Hortlund, Per - Economics Institute for Research (SIR), … - 2005
ratio is larger than that of the commercial banks, and if the currency-deposit ratio is sufficiently large, the leakage … if the currency-deposit ratio is
sufficiently large, the leakage effect could dominate the loss-of-clearing effect ….
Key words: Clearing mechanism, Credit expansion, Currency-deposit ratio,
Fiduciary money, Free banking, Leakage, Money …