theories are identified in the literature. Credit creation theory maintains that each individual bank is capable of creating … money out of thin air, while financial intermediation theory models banks as mere financial intermediaries, collecting … deposits that are to be lent out. Fractional reserve theory argues that each individual bank cannot create money but the …

English Abstract: According to the financial accelerator hypothesis, the effect of credit shock on economic activity …

English Abstract: This paper studies, from a quantity theory of money perspective, the reasons that North Korean … management of its exchange rate, using both domestic and foreign currencies in an analytic model based on the quantity theory of …