By Charles R. Geisst (auth.)
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Extra info for A Guide to Financial Institutions
These loans are a good indicator of the amount of inventory financing conducted by business. Since they are normally made on a short-term basis they also provide a leading indication of how businesses view, and are coping with, the economy. Within their lending activities, banks are able to perform one economic function that no other financial institution possesses; the ability to create money. In the example already used, loan making was seen as the asset deployment of a liability, namely a deposit or a CD.
The effect was quite dramatic as the funds grew to sizeable amounts. A conservative estimate of their size by year end 1985 was about $220 billion. 1 shows the growth of the money funds in recent years. This disintermediation put severe pressure on banks' sources of funds and forced many to fund themselves in other ways, the CD market being one prime example. Eventually, legislation was passed to phase-out interest rate ceilings on bank account products so that banks and other depository institutions could compete with this new interest rate environment.
7 The major difference between the Scottish and the English systems is that the Scottish clearers retain the right of note issue. Although the amount of notes they can actually create and circulate is limited, this function nevertheless makes them distinct, although in fact for every note created within their system they must effectively hold a Bank of England note In reserve. The other feature peculiar to the Scottish system is that it uses the London clearing banks as its own depository for working cash balances and keeps little on deposit at the Bank of England.