“Mervyn King, Finance: A Return from Risk”. Bank of England. 2021年3月7日閲覧。 “Banks are dangerous institutions. They borrow short and lend long. They create liabilities which promise to be liquid and hold few liquid assets themselves. That though is hugely valuable for the rest of the economy. Household savings can be channelled to finance illiquid investment projects while providing access to liquidity for those savers who may need it.... If a large number of depositors want liquidity at the same time, banks are forced into early liquidation of assets – lowering their value ...'”
Compare:
Bhole, L. M. (1982). “Commercial Banks”. Financial Institutions and Markets: Structure, Growth and Innovations (4 ed.). New Delhi: Tata McGraw-Hill Education (2004発行). pp. 8–35. ISBN9780070587991. https://books.google.com/books?id=KHeYWnUiXzkC22 August 2020閲覧. "[...] while in the earlier years, long-term deposits financed short-term loans, now relatively short-term deposits finance long-term loans."
The Federal Reserve in Plain English – An easy-to-read guide to the structure and functions of the Federal Reserve System (See page 5 of the document for the purposes and functions)
Page 57 of 'The FED today', a publication on an educational site affiliated with the Federal Reserve Bank of Kansas City, designed to educate people on the history and purpose of the United States Federal Reserve system. The FED today Lesson 6
Reserve Bank of India – Report on Currency and Finance 2004–05 (See page 71 of the full report or just download the section Functional Evolution of Central Banking): The monopoly power to issue currency is delegated to a central bank in full or sometimes in part. The practice regarding the currency issue is governed more by convention than by any particular theory. It is well known that the basic concept of currency evolved in order to facilitate exchange. The primitive currency note was in reality a promissory note to pay back to its bearer the original precious metals. With greater acceptability of these promissory notes, these began to move across the country and the banks that issued the promissory notes soon learnt that they could issue more receipts than the gold reserves held by them. This led to the evolution of the fractional-reserve system. It also led to repeated bank failures and brought forth the need to have an independent authority to act as lender-of-the-last-resort. Even after the emergence of central banks, the concerned governments continued to decide asset backing for issue of coins and notes. The asset backing took various forms including gold coins, bullion, foreign exchange reserves and foreign securities. With the emergence of a fractional-reserve system, this reserve backing (gold, currency assets, etc.) came down to a fraction of total currency put in circulation.
