Analysis of information sources in references of the Wikipedia article "Novčana masa" in Croatian language version.
Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies.
At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time, this monopoly came to be shared with commercial banks, when deposits and their transfer via checks and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking, cashless payment instruments became increasingly used, at the expense of banknotes.
