Borrowed Reserves and Bank Expansion

J. S. Lawrence

The Quarterly Journal of Economics, 1928, vol. 42, issue 4, 593-626

Abstract: I. Traditional view — The challenge, 596. — II. The position of Phillips; his premises, 598. — III. Primary vs. derivative deposits, 600. — IV. Ratio of derivative deposits to loans, 306. — V. Checks presented which are drawn on same bank, 611. — 63.6 per cent of all checks pass through a clearing operation, not 99 per cent, 612. — VI. A new coefficient of credit expansion, 615. — Coefficient of initial expansion; of secondary expansion, 616. — Of tertiary expansion; coefficient of mediate compound expansion; of ultimate compound expansion, 618. — No analogy to precise physical laws, 621. — Relation to ability of central bank to control expansion, 621. — VII. Influence of cash withdrawals on ability to expand, 623. — Conclusion, 625.

Date: 1928
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