Copyright© 2008 South-Western, a part of Cengage Learning.. Copyright© 2008 South-Western, a part of Cengage Learning.. Copyright© 2008 South-Western, a part of Cengage Learning.. Copyri
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Pulling Rabbits from Hats: Financial Intermediaries and Money Creation
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Can it Lend?
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Reserves
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Bart Brewster
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to a Cash Loan
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Cash Loan
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with Checking Accounts
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reserved
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National Bank
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Balance Sheet
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after the Loan Is Made, Funds Are Spent, and Check
Is Cleared
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Account Form
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Brewster’s Deposit
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Durrant’s Deposit
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Deposit
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System to Create Money
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Source: Data from Federal Reserve Bank of St Louis, Economic Data—FRED II, http://research.stlouisfed.org/
fred2/ (accessed September 8, 2006).
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of a Loan Is Held as Currency in Circulation
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of a Loan Is Held as Currency in Circulation
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Multiplier
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Redeposits in Near-Money Accounts
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Multiplier
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Near-Money-Deposit Multiplier
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Source: Data from Federal Reserve Bank of St Louis, Economic Data—FRED II, http://research.stlouisfed.org/
fred2/ (accessed September 9, 2006).
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