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Borrowed Reserves and Bank Expansion

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  • J. S. Lawrence

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.

Suggested Citation

  • J. S. Lawrence, 1928. "Borrowed Reserves and Bank Expansion," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 42(4), pages 593-626.
    • Handle: RePEc:oup:qjecon:v:42:y:1928:i:4:p:593-626.
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    File URL: http://hdl.handle.net/10.2307/1882535
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    Cited by:

    1. Gary Richardson, 2006. "Correspondent Clearing and the Banking Panics of the Great Depression," NBER Working Papers 12716, National Bureau of Economic Research, Inc.

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