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dc.contributor.authorÖzgür, Gökçeren
dc.contributor.authorErtürk, Korkut A.en
dc.date.accessioned2012-09-28T12:40:33Z-
dc.date.available2012-09-28T12:40:33Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/64481-
dc.description.abstractThe paper reports results that show a much weakened statistical relationship between total bank credit, total deposits and the broad money supply for the period after 1995 for the US, where no statistical causation can be discerned in either direction. This has been the result of the changing nature of the credit creation process where banks have acquired almost total independence from required reserves and core deposits in extending credit, and even an ability to circumvent the constraint posed by capital requirements through asset securitization, giving rise to an explosive increase in nonbank intermediation. As a result, the expansion of bank credit did not result in a commensurate increase of bank deposits because financial intermediation spilled over to nondepository institutions, and with the growing importance of nonbank deposits in M3, broad money supply became broader than banks' total deposits.en
dc.language.isoengen
dc.publisher|aThe University of Utah, Department of Economics |cSalt Lake City, UTen
dc.relation.ispartofseries|aWorking Paper |x2008-06en
dc.subject.jelB22en
dc.subject.jelE12en
dc.subject.jelE51en
dc.subject.ddc330en
dc.subject.keywordEndogenous Supply of Moneyen
dc.subject.keywordBroad Moneyen
dc.subject.keywordFinancial Intermediationen
dc.subject.keywordAsset Securitizationen
dc.titleEndogenous Money in the Age of Financial Liberalization-
dc.typeWorking Paperen
dc.identifier.ppn572637438en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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