
1403:
1398:
1393:
1388:
1383:
1378:
1373:
1368:
1363:
1358:
1350:
1349:
1343:
1338:
1337:
1334:
1333:
1329:
1328:
1323:
1318:
1313:
1308:
1303:
1296:
1295:
1289:
1284:
1274:
1273:
1272:
1267:
1262:
1257:
1252:
1247:
1242:
1237:
1232:
1227:
1217:
1212:
1207:
1202:
1196:
1195:
1190:
1189:
1186:
1185:
1180:
1179:
1178:
1177:
1172:
1167:
1159:
1158:
1152:
1151:
1150:
1149:
1144:
1139:
1138:
1137:
1127:
1122:
1117:
1115:Angel investor
1109:
1108:
1102:
1101:
1100:
1099:
1094:
1089:
1084:
1082:Private equity
1079:
1072:
1067:
1062:
1057:
1052:
1047:
1042:
1037:
1032:
1027:
1019:
1018:
1010:
1005:
1004:
1001:
1000:
992:
991:
985:
984:
972:
971:
969:
968:
961:
954:
946:
943:
942:
941:
940:
930:
920:
907:
906:
903:
902:
899:
898:
893:
888:
883:
878:
873:
868:
863:
858:
853:
851:Public finance
848:
843:
838:
833:
828:
827:
826:
821:
816:
811:
806:
796:
791:
786:
781:
776:
771:
766:
761:
759:Bond (finance)
756:
750:
748:Related topics
747:
746:
743:
742:
737:
736:
735:
734:
729:
724:
719:
714:
709:
704:
699:
694:
692:Sustainability
689:
684:
679:
677:Money creation
674:
672:Mobile banking
669:
664:
659:
654:
649:
644:
639:
634:
629:
624:
619:
614:
613:
612:
607:
602:
597:
592:
587:
582:
577:
572:
562:
557:
552:
547:
542:
537:
532:
527:
522:
517:
512:
507:
502:
497:
492:
487:
482:
477:
472:
467:
466:
465:
460:
445:
442:
441:
438:
437:
434:
433:
428:
423:
418:
413:
412:
411:
401:
396:
391:
386:
385:
384:
379:
369:
368:
367:
362:
352:
347:
341:
339:Funds transfer
338:
337:
334:
333:
328:
327:
326:
325:
320:
315:
310:
302:
301:
297:
296:
292:
291:
286:
281:
276:
271:
269:Christmas club
263:
262:
256:
244:
243:
240:
239:
234:Lists of banks
231:
230:
225:
220:
215:
210:
205:
200:
195:
190:
188:Postal savings
185:
180:
175:
170:
165:
163:Mutual savings
160:
155:
150:
145:
140:
135:
130:
125:
120:
115:
110:
105:
100:
95:
90:
85:
80:
74:
72:Types of banks
71:
70:
67:
66:
55:
47:
46:
40:
39:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4210:
4199:
4198:Systemic risk
4196:
4194:
4191:
4189:
4186:
4184:
4181:
4179:
4176:
4174:
4171:
4169:
4168:Central banks
4166:
4164:
4161:
4160:
4158:
4148:
4143:
4138:
4134:
4127:
4124:
4122:
4119:
4116:
4112:
4109:
4106:
4105:
4101:
4096:
4095:
4090:
4087:
4083:
4080:
4076:
4073:
4072:
4067:
4064:
4061:
4057:
4053:
4050:
4047:
4043:
4042:
4038:
4030:
4023:
4016:
4013:
4008:
4002:
3999:
3995:
3994:
3989:
3985:
3979:
3976:
3973:
3969:
3966:
3960:
3956:
3952:
3950:9781610161893
3946:
3942:
3941:
3933:
3930:
3925:
3923:9780943940045
3919:
3915:
3908:
3905:
3900:
3894:
3890:
3886:
3880:
3877:
3865:
3861:
3854:
3851:
3847:
3842:
3839:
3834:
3828:
3821:
3820:
3813:
3810:
3806:. April 1985.
3805:
3801:
3797:
3791:
3788:
3785:
3779:
3776:
3764:
3760:
3753:
3750:
3745:
3738:
3736:
3732:
3727:
3721:
3718:
3714:
3710:
3709:
3703:
3700:
3696:
3695:
3689:
3686:
3683:
3679:
3675:
3674:
3667:
3664:
3652:
3648:
3644:
3640:
3636:
3632:
3628:
3621:
3618:
3615:
3611:
3608:
3603:
3600:
3595:
3588:
3585:
3580:
3574:
3570:
3563:
3560:
3552:
3546:
3543:
3539:
3534:
3531:
3525:
3524:
3522:
3517:
3515:
3511:
3505:
3504:
3502:
3497:
3495:
3493:
3489:
3481:
3474:
3471:
3459:
3455:
3449:
3446:
3442:
3437:
3434:
3430:
3424:
3421:
3417:
3411:
3408:
3404:
3398:
3395:
3390:
3384:
3380:
3373:
3370:
3365:
3359:
3355:
3348:
3345:
3341:
3333:
3327:
3324:
3321:
3317:
3314:
3307:
3304:
3300:
3295:
3292:
3287:
3284:(2005). "7".
3283:
3282:Bernanke, Ben
3276:
3273:
3269:
3265:
3262:
3257:
3255:
3251:
3246:
3240:
3236:
3229:
3226:
3220:
3217:
3212:
3205:
3203:
3201:
3197:
3191:
3188:
3181:
3179:
3175:
3170:
3164:
3153:
3152:
3144:
3142:
3138:
3132:
3125:
3119:
3116:
3109:
3104:
3101:
3099:
3096:
3094:
3091:
3089:
3086:
3084:
3081:
3079:
3076:
3074:
3071:
3069:
3066:
3065:
3060:
3049:
3046:
3035:
3030:
3028:
3026:
3025:
3020:
3013:
3011:
3009:
3005:
3002:or financial
3001:
2997:
2993:
2989:
2985:
2978:
2976:
2974:
2970:
2966:
2965:time deposits
2962:
2958:
2954:
2953:Irving Fisher
2946:
2943:
2937:
2929:
2927:
2925:
2916:
2913:
2910:
2907:
2904:
2903:
2902:
2899:
2897:
2893:
2885:
2883:
2875:
2870:
2867:
2865:
2860:
2857:
2856:
2853:
2848:
2845:
2839:
2838:
2831:
2825:
2824:
2817:
2811:
2810:
2803:
2798:Other assets
2797:
2796:
2793:
2788:
2785:
2779:
2778:
2772:Loan capital
2771:
2765:
2764:
2757:
2751:
2750:
2743:
2737:
2736:
2729:
2723:
2722:
2715:
2709:
2708:
2701:
2695:
2694:
2687:
2681:
2680:
2673:
2667:
2666:
2659:
2653:
2652:
2649:
2644:
2641:
2639:
2634:
2631:
2630:
2625:
2622:
2616:
2614:
2610:
2606:
2600:
2597:
2594:
2593:
2592:
2586:
2582:
2579:
2575:
2572:
2569:
2566:
2562:
2561:
2560:
2555:
2551:
2543:
2541:
2539:
2535:
2531:
2526:
2522:
2515:
2510:
2507:
2506:
2505:
2503:
2495:
2490:
2487:
2484:
2480:
2477:
2475:
2471:
2468:
2464:
2463:
2462:
2459:
2453:
2446:Central banks
2445:
2443:
2441:
2433:
2431:
2428:
2423:
2421:
2415:
2406:
2399:
2394:
2387:
2385:
2367:
2362:
2359:
2354:
2351:
2344:
2343:
2342:
2340:
2336:
2328:
2326:
2324:
2319:
2315:
2309:
2301:
2296:
2293:
2289:
2286:
2285:
2284:
2278:
2276:
2273:
2271:
2267:
2262:
2259:
2254:
2250:
2242:
2240:
2238:
2234:
2230:
2229:macroeconomic
2225:
2221:
2219:
2215:
2214:time deposits
2211:
2203:
2201:
2199:
2195:
2191:
2186:
2183:
2179:
2173:
2172:of the bank.
2171:
2170:balance sheet
2167:
2163:
2159:
2155:
2151:
2143:
2141:
2139:
2138:monetary base
2135:
2129:
2127:
2126:monetary base
2123:
2119:
2118:central banks
2115:
2111:
2110:central banks
2106:
2104:
2100:
2096:
2091:
2089:
2085:
2081:
2077:
2073:
2069:
2068:
2062:
2058:
2054:
2050:
2046:
2039:
2033:
2025:
2023:
2021:
2017:
2013:
2009:
2005:
2001:
1997:
1993:
1989:
1985:
1980:
1978:
1974:
1970:
1965:
1959:
1957:
1953:
1949:
1944:
1942:
1938:
1934:
1930:
1929:Bank reserves
1926:
1922:
1918:
1914:
1903:
1898:
1896:
1891:
1889:
1884:
1883:
1881:
1880:
1875:
1865:
1863:
1858:
1853:
1851:
1848:
1847:
1846:
1845:
1838:
1835:
1833:
1830:
1828:
1825:
1823:
1820:
1818:
1815:
1814:
1811:
1806:
1805:
1794:
1791:
1789:
1786:
1784:
1781:
1779:
1776:
1775:
1774:
1773:
1768:
1767:Financial law
1765:
1761:
1756:
1755:
1744:
1741:
1739:
1736:
1734:
1731:
1729:
1726:
1724:
1723:Basel Accords
1721:
1719:
1716:
1715:
1714:
1713:
1710:
1706:
1701:
1698:
1697:
1693:
1690:
1688:
1685:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1663:
1660:
1659:
1655:
1650:
1649:
1638:
1635:
1633:
1630:
1625:
1622:
1619:
1615:
1612:
1611:
1609:
1604:
1601:
1599:
1596:
1595:
1593:
1592:
1591:
1590:
1587:
1583:
1578:
1575:
1570:
1567:
1565:
1562:
1561:
1559:
1557:
1554:
1553:
1552:
1551:
1548:
1544:
1539:
1534:
1533:
1523:
1520:
1518:
1515:
1514:
1512:
1510:
1507:
1505:
1502:
1500:
1496:
1493:
1492:
1489:
1484:
1483:
1472:
1469:
1467:
1464:
1462:
1461:Tax inversion
1459:
1457:
1454:
1451:
1448:
1447:
1446:
1445:
1442:
1438:
1433:
1430:
1428:
1425:
1423:
1420:
1418:
1415:
1414:
1413:
1412:
1407:
1402:
1399:
1397:
1394:
1392:
1389:
1387:
1384:
1382:
1379:
1377:
1374:
1372:
1369:
1367:
1364:
1362:
1359:
1357:
1354:
1353:
1352:
1351:
1346:
1341:
1336:
1335:
1327:
1326:Synthetic CDO
1324:
1322:
1319:
1317:
1314:
1312:
1309:
1307:
1304:
1302:
1299:
1298:
1293:
1290:
1288:
1285:
1283:
1279:
1276:
1275:
1271:
1268:
1266:
1263:
1261:
1258:
1256:
1253:
1251:
1248:
1246:
1243:
1241:
1238:
1236:
1233:
1231:
1228:
1225:
1221:
1218:
1216:
1213:
1211:
1208:
1206:
1203:
1201:
1198:
1197:
1193:
1188:
1187:
1176:
1173:
1171:
1168:
1166:
1163:
1162:
1161:
1160:
1157:
1153:
1148:
1145:
1143:
1140:
1136:
1135:institutional
1133:
1132:
1131:
1128:
1126:
1123:
1121:
1118:
1116:
1113:
1112:
1111:
1110:
1107:
1103:
1098:
1095:
1093:
1090:
1088:
1085:
1083:
1080:
1077:
1073:
1071:
1068:
1066:
1063:
1061:
1058:
1056:
1053:
1051:
1048:
1046:
1043:
1041:
1040:Capital asset
1038:
1036:
1033:
1031:
1028:
1026:
1023:
1022:
1021:
1020:
1017:
1013:
1008:
1003:
1002:
998:
994:
993:
990:
986:
982:
978:
977:
967:
962:
960:
955:
953:
948:
947:
945:
944:
939:
935:
931:
929:
921:
919:
911:
910:
909:
908:
901:
900:
897:
896:Watered stock
894:
892:
889:
887:
884:
882:
879:
877:
876:Systemic risk
874:
872:
869:
867:
864:
862:
859:
857:
854:
852:
849:
847:
844:
842:
839:
837:
836:List of banks
834:
832:
829:
825:
822:
820:
817:
815:
812:
810:
807:
805:
802:
801:
800:
797:
795:
792:
790:
787:
785:
782:
780:
777:
775:
772:
770:
767:
765:
762:
760:
757:
755:
754:Asset pricing
752:
751:
745:
744:
733:
730:
728:
725:
723:
720:
718:
715:
713:
710:
708:
705:
703:
700:
698:
695:
693:
690:
688:
685:
683:
680:
678:
675:
673:
670:
668:
665:
663:
660:
658:
655:
653:
650:
648:
645:
643:
640:
638:
635:
633:
630:
628:
625:
623:
620:
618:
615:
611:
608:
606:
603:
601:
598:
596:
593:
591:
588:
586:
583:
581:
578:
576:
573:
571:
568:
567:
566:
563:
561:
558:
556:
553:
551:
548:
546:
543:
541:
538:
536:
533:
531:
528:
526:
525:Eco-investing
523:
521:
518:
516:
515:Disinvestment
513:
511:
508:
506:
503:
501:
498:
496:
495:Capital asset
493:
491:
488:
486:
483:
481:
478:
476:
473:
471:
468:
464:
461:
459:
456:
455:
454:
451:
450:
449:
448:
440:
439:
432:
429:
427:
424:
422:
419:
417:
414:
410:
407:
406:
405:
402:
400:
397:
395:
392:
390:
387:
383:
380:
378:
375:
374:
373:
370:
366:
363:
361:
358:
357:
356:
353:
351:
348:
346:
343:
342:
336:
335:
324:
321:
319:
316:
314:
311:
309:
306:
305:
304:
303:
298:
295:
290:
287:
285:
282:
280:
277:
275:
272:
270:
267:
266:
265:
264:
259:
254:
251:
247:
242:
241:
236:
235:
229:
226:
224:
221:
219:
216:
214:
211:
209:
206:
204:
201:
199:
196:
194:
191:
189:
186:
184:
181:
179:
178:Participation
176:
174:
171:
169:
166:
164:
161:
159:
158:Middle market
156:
154:
151:
149:
146:
144:
141:
139:
136:
134:
131:
129:
126:
124:
121:
119:
116:
114:
111:
109:
106:
104:
101:
99:
96:
94:
91:
89:
88:Bulge bracket
86:
84:
81:
79:
76:
75:
69:
68:
63:
59:
53:
49:
48:
45:
41:
38:
34:
33:
30:
19:
4092:
4085:
4078:
4069:
4058:, New York,
4055:
4045:
4028:
4015:
3996:. New York:
3992:
3978:
3939:
3932:
3913:
3907:
3888:
3879:
3867:. Retrieved
3863:
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3059:Money portal
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3019:Adair Turner
3017:
3014:Descriptions
3000:embezzlement
2982:
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2859:Total Assets
2858:
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2847:Total Equity
2846:
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1996:central bank
1988:money supply
1981:
1960:
1945:
1937:central bank
1931:are held as
1912:
1911:
1763:
1692:Money supply
1677:Full-reserve
1671:
1662:Central bank
1522:Student loan
1497: /
1409:Transactions
1220:Time deposit
1106:Participants
1035:Asset growth
809:participants
682:Pension fund
616:
490:Asset growth
485:Bank secrecy
360:Bill payment
279:Money-market
249:
232:
113:Credit union
29:
4086:Bank Credit
3993:End the Fed
3869:30 November
3301:Brad DeLong
2947:Instability
2730:Provisions
2643:Liabilities
2318:broad money
2076:paper money
1956:Anglosphere
1230:Credit line
1192:Instruments
1087:Real estate
1050:Derivatives
841:Market risk
732:Toxic asset
702:Speculation
590:engineering
128:Development
108:Cooperative
4157:Categories
3889:100% Money
3768:8 November
3656:4 November
3463:4 November
3133:References
2940:See also:
2930:Commentary
2434:Regulation
2412:See also:
2099:insolvency
2059:for their
2053:goldsmiths
2036:See also:
1998:(or other
1992:base money
1760:Regulation
1564:Operations
1517:Retirement
1356:Accounting
1240:Derivative
1147:Speculator
979:Part of a
814:regulation
463:management
458:allocation
355:Electronic
148:Industrial
143:Investment
123:Depository
98:Commercial
64:) operated
4046:Economica
3984:Paul, Ron
3959:807678778
3651:0953-8259
3594:Economics
3163:cite book
3078:Basel III
3024:ex nihilo
2818:Reserves
2585:dividends
2583:Reducing
2440:bank runs
2314:heuristic
2166:liability
2095:creditors
2020:inflation
1964:liquidity
1822:Recession
1783:ISO 31000
1466:Tax haven
1340:Corporate
1255:Insurance
1250:Indemnity
1156:Locations
1045:Commodity
794:Financial
585:economics
565:Financial
431:BRICS PAY
223:Wholesale
218:Universal
118:Custodian
4111:Archived
4054:(1960),
3986:(2009).
3968:Archived
3965:PDF here
3887:(1997).
3610:Archived
3478:McLeay.
3316:Archived
3264:Archived
3073:Basel II
3031:See also
3008:Ron Paul
2890:The key
2514:bank run
2472:Minimum
2465:Minimum
2194:clearing
2158:checking
2150:bailment
2114:Riksbank
2103:bank run
2038:Banknote
1973:bank run
1921:deposits
1598:Taxation
1488:Personal
1441:Taxation
1316:Security
1270:Mortgage
1130:Investor
918:Category
610:services
595:forecast
570:analysis
475:Bad debt
261:Accounts
246:Accounts
183:Payments
173:Offshore
153:Merchant
78:Advising
4163:Banking
2874:107,787
2864:107,787
2755:87,878
2747:14,607
2677:35,231
2663:25,482
2329:Formula
2168:on the
2088:bullion
2061:deposit
2026:History
1917:banking
1850:Outline
1654:Banking
1618:balance
1616: (
1348:General
1280: (
1235:Deposit
1055:Domains
1007:Markets
989:Finance
928:Commons
605:planner
575:analyst
323:Prepaid
284:Savings
274:Deposit
208:Savings
193:Private
168:Neobank
93:Central
44:Banking
4133:Portal
4003:
3957:
3947:
3920:
3895:
3829:
3680:
3649:
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3385:
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3241:
2843:3,297
2835:2,667
2807:5,943
2801:1,045
2792:99,084
2775:2,062
2761:2,775
2727:4,771
2719:1,351
2713:1,887
2705:4,924
2699:3,563
2691:3,170
2685:1,797
2671:2,809
2633:Assets
2469:(RRRs)
2291:money.
2084:income
2049:silver
1762:
1614:Budget
1538:Public
1495:Credit
1452:(BEPS)
1287:exotic
1278:Option
1142:Retail
1060:Equity
1016:Assets
981:series
938:Portal
861:Shares
824:system
804:market
365:Mobile
345:Cheque
313:Credit
248:
203:Retail
198:Public
133:Direct
4025:(PDF)
3823:(PDF)
3554:(PDF)
3483:(PDF)
3335:(PDF)
3155:(PDF)
3110:Notes
3004:fraud
2852:8,703
2654:Cash
2648:NZ$ m
2638:NZ$ m
2080:trade
1361:Audit
1311:Stock
1097:Stock
1070:Money
580:asset
453:Asset
443:Terms
404:SWIFT
318:Debit
300:Cards
253:Cards
4001:ISBN
3955:OCLC
3945:ISBN
3918:ISBN
3893:ISBN
3871:2020
3827:ISBN
3770:2023
3678:ISBN
3658:2023
3647:ISSN
3573:ISBN
3465:2023
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3239:ISBN
3169:link
2990:and
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2552:and
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2065:see
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2045:gold
2006:and
1933:cash
1687:Loan
1624:Debt
1499:Debt
1282:call
1265:Loan
1205:Cash
1200:Bond
1092:Spot
1030:Bond
819:risk
662:Loan
600:plan
500:Cash
426:SPFS
421:CIPS
399:Giro
377:RTGS
372:Wire
350:Card
83:Banq
3639:doi
2821:83
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