3704:): 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.
2382:
2117:) 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.
41:
2228:. 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.
3515:"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"
986:
2394:
2602:
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.
3028:
903:
923:
3042:
1858:
4131:
1846:
2389:) 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.
913:
3174:
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.
2509:
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
2249:
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
2597:
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
1950:
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
2449:
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
2309:
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
2173:
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
3328:
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
3173:
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
2547:
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,
2418:
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
2212:
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
2601:
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
2031:
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
2164:
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
1955:
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
2086:(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
2910:
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
2513:
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.
2165:
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
2169:, 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
2500:
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
2279:
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
3299:
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.
2870:
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%.
2205:) 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
3329:
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 ...'
2372:
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.
2120:
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
2071:, 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
3956:
2253:
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 (
2915:, 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.
3489:
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":
2411:
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.
2983:
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
4099:
2598:
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.
2887:, 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.
1956:
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
2075:
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
3598:
4109:
2125:. 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
2141:. 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
2367:
3695:
3304:
2261:. 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.
3287:
1947:
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.
2209:
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.
3834:
3953:
2197:
Fractional-reserve banking allows banks to provide credit, which represent immediate liquidity to borrowers. The banks also provide longer-term loans, and act as
2580:
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:
2480:
Central bank support for distressed banks, and government guarantee funds for notes and deposits, both to counteract bank runs and to protect bank creditors.
1971:
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
3526:
1999:
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
3468:
1776:
4096:
2529:, which are considered by some economists to restrict lending, the capital requirement ratio acts to prevent an infinite amount of bank lending.
3259:– 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)
3157:
3252:
1805:
3595:
3140:
Money facts; 169 questions and answers on money – a supplement to A Primer on Money, with index, Subcommittee on
Domestic Finance ... 1964
2386:
1766:
1731:
3772:
2242:
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.
2257:
beyond the legal requirement that commercial banks voluntarily hold). Data for reserves and vault cash are published regularly by the
1888:
2314:
goals, implying that the theoretical ceiling imposed by the money multiplier does not impose a limit on money creation in practice.
3112:
1544:
3301:
3492:
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:
3784:
2003:
in the banking system. However, rather than directly controlling the money supply, contemporary central banks usually pursue an
2286:
demand deposits in the commercial banking system; also referred to as "chequebook money", "sight deposits" or simply "credit".
3993:
3885:
3819:
3670:
3565:
3495:"Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies."
3375:
3350:
3231:
543:
409:
4166:
2258:
2079:, charging fees for safe storage, to interest-paying and interest-earning banks. Thus fractional-reserve banking was born.
2610:
An example of fractional-reserve banking, and the calculation of the "reserve ratio" is shown in the balance sheet below:
2224:
and interest rates. Influencing interest rates are an important part of monetary policy used by central banks to promote
1557:
3539:
1716:
3659:
2995:, legalized only due to the influence of powerful rich bankers on corrupt governments around the world. US politician
2414:
The actual increase in the money supply through this process may be lower, as (at each step) banks may choose to hold
3937:
3910:
952:
4161:
1913:
1438:
116:
3927:
3016: – extending a loan to the borrower and simultaneously crediting the borrower's money account".
2984:
2105:
was the world's first central bank, created in 1668. Many nations followed suit in the late 1600s to establish
1198:
1108:
700:
451:
2264:
Just as taking out a new loan expands the money supply, the repayment of bank loans reduces the money supply.
4135:
3686:(See pages 13 and 14 of the pdf version for information on government regulations and supervision over banks)
1881:
1850:
1094:
854:
797:
2566:
2272:
There are two types of money created in a fractional-reserve banking system operating with a central bank:
2220:
theory, a well-regulated fractional-reserve bank system could be used by the central bank to influence the
824:
201:
3345:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. pp. 403–406.
3320:
4171:
3792:
3512:: commercial and central bank money: One quotation from the article referencing the two types of money:
2245:
The proceeds of most bank loans are not in the form of currency. Banks typically make loans by accepting
645:
3806:
3212:
Frederic S. Mishkin, Economics of Money, Banking and
Financial Markets, 10th Edition. Prentice Hall 2012
2526:
1935:
The country's central bank may determine a minimum amount that banks must hold in reserves, called the "
4121:
3056:
2336:
1374:
1064:
533:
365:
91:
3747:
4057:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy",
3615:
3442:
3249:
3010:, former chief financial regulator of the United Kingdom, stated that banks "create credit and money
2890:
For example, the ANZ National Bank Limited balance sheet above gives the following financial ratios:
1721:
1606:
1384:
1158:
508:
343:
3773:
Submission to Inquiry into the Australian Banking Industry", Reserve Bank of Australia, January 1991
3370:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. p. 88.
2185:
of payments, central bank lending to member banks, regulatory auditing, and government-administered
4181:
4176:
4082:
4048:
2170:
1957:
1874:
1410:
916:
458:
377:
4011:"Credit Money and Leverage, what Wicksell, Hayek and Fisher knew and modern macroeconomics forgot"
3509:
2206:
2004:
1053:
1043:
705:
348:
136:
2976:
2381:
4186:
4156:
3714:
3136:
3076:
2198:
1212:
1123:
40:
2471:
2408:
1972:
1965:
1552:
1163:
945:
879:
640:
578:
538:
397:
176:
166:
3540:"Managing the central bank's balance sheet: where monetary policy meets financial stability"
3430:
Federal Reserve Board, "Aggregate Reserves of Depository Institutions and the Monetary Base"
3138:
2945:
2930:
1992:
1929:
1748:
1665:
1369:
1294:
1228:
1180:
1023:
802:
777:
655:
615:
610:
478:
267:
216:
146:
126:
50:
2477:
Sanction on bank defaults and protection from creditors for many months or even years, and
8:
2884:
2538:
2522:
2490:
2455:
2393:
2122:
2110:
1936:
1825:
1815:
1535:
1492:
1444:
1389:
1203:
869:
695:
685:
635:
573:
282:
151:
96:
4010:
3986:
3848:
3151:
2497:
Generating too much money by making too many loans against a narrow money deposit base;
2225:
2182:
2060:
2020:
1838:
1820:
1670:
1625:
1574:
1415:
1304:
1038:
844:
819:
715:
710:
598:
583:
558:
523:
311:
131:
25:
4115:
Bank for International Settlements – The Role of Central Bank Money in Payment Systems
3748:"Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada"
3429:
3420:, p. 56, Banking Committee, American Institute of Certified Public Accountants (1983).
2897:
Liquid assets reserve ratio is ($ 201m + $ 2,809m + $ 1,797m)/$ 25,482m, i.e., 18.86%.
3989:
3943:
3933:
3906:
3881:
3815:
3666:
3635:
3561:
3371:
3346:
3227:
2186:
2102:
2055:
1726:
1602:
1497:
1364:
1359:
1354:
1328:
1289:
1113:
1013:
922:
757:
752:
593:
563:
498:
211:
46:
3849:"Ban All the Banks: Here's The Wild Idea That People Are Starting To Take Seriously"
2605:
4151:
3627:
3081:
2999:
has also criticized fractional-reserve banking based on Austrian School arguments.
2957:
2542:
2296:
2166:
2146:
1996:
1960:
from banks with a surplus. In exceptional situations, such as during an unexpected
1952:
1798:
1591:
1565:
1483:
1476:
1459:
1405:
1379:
1266:
1248:
1233:
1153:
1144:
1048:
1033:
995:
969:
938:
906:
834:
812:
792:
767:
630:
620:
528:
446:
3631:
2431:, central banks have been created throughout the world to address these problems.
1939:" or "reserve ratio". Most commercial banks hold more than this minimum amount as
4103:
4054:
4040:
3960:
3602:
3308:
3256:
3086:
2980:
2972:
2961:
2924:
2880:
2518:
2446:
2415:
2311:
2310:
focus on setting and maintaining target interest rates in order to satisfy their
2254:
2246:
2178:
2150:
2142:
2049:
2045:
1988:
1940:
1781:
1706:
1697:
1655:
1620:
1612:
1420:
1309:
1223:
1004:
874:
859:
849:
772:
762:
675:
625:
568:
548:
518:
493:
468:
382:
272:
262:
111:
86:
3681:
985:
404:
4059:
3091:
2949:
2912:
2553:
2237:
2217:
2000:
1688:
1526:
1218:
1188:
1103:
1070:
926:
839:
807:
747:
680:
665:
660:
588:
387:
370:
353:
257:
222:
206:
191:
106:
3183:
Charles P. Kindleberger, A Financial History of Western Europe. Routledge 2007
1928:. Fractional-reserve banking differs from the hypothetical alternative model,
4145:
3947:
3873:
3639:
2941:
2525:
is perhaps the most important of these other required ratios. When there are
2462:
2427:
Because the nature of fractional-reserve banking involves the possibility of
2202:
2158:
2126:
2114:
2098:
1917:
1916:
in liquid assets as a reserve, typically lending the remainder to borrowers.
1909:
1755:
1711:
1487:
1449:
1429:
1314:
1275:
1028:
884:
864:
787:
742:
513:
503:
483:
360:
171:
161:
141:
76:
66:
3746:
Carter, Thomas J.; Mendes, Rhys R.; Schembri, Lawrence (18 December 2018).
3270:
3071:
3047:
3033:
3007:
2988:
2953:
2616:
Example 2: ANZ National Bank Limited Balance Sheet as of 30 September 2017
2440:
2402:
2221:
2106:
1984:
1976:
1925:
1862:
1680:
1650:
1510:
1208:
1085:
1058:
670:
473:
338:
277:
234:
196:
181:
101:
81:
1964:, the central bank may provide funds to cover the short-term shortfall as
3980:
2306:
2064:
2063:
for commercial transactions and thus became an early form of circulating
1944:
1270:
1135:
1080:
1075:
1018:
829:
720:
690:
301:
186:
121:
71:
3137:
United States. Congress. House. Banking and Currency Committee. (1964).
3560:(Eighth, global ed.). Harlow, England: Pearson. pp. 505–509.
2594:
As with reserves, other sources of liquidity are managed with targets.
2087:
1980:
1505:
1344:
1280:
306:
4114:
3490:
3066:
3012:
2906:
Total capital ratio is ($ 8,703m + $ 2,062m)/$ 107,787m, i.e., 9.99%.
2562:
Borrowing funds (whether repayable on demand or at a fixed maturity),
2302:
2041:
2008:
1932:, in which banks would keep all depositor funds on hand as reserves.
1810:
1771:
1454:
1243:
1238:
419:
241:
3932:(3d ed.). Auburn, AL: Ludwig von Mises Institute. p. 881.
2903:
Tangible equity ratio is ($ 8,703m − $ 3,297m)/107,787m, i.e., 5.02%
3972:
3061:
2996:
2573:
2502:
2428:
2138:
2091:
2083:
2026:
1961:
1258:
1118:
463:
296:
2606:
Hypothetical example of a bank balance sheet and financial ratios
2076:
977:
782:
553:
156:
2956:. It was proposed as a method of reversing the deflation of the
4130:
3976:
3616:"How are Banks and the Fed Linked? Teaching Key Concepts Today"
2470:
100% Marginal Reserve requirements for note issue, such as the
2072:
2037:
1983:
originally created by the central bank. In most countries, the
1845:
1130:
333:
3697:
Reserve Bank of India – Report on Currency and Finance 2004–05
3614:
Ihrig, Jane; Weinbach, Gretchen; Wolla, Scott (3 April 2023).
2532:
2517:
In addition to reserve requirements, there are other required
3700:(See page 71 of the full report or just download the section
2992:
2068:
1349:
1299:
441:
392:
3581:
Hubbard and O'Brien. "Chapter 25: Monetary Policy, p. 943".
2189:—are designed to prevent the occurrence of such bank runs.
2113:, and to specify the form in which such assets (called the
2033:
1921:
1905:
1675:
1642:
1253:
1193:
650:
488:
414:
32:
3952:(with Melinda A. Stroup, translator) Also available as a
3169:
3167:
2521:
that affect the amount of loans that a bank can fund. The
2177:
Many of the practices of contemporary bank regulation and
1586:
3224:
Banking Across Boundaries: Placing Finance in Capitalism
2305:
traditionally used to demonstrate the maximum amount of
1924:
in the bank or as balances in the bank's account at the
1908:
in all countries worldwide, under which banks that take
3164:
2900:
Equity capital ratio is $ 8,703m/107,787m, i.e., 8.07%.
2894:
Cash reserve ratio is $ 3,010m/$ 25,482m, i.e., 11.81%.
2201:
for those funds. Less liquid forms of deposit (such as
4080:
Thomson, P. (1956), Variations on a theme by Philips,
2090:
or default on its notes. Such a situation is called a
4119:
4110:
Regulation D of the Federal Reserve Board of the U.S.
4018:
Proceedings of Towards a Sustainable Financial System
3726:
3724:
3510:
European Central Bank – Domestic payments in Euroland
2339:
3925:
3745:
3023:
2964:
in the US) more direct control of the money supply.
2097:
These early financial crises led to the creation of
1991:
authority) regulates bank-credit creation, imposing
3580:
2467:
Government bond deposit requirements for note issue
2419:when the reserve requirements have been fulfilled.
2174:of a bank run can actually precipitate the crisis.
2007:to control bank issuance of credit and the rate of
4033:Crick, W.F. (1927), The genesis of bank deposits,
3721:
3613:
2361:
2493:is that they are intended to prevent banks from:
4143:
3447:Board of Governors of the Federal Reserve System
3113:Nationalisation of Northern Rock#Run on the bank
2883:used to analyze fractional-reserve banks is the
2137:In most legal systems, a bank deposit is not a
3715:"Federal Reserve Board - Reserve Requirements"
2407:In countries with fractional-reserve banking,
3730:
2397:Components of the euro money supply 1998–2007
2326:, is the inverse of the reserve requirement,
1882:
946:
3799:
3785:"Abolition of compulsory ratio requirements"
3689:
3683:The Federal Reserve – Purposes and Functions
3268:
3262:
3221:
3132:
3130:
2967:
1979:to grow beyond the amount of the underlying
3814:. Danmarks Nationalbank. 2009. p. 43.
3662:Macroeconomics: A Contemporary Introduction
3407:, pp. 56–57, Prentice-Hall, 3rd ed. (1974).
2533:Liquidity and capital management for a bank
2094:and caused the demise of many early banks.
1767:International Financial Reporting Standards
1732:Separation of investment and retail banking
4077:, New York, Macmillan, chapters 1–4, 1921,
3321:"Mervyn King, Finance: A Return from Risk"
3277:(5th ed.). Pearson. pp. 266–269.
3156:: CS1 maint: location missing publisher (
2590:Committed lines of credit with other banks
2109:which were given the legal power to set a
1975:), fractional-reserve banking permits the
1889:
1875:
953:
939:
39:
4063:, 5 & 12 August 2019, pp. 28–31.
3555:
3127:
2960:, as it would give the central bank (the
2874:
2385:Components of US money supply (currency,
2231:
283:Transaction (checking / current)
4086:vol 46, December 1956, pp. 965–970.
3900:
3894:
3405:Monetary Policy and the Financial System
3394:, p. 150, American Bankers Ass'n (1979).
3202:(5th ed.). Worth. pp. 482–489.
3193:
3191:
3189:
2392:
2380:
1912:from the public keep only part of their
4070:, Chicago, University of Chicago, 1962.
3929:Money, Bank Credit, and Economic Cycles
3702:Functional Evolution of Central Banking
3529:account of how fractional banking works
3293:
2587:High quality marketable debt securities
2484:
2132:
4144:
3872:
3846:
3505:
3503:
3485:
3483:
3481:
3469:"Money Creation in the Modern Economy"
3365:
3340:
3197:
2685:Due from other financial institutions
2552:Selling or redeeming other assets, or
2059:). These notes gained acceptance as a
3765:
3665:, p. 295, University of Connecticut,
3607:
3574:
3418:Industry Audit Guide: Audits of Banks
3245:
3243:
3186:
2067:. As the notes were used directly in
4097:Money creation in the modern economy
3977:"2 The Origin and Nature of the Fed"
3971:
3250:The Federal Reserve in Plain English
2677:Due to other financial institutions
2559:Restricting investment in new loans,
2259:Federal Reserve in the United States
2192:
912:
3500:
3478:
2663:Term deposits and other borrowings
2290:
13:
4068:Free reserves and the money supply
4027:
4008:
3466:
3240:
1806:Private equity and venture capital
1717:Bank for International Settlements
14:
4198:
4090:
3366:Mankiw, Nicholas Gregory (2022).
3341:Mankiw, Nicholas Gregory (2022).
3226:. New York: John Wiley and Sons.
3198:Mankiw, N. Gregory (2002). "18".
2713:Derivative financial instruments
2691:Derivative financial instruments
2527:no mandatory reserve requirements
2489:The currently prevailing view of
2362:{\displaystyle m={\frac {1}{R}}.}
2267:
1851:Business and Economics portal
4129:
4045:A Program for Monetary Stability
4020:. Stockholm School of Economics.
3040:
3026:
2948:, where banks would not lend on
2858:Total Liabilities plus Net Worth
2584:Demand deposits with other banks
2434:
1943:. Some countries, e.g. the core
1856:
1844:
1439:Base erosion and profit shifting
984:
921:
911:
902:
901:
4002:
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3435:
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3410:
3397:
3384:
3359:
3334:
3313:
3281:
3002:
2829:Goodwill and other intangibles
2705:Payables and other liabilities
2376:
3880:. Pickering & Chatto Ltd.
3443:"Interest on Reserve Balances"
3215:
3206:
3177:
3105:
2985:Austrian Business Cycle Theory
2935:
2755:Shares in controlled entities
2250:weakness in internal control.
1199:Collateralised debt obligation
1109:Bull (stock market speculator)
701:Strategic financial management
1:
3926:Jesús Huerta de Soto (2012).
3632:10.1080/09538259.2022.2040906
3121:
2918:
2422:
2153:). That deposit account is a
1545:Final consumption expenditure
855:Sustainable development goals
3791:. Vol. 48, no. 4.
3596:McGraw Hill Higher Education
3222:Christophers, Brett (2013).
2635:
2625:
45:The old town hall where the
7:
4167:Schools of economic thought
3905:. Richardson & Snyder.
3837:Jeremy Warner, UK Telegraph
3793:Reserve Bank of New Zealand
3620:Review of Political Economy
3556:Blanchard, Olivier (2021).
3019:
2861:
2851:
2839:
2831:
2823:
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2809:
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2795:
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2771:
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2735:
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2715:
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2693:
2687:
2679:
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2665:
2659:
2651:
2645:
2216:Additionally, according to
10:
4203:
4037:, vol 7, 1927, pp 191–202.
3735:(2nd ed.). Routledge.
3660:William MacEachern (2014)
3057:Asset liability management
2928:
2922:
2727:Available for sale assets
2657:Balance with Central Bank
2536:
2438:
2400:
2317:
2301:The money multiplier is a
2294:
2235:
2044:, receiving in exchange a
2024:
2018:
2014:
1902:Fractional-reserve banking
1777:Professional certification
1375:Enterprise risk management
1159:Offshore financial centres
606:Fractional-reserve banking
534:Enterprise risk management
3901:Rothbard, Murray (1983).
2968:Austrian School criticism
2952:but would only lend from
2615:
2523:capital requirement ratio
1722:Financial Stability Board
509:Diversification (finance)
4102:25 December 2018 at the
4083:American Economic Review
4049:Fordham University Press
3959:16 December 2014 at the
3098:
2450:measures have included:
2445:Government controls and
2199:financial intermediaries
2171:interbank lending market
1958:interbank lending market
1411:Mergers and acquisitions
459:Automated teller machine
4162:Criticisms of economics
3601:5 December 2007 at the
3288:Maturity Transformation
2987:), but it is a form of
2815:Premises and equipment
2741:Net loans and advances
2456:required reserve ratios
2226:macroeconomic stability
2207:maturity transformation
2181:—including centralized
706:Stress test (financial)
4136:Business and economics
4073:Philips, C.A. (1921),
3903:The Mystery of Banking
3808:Pengepolitik i Danmark
3731:Jagdish Handa (2008).
3302:The FED today Lesson 6
3077:Credit theory of money
2875:Other financial ratios
2747:Related party funding
2398:
2390:
2363:
2322:The money multiplier,
2284:Commercial bank money:
2232:Money creation process
1213:certificate of deposit
3789:Reserve Bank Bulletin
3527:Macmillan report 1931
3392:Principles of Banking
3307:13 March 2011 at the
3255:26 March 2009 at the
2944:proposed a system of
2472:Bank Charter Act 1844
2409:commercial bank money
2396:
2384:
2364:
1973:commercial bank money
1966:lender of last resort
1164:Conduit and sink OFCs
880:Too connected to fail
641:Investment management
539:Environmental finance
398:Correspondent account
92:Community development
4066:Meigs, A.J. (1962),
3835:A banking revolution
3111:For an example, see
2977:Jesús Huerta de Soto
2946:full-reserve banking
2931:Full-reserve banking
2801:Deferred tax assets
2671:Other liquid assets
2491:reserve requirements
2485:Reserve requirements
2337:
2133:Regulatory framework
2005:interest-rate target
1993:reserve requirements
1930:full-reserve banking
1390:Financial statements
1370:Credit rating agency
1295:Repurchase agreement
778:Exchange traded fund
656:Mathematical finance
616:Fundamental analysis
611:Full-reserve banking
217:Bank holding company
127:Export credit agency
24:Part of a series on
3752:www.bankofcanada.ca
3326:. Bank of England.
2975:economists such as
2940:In 1935, economist
2769:Current tax assets
2699:Trading securities
2567:capital instruments
2565:Issuing additional
2556:of illiquid assets,
2539:Capital requirement
2277:Central bank money:
2123:balance of payments
2111:reserve requirement
1937:reserve requirement
1914:deposit liabilities
1826:Accounting scandals
1816:Stock market bubble
1536:Government spending
1493:Employment contract
1445:Corporate tax haven
1204:Credit default swap
870:Time value of money
696:Statistical finance
686:Sustainable finance
636:Investment advisory
278:Time deposit (Bond)
4172:Monetary economics
3987:Grand Central Pub.
3733:Monetary Economics
3545:. Bank of England.
3474:. Bank of England.
2885:cash reserve ratio
2416:reserves in excess
2399:
2391:
2359:
2061:medium of exchange
2021:History of banking
1821:Stock market crash
1671:Investment banking
1661:Fractional-reserve
1626:Warrant of payment
1575:Government revenue
1498:Financial planning
1416:Structured finance
845:Security (finance)
820:History of banking
716:Structured product
711:Structured finance
524:Economic expansion
26:financial services
3995:978-0-446-54919-6
3887:978-1-85196-236-5
3847:Weisenthal, Joe.
3821:978-87-87251-70-9
3671:978-1-13318-923-7
3567:978-0-134-89789-9
3432:(Updated weekly).
3403:Paul M. Horvitz,
3390:Eric N. Compton,
3377:978-1-319-26390-4
3352:978-1-319-26390-4
3233:978-1-4443-3829-4
3146:. Washington D.C.
2868:
2867:
2821:Retained profits
2776:Total Liabilities
2354:
2193:Economic function
2187:deposit insurance
2056:Bank of Amsterdam
1904:is the system of
1899:
1898:
1789:
1788:
1739:
1738:
1727:Deposit insurance
1633:
1632:
1467:
1466:
1365:Corporate finance
1360:Capital structure
1355:Capital budgeting
1290:Performance bonds
1171:
1170:
1154:Financial centres
1114:Financial planner
1014:Asset (economics)
963:
962:
758:Corporate finance
753:Capital structure
728:
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499:Corporate finance
319:
318:
51:full-reserve bank
47:Bank of Amsterdam
16:System of banking
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4055:Lanchester, John
4041:Friedman, Milton
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3853:Business Insider
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3416:See, generally,
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3109:
3082:Endogenous money
3050:
3045:
3044:
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3036:
3031:
3030:
3029:
2958:Great Depression
2733:Bonds and notes
2649:Demand deposits
2613:
2612:
2543:Market liquidity
2519:financial ratios
2447:bank regulations
2368:
2366:
2365:
2360:
2355:
2347:
2297:Money multiplier
2291:Money multiplier
2247:promissory notes
2167:financial crisis
1997:capital adequacy
1891:
1884:
1877:
1863:Money portal
1861:
1860:
1859:
1849:
1848:
1799:Economic history
1761:
1760:
1694:
1693:
1592:Deficit spending
1566:Transfer payment
1532:
1531:
1460:Transfer pricing
1406:Leveraged buyout
1380:Enterprise value
1334:
1333:
1249:Letter of credit
1234:Futures contract
1067:
1065:Over-the-counter
1054:Foreign exchange
1001:
1000:
988:
965:
964:
955:
948:
941:
925:
915:
914:
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835:Personal finance
768:Equity (finance)
631:Impact investing
621:Growth investing
529:Enterprise value
436:
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247:
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202:Savings and loan
43:
21:
20:
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4182:Monetary reform
4177:Monetary policy
4142:
4141:
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4128:
4120:
4106:Bank of England
4104:Wayback Machine
4093:
4030:
4028:Further reading
4025:
4013:
4009:Turner, Adair.
4007:
4003:
3996:
3970:
3966:
3961:Wayback Machine
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3603:Wayback Machine
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3309:Wayback Machine
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3257:Wayback Machine
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3087:Monetary reform
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3025:
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3005:
2981:Murray Rothbard
2973:Austrian School
2970:
2962:Federal Reserve
2950:demand deposits
2938:
2933:
2927:
2925:Monetary reform
2921:
2881:financial ratio
2877:
2608:
2545:
2537:Main articles:
2535:
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2320:
2312:monetary policy
2299:
2293:
2270:
2255:excess reserves
2240:
2234:
2195:
2179:central banking
2151:savings account
2143:deposit account
2135:
2029:
2023:
2017:
1989:monetary policy
1941:excess reserves
1895:
1857:
1855:
1843:
1831:
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1801:
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1782:Fund governance
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1707:Banking license
1698:Bank regulation
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1656:Deposit account
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1621:Non-tax revenue
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1421:Venture capital
1385:Risk management
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1310:Syndicated loan
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894:
893:
875:Too big to fail
860:Systematic risk
773:Ethical banking
763:Cost of capital
738:
730:
729:
676:Private banking
646:Islamic banking
626:Hedge (finance)
549:Ethical banking
519:Economic bubble
494:Climate finance
469:Bank regulation
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383:Instant payment
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4092:
4091:External links
4089:
4088:
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4071:
4064:
4060:The New Yorker
4052:
4038:
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3874:Fisher, Irving
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3738:
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3652:
3626:(2): 555–571.
3606:
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3573:
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3558:Macroeconomics
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3368:Macroeconomics
3358:
3351:
3343:Macroeconomics
3333:
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3292:
3280:
3275:Macroeconomics
3269:Abel, Andrew;
3261:
3239:
3232:
3214:
3205:
3200:Macroeconomics
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3092:Positive Money
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2923:Main article:
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2913:liquidity risk
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2554:securitization
2548:for instance:
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2439:Main article:
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2387:M1, M2, and M3
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2295:Main article:
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2268:Types of money
2266:
2238:Money creation
2236:Main article:
2233:
2230:
2194:
2191:
2134:
2131:
2101:. The Swedish
2019:Main article:
2016:
2013:
2001:money creation
1897:
1896:
1894:
1893:
1886:
1879:
1871:
1868:
1867:
1866:
1865:
1853:
1841:
1833:
1832:
1829:
1828:
1823:
1818:
1813:
1808:
1802:
1797:
1796:
1793:
1792:
1787:
1786:
1785:
1784:
1779:
1774:
1769:
1759:
1747:
1746:
1743:
1742:
1737:
1736:
1735:
1734:
1729:
1724:
1719:
1714:
1709:
1701:
1700:
1692:
1691:
1689:Lists of banks
1684:
1683:
1678:
1673:
1668:
1663:
1658:
1653:
1647:
1646:
1641:
1640:
1637:
1636:
1631:
1630:
1629:
1628:
1623:
1618:
1616:
1615:
1610:
1599:
1597:
1595:
1594:
1589:
1583:
1578:
1577:
1571:
1570:
1569:
1568:
1563:
1561:
1560:
1558:Redistribution
1555:
1549:
1547:
1539:
1538:
1530:
1525:
1524:
1521:
1520:
1517:
1516:
1514:
1513:
1508:
1502:
1500:
1495:
1490:
1480:
1475:
1474:
1471:
1470:
1465:
1464:
1463:
1462:
1457:
1452:
1447:
1442:
1433:
1432:
1426:
1425:
1424:
1423:
1418:
1413:
1408:
1400:
1399:
1395:
1394:
1393:
1392:
1387:
1382:
1377:
1372:
1367:
1362:
1357:
1352:
1347:
1339:
1338:
1332:
1327:
1326:
1323:
1322:
1318:
1317:
1312:
1307:
1302:
1297:
1292:
1285:
1284:
1278:
1273:
1263:
1262:
1261:
1256:
1251:
1246:
1241:
1236:
1231:
1226:
1221:
1216:
1206:
1201:
1196:
1191:
1185:
1184:
1179:
1178:
1175:
1174:
1169:
1168:
1167:
1166:
1161:
1156:
1148:
1147:
1141:
1140:
1139:
1138:
1133:
1128:
1127:
1126:
1116:
1111:
1106:
1104:Angel investor
1098:
1097:
1091:
1090:
1089:
1088:
1083:
1078:
1073:
1071:Private equity
1068:
1061:
1056:
1051:
1046:
1041:
1036:
1031:
1026:
1021:
1016:
1008:
1007:
999:
994:
993:
990:
989:
981:
980:
974:
973:
961:
960:
958:
957:
950:
943:
935:
932:
931:
930:
929:
919:
909:
896:
895:
892:
891:
888:
887:
882:
877:
872:
867:
862:
857:
852:
847:
842:
840:Public finance
837:
832:
827:
822:
817:
816:
815:
810:
805:
800:
795:
785:
780:
775:
770:
765:
760:
755:
750:
748:Bond (finance)
745:
739:
737:Related topics
736:
735:
732:
731:
726:
725:
724:
723:
718:
713:
708:
703:
698:
693:
688:
683:
681:Sustainability
678:
673:
668:
666:Money creation
663:
661:Mobile banking
658:
653:
648:
643:
638:
633:
628:
623:
618:
613:
608:
603:
602:
601:
596:
591:
586:
581:
576:
571:
566:
561:
551:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
466:
461:
456:
455:
454:
449:
434:
431:
430:
427:
426:
423:
422:
417:
412:
407:
402:
401:
400:
390:
385:
380:
375:
374:
373:
368:
358:
357:
356:
351:
341:
336:
330:
328:Funds transfer
327:
326:
323:
322:
317:
316:
315:
314:
309:
304:
299:
291:
290:
286:
285:
281:
280:
275:
270:
265:
260:
258:Christmas club
252:
251:
245:
233:
232:
229:
228:
223:Lists of banks
220:
219:
214:
209:
204:
199:
194:
189:
184:
179:
177:Postal savings
174:
169:
164:
159:
154:
152:Mutual savings
149:
144:
139:
134:
129:
124:
119:
114:
109:
104:
99:
94:
89:
84:
79:
74:
69:
63:
61:Types of banks
60:
59:
56:
55:
44:
36:
35:
29:
28:
15:
9:
6:
4:
3:
2:
4199:
4188:
4187:Systemic risk
4185:
4183:
4180:
4178:
4175:
4173:
4170:
4168:
4165:
4163:
4160:
4158:
4157:Central banks
4155:
4153:
4150:
4149:
4147:
4137:
4132:
4127:
4126:
4123:
4116:
4113:
4111:
4108:
4105:
4101:
4098:
4095:
4094:
4085:
4084:
4079:
4076:
4072:
4069:
4065:
4062:
4061:
4056:
4053:
4050:
4046:
4042:
4039:
4036:
4032:
4031:
4019:
4012:
4005:
3997:
3991:
3988:
3984:
3983:
3978:
3974:
3968:
3962:
3958:
3955:
3949:
3945:
3941:
3939:9781610161893
3935:
3931:
3930:
3922:
3914:
3912:9780943940045
3908:
3904:
3897:
3889:
3883:
3879:
3875:
3869:
3854:
3850:
3843:
3836:
3831:
3823:
3817:
3810:
3809:
3802:
3795:. April 1985.
3794:
3790:
3786:
3780:
3774:
3768:
3753:
3749:
3742:
3734:
3727:
3725:
3716:
3710:
3703:
3699:
3698:
3692:
3685:
3684:
3678:
3672:
3668:
3664:
3663:
3656:
3641:
3637:
3633:
3629:
3625:
3621:
3617:
3610:
3604:
3600:
3597:
3592:
3584:
3577:
3569:
3563:
3559:
3552:
3541:
3535:
3528:
3523:
3514:
3513:
3511:
3506:
3504:
3494:
3493:
3491:
3486:
3484:
3482:
3470:
3463:
3448:
3444:
3438:
3431:
3426:
3419:
3413:
3406:
3400:
3393:
3387:
3379:
3373:
3369:
3362:
3354:
3348:
3344:
3337:
3330:
3322:
3316:
3310:
3306:
3303:
3296:
3289:
3284:
3276:
3273:(2005). "7".
3272:
3271:Bernanke, Ben
3265:
3258:
3254:
3251:
3246:
3244:
3235:
3229:
3225:
3218:
3209:
3201:
3194:
3192:
3190:
3180:
3170:
3168:
3159:
3153:
3142:
3141:
3133:
3131:
3126:
3114:
3108:
3104:
3093:
3090:
3088:
3085:
3083:
3080:
3078:
3075:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3054:
3049:
3038:
3035:
3024:
3017:
3015:
3014:
3009:
3000:
2998:
2994:
2991:or financial
2990:
2986:
2982:
2978:
2974:
2965:
2963:
2959:
2955:
2954:time deposits
2951:
2947:
2943:
2942:Irving Fisher
2932:
2926:
2916:
2914:
2905:
2902:
2899:
2896:
2893:
2892:
2891:
2888:
2886:
2882:
2872:
2864:
2859:
2856:
2854:
2849:
2846:
2845:
2842:
2837:
2834:
2828:
2827:
2820:
2814:
2813:
2806:
2800:
2799:
2792:
2787:Other assets
2786:
2785:
2782:
2777:
2774:
2768:
2767:
2761:Loan capital
2760:
2754:
2753:
2746:
2740:
2739:
2732:
2726:
2725:
2718:
2712:
2711:
2704:
2698:
2697:
2690:
2684:
2683:
2676:
2670:
2669:
2662:
2656:
2655:
2648:
2642:
2641:
2638:
2633:
2630:
2628:
2623:
2620:
2619:
2614:
2611:
2603:
2599:
2595:
2589:
2586:
2583:
2582:
2581:
2575:
2571:
2568:
2564:
2561:
2558:
2555:
2551:
2550:
2549:
2544:
2540:
2530:
2528:
2524:
2520:
2515:
2511:
2504:
2499:
2496:
2495:
2494:
2492:
2479:
2476:
2473:
2469:
2466:
2464:
2460:
2457:
2453:
2452:
2451:
2448:
2442:
2435:Central banks
2432:
2430:
2420:
2417:
2412:
2410:
2404:
2395:
2388:
2383:
2374:
2356:
2351:
2348:
2343:
2340:
2333:
2332:
2331:
2329:
2325:
2315:
2313:
2308:
2304:
2298:
2285:
2282:
2278:
2275:
2274:
2273:
2265:
2262:
2260:
2256:
2251:
2248:
2243:
2239:
2229:
2227:
2223:
2219:
2218:macroeconomic
2214:
2210:
2208:
2204:
2203:time deposits
2200:
2190:
2188:
2184:
2180:
2175:
2172:
2168:
2162:
2161:of the bank.
2160:
2159:balance sheet
2156:
2152:
2148:
2144:
2140:
2130:
2128:
2127:monetary base
2124:
2118:
2116:
2115:monetary base
2112:
2108:
2107:central banks
2104:
2100:
2099:central banks
2095:
2093:
2089:
2085:
2080:
2078:
2074:
2070:
2066:
2062:
2058:
2057:
2051:
2047:
2043:
2039:
2035:
2028:
2022:
2012:
2010:
2006:
2002:
1998:
1994:
1990:
1986:
1982:
1978:
1974:
1969:
1967:
1963:
1959:
1954:
1948:
1946:
1942:
1938:
1933:
1931:
1927:
1923:
1919:
1918:Bank reserves
1915:
1911:
1907:
1903:
1892:
1887:
1885:
1880:
1878:
1873:
1872:
1870:
1869:
1864:
1854:
1852:
1847:
1842:
1840:
1837:
1836:
1835:
1834:
1827:
1824:
1822:
1819:
1817:
1814:
1812:
1809:
1807:
1804:
1803:
1800:
1795:
1794:
1783:
1780:
1778:
1775:
1773:
1770:
1768:
1765:
1764:
1763:
1762:
1757:
1756:Financial law
1754:
1750:
1745:
1744:
1733:
1730:
1728:
1725:
1723:
1720:
1718:
1715:
1713:
1712:Basel Accords
1710:
1708:
1705:
1704:
1703:
1702:
1699:
1696:
1695:
1690:
1687:
1686:
1682:
1679:
1677:
1674:
1672:
1669:
1667:
1664:
1662:
1659:
1657:
1654:
1652:
1649:
1648:
1644:
1639:
1638:
1627:
1624:
1622:
1619:
1614:
1611:
1608:
1604:
1601:
1600:
1598:
1593:
1590:
1588:
1585:
1584:
1582:
1581:
1580:
1579:
1576:
1573:
1572:
1567:
1564:
1559:
1556:
1554:
1551:
1550:
1548:
1546:
1543:
1542:
1541:
1540:
1537:
1534:
1533:
1528:
1523:
1522:
1512:
1509:
1507:
1504:
1503:
1501:
1499:
1496:
1494:
1491:
1489:
1485:
1482:
1481:
1478:
1473:
1472:
1461:
1458:
1456:
1453:
1451:
1450:Tax inversion
1448:
1446:
1443:
1440:
1437:
1436:
1435:
1434:
1431:
1428:
1427:
1422:
1419:
1417:
1414:
1412:
1409:
1407:
1404:
1403:
1402:
1401:
1397:
1396:
1391:
1388:
1386:
1383:
1381:
1378:
1376:
1373:
1371:
1368:
1366:
1363:
1361:
1358:
1356:
1353:
1351:
1348:
1346:
1343:
1342:
1341:
1340:
1336:
1335:
1330:
1325:
1324:
1316:
1315:Synthetic CDO
1313:
1311:
1308:
1306:
1303:
1301:
1298:
1296:
1293:
1291:
1288:
1287:
1282:
1279:
1277:
1274:
1272:
1268:
1265:
1264:
1260:
1257:
1255:
1252:
1250:
1247:
1245:
1242:
1240:
1237:
1235:
1232:
1230:
1227:
1225:
1222:
1220:
1217:
1214:
1210:
1207:
1205:
1202:
1200:
1197:
1195:
1192:
1190:
1187:
1186:
1182:
1177:
1176:
1165:
1162:
1160:
1157:
1155:
1152:
1151:
1150:
1149:
1146:
1143:
1142:
1137:
1134:
1132:
1129:
1125:
1124:institutional
1122:
1121:
1120:
1117:
1115:
1112:
1110:
1107:
1105:
1102:
1101:
1100:
1099:
1096:
1093:
1092:
1087:
1084:
1082:
1079:
1077:
1074:
1072:
1069:
1066:
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1045:
1042:
1040:
1037:
1035:
1032:
1030:
1029:Capital asset
1027:
1025:
1022:
1020:
1017:
1015:
1012:
1011:
1010:
1009:
1006:
1003:
1002:
997:
992:
991:
987:
983:
982:
979:
976:
975:
971:
967:
966:
956:
951:
949:
944:
942:
937:
936:
934:
933:
928:
924:
920:
918:
910:
908:
900:
899:
898:
897:
890:
889:
886:
885:Watered stock
883:
881:
878:
876:
873:
871:
868:
866:
865:Systemic risk
863:
861:
858:
856:
853:
851:
848:
846:
843:
841:
838:
836:
833:
831:
828:
826:
825:List of banks
823:
821:
818:
814:
811:
809:
806:
804:
801:
799:
796:
794:
791:
790:
789:
786:
784:
781:
779:
776:
774:
771:
769:
766:
764:
761:
759:
756:
754:
751:
749:
746:
744:
743:Asset pricing
741:
740:
734:
733:
722:
719:
717:
714:
712:
709:
707:
704:
702:
699:
697:
694:
692:
689:
687:
684:
682:
679:
677:
674:
672:
669:
667:
664:
662:
659:
657:
654:
652:
649:
647:
644:
642:
639:
637:
634:
632:
629:
627:
624:
622:
619:
617:
614:
612:
609:
607:
604:
600:
597:
595:
592:
590:
587:
585:
582:
580:
577:
575:
572:
570:
567:
565:
562:
560:
557:
556:
555:
552:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
514:Eco-investing
512:
510:
507:
505:
504:Disinvestment
502:
500:
497:
495:
492:
490:
487:
485:
484:Capital asset
482:
480:
477:
475:
472:
470:
467:
465:
462:
460:
457:
453:
450:
448:
445:
444:
443:
440:
439:
438:
437:
429:
428:
421:
418:
416:
413:
411:
408:
406:
403:
399:
396:
395:
394:
391:
389:
386:
384:
381:
379:
376:
372:
369:
367:
364:
363:
362:
359:
355:
352:
350:
347:
346:
345:
342:
340:
337:
335:
332:
331:
325:
324:
313:
310:
308:
305:
303:
300:
298:
295:
294:
293:
292:
288:
287:
284:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
255:
254:
253:
249:
248:
243:
240:
236:
231:
230:
225:
224:
218:
215:
213:
210:
208:
205:
203:
200:
198:
195:
193:
190:
188:
185:
183:
180:
178:
175:
173:
170:
168:
167:Participation
165:
163:
160:
158:
155:
153:
150:
148:
147:Middle market
145:
143:
140:
138:
135:
133:
130:
128:
125:
123:
120:
118:
115:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
83:
80:
78:
77:Bulge bracket
75:
73:
70:
68:
65:
64:
58:
57:
52:
48:
42:
38:
37:
34:
31:
30:
27:
23:
22:
19:
4081:
4074:
4067:
4058:
4047:, New York,
4044:
4034:
4017:
4004:
3985:. New York:
3981:
3967:
3928:
3921:
3902:
3896:
3877:
3868:
3856:. Retrieved
3852:
3842:
3830:
3807:
3801:
3788:
3779:
3767:
3755:. Retrieved
3751:
3741:
3732:
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3072:Chicago plan
3048:Money portal
3034:Banks portal
3011:
3008:Adair Turner
3006:
3003:Descriptions
2989:embezzlement
2971:
2939:
2909:
2889:
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2857:
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2848:Total Assets
2847:
2840:
2836:Total Equity
2835:
2780:
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2636:
2631:
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2510:confidence.
2508:
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2441:Central bank
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2377:Money supply
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2222:money supply
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1985:central bank
1977:money supply
1970:
1949:
1934:
1926:central bank
1920:are held as
1901:
1900:
1752:
1681:Money supply
1666:Full-reserve
1660:
1651:Central bank
1511:Student loan
1486: /
1398:Transactions
1209:Time deposit
1095:Participants
1024:Asset growth
798:participants
671:Pension fund
605:
479:Asset growth
474:Bank secrecy
349:Bill payment
268:Money-market
238:
221:
102:Credit union
18:
4075:Bank Credit
3982:End the Fed
3858:30 November
3290:Brad DeLong
2936:Instability
2719:Provisions
2632:Liabilities
2307:broad money
2065:paper money
1945:Anglosphere
1219:Credit line
1181:Instruments
1076:Real estate
1039:Derivatives
830:Market risk
721:Toxic asset
691:Speculation
579:engineering
117:Development
97:Cooperative
4146:Categories
3878:100% Money
3757:8 November
3645:4 November
3452:4 November
3122:References
2929:See also:
2919:Commentary
2423:Regulation
2401:See also:
2088:insolvency
2048:for their
2042:goldsmiths
2025:See also:
1987:(or other
1981:base money
1749:Regulation
1553:Operations
1506:Retirement
1345:Accounting
1229:Derivative
1136:Speculator
968:Part of a
803:regulation
452:management
447:allocation
344:Electronic
137:Industrial
132:Investment
112:Depository
87:Commercial
53:) operated
4035:Economica
3973:Paul, Ron
3948:807678778
3640:0953-8259
3583:Economics
3152:cite book
3067:Basel III
3013:ex nihilo
2807:Reserves
2574:dividends
2572:Reducing
2429:bank runs
2303:heuristic
2155:liability
2084:creditors
2009:inflation
1953:liquidity
1811:Recession
1772:ISO 31000
1455:Tax haven
1329:Corporate
1244:Insurance
1239:Indemnity
1145:Locations
1034:Commodity
783:Financial
574:economics
554:Financial
420:BRICS PAY
212:Wholesale
207:Universal
107:Custodian
4100:Archived
4043:(1960),
3975:(2009).
3957:Archived
3954:PDF here
3876:(1997).
3599:Archived
3467:McLeay.
3305:Archived
3253:Archived
3062:Basel II
3020:See also
2997:Ron Paul
2879:The key
2503:bank run
2461:Minimum
2454:Minimum
2183:clearing
2147:checking
2139:bailment
2103:Riksbank
2092:bank run
2027:Banknote
1962:bank run
1910:deposits
1587:Taxation
1477:Personal
1430:Taxation
1305:Security
1259:Mortgage
1119:Investor
907:Category
599:services
584:forecast
559:analysis
464:Bad debt
250:Accounts
235:Accounts
172:Payments
162:Offshore
142:Merchant
67:Advising
4152:Banking
2863:107,787
2853:107,787
2744:87,878
2736:14,607
2666:35,231
2652:25,482
2318:Formula
2157:on the
2077:bullion
2050:deposit
2015:History
1906:banking
1839:Outline
1643:Banking
1607:balance
1605: (
1337:General
1269: (
1224:Deposit
1044:Domains
996:Markets
978:Finance
917:Commons
594:planner
564:analyst
312:Prepaid
273:Savings
263:Deposit
197:Savings
182:Private
157:Neobank
82:Central
33:Banking
4122:Portal
3992:
3946:
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3884:
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3230:
2832:3,297
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2796:5,943
2790:1,045
2781:99,084
2764:2,062
2750:2,775
2716:4,771
2708:1,351
2702:1,887
2694:4,924
2688:3,563
2680:3,170
2674:1,797
2660:2,809
2622:Assets
2458:(RRRs)
2280:money.
2073:income
2038:silver
1751:
1603:Budget
1527:Public
1484:Credit
1441:(BEPS)
1276:exotic
1267:Option
1131:Retail
1049:Equity
1005:Assets
970:series
927:Portal
850:Shares
813:system
793:market
354:Mobile
334:Cheque
302:Credit
237:
192:Retail
187:Public
122:Direct
4014:(PDF)
3812:(PDF)
3543:(PDF)
3472:(PDF)
3324:(PDF)
3144:(PDF)
3099:Notes
2993:fraud
2841:8,703
2643:Cash
2637:NZ$ m
2627:NZ$ m
2069:trade
1350:Audit
1300:Stock
1086:Stock
1059:Money
569:asset
442:Asset
432:Terms
393:SWIFT
307:Debit
289:Cards
242:Cards
3990:ISBN
3944:OCLC
3934:ISBN
3907:ISBN
3882:ISBN
3860:2020
3816:ISBN
3759:2023
3667:ISBN
3647:2023
3636:ISSN
3562:ISBN
3454:2023
3372:ISBN
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3228:ISBN
3158:link
2979:and
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2646:201
2569:, or
2541:and
2474:(UK)
2054:see
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2034:gold
1995:and
1922:cash
1676:Loan
1613:Debt
1488:Debt
1271:call
1254:Loan
1194:Cash
1189:Bond
1081:Spot
1019:Bond
808:risk
651:Loan
589:plan
489:Cash
415:SPFS
410:CIPS
388:Giro
366:RTGS
361:Wire
339:Card
72:Banq
3628:doi
2810:83
2804:11
2730:48
2149:or
2145:(a
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544:ESG
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