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Liquidity and Credit Creation

In: Banking and Currency in Hong Kong

Author

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  • Y. C. Jao

    (University of Hong kong)

Abstract

In countries where a central bank exists, the traditional theory of money and credit is that it is a quantity uniquely controlled by the monetary authorities. Given the banks’ reserve ratio and the public’s cash ratio (b and p in the previous chapter), the central bank is said to be able to control the total quantity of money and credit by manipulating the reserve base (vault cash plus balances with the central bank).

Suggested Citation

  • Y. C. Jao, 1974. "Liquidity and Credit Creation," Palgrave Macmillan Books, in: Banking and Currency in Hong Kong, chapter 7, pages 168-200, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-02199-4_7
    DOI: 10.1007/978-1-349-02199-4_7
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