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dc.contributor.authorÖzgür, Gökçeren_US
dc.contributor.authorErtürk, Korkut A.en_US
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_US
dc.publisher|aUniv. of Utah, Dep. of Economics |cSalt Lake City, Utahen_US
dc.relation.ispartofseries|aWorking Paper, University of Utah, Department of Economics |x2008-06en_US
dc.subject.keywordEndogenous Supply of Moneyen_US
dc.subject.keywordBroad Moneyen_US
dc.subject.keywordFinancial Intermediationen_US
dc.subject.keywordAsset Securitizationen_US
dc.titleEndogenous Money in the Age of Financial Liberalizationen_US
dc.typeWorking Paperen_US

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