Note and comment. The credit-led supply of deposits and the demand for money: Kaldor's reflux mechanism as previously endorsed by Joan Robinson
重新审视内生信贷货币理论中的难题：当银行存款供给超过需求时，利率差异调整是次要机制，主要机制是卡尔多回流原理，该原理需推广至私人、公共和外部部门，并扩展至所有经济主体。
The purpose of this note is to reconsider the puzzle arising from a theory of endogenous credit-money: if the supply of bank credit is the source of bank deposits, what would occur when the supply of bank deposits exceeds the demand for deposits? It has recently been argued that changes in interest rate differentials would be the primary mechanism through which such an inequality could be reduced back to equality. The argument here is that such a mechanism is a secondary one, akin to Kaldor's reflux principle, which is itself the primary mechanism, when properly generalised to increases in advances generated by the private, the public, and the external sectors, and when reflux is extended to all agents, including households and banks.