Narrow Banking with Modern Depository Institutions: Is there a Reason to Panic?
研究了100%准备金要求对存款机构的影响，认为准备金不挤占贷款，其成本可通过央行付息降至零，关键约束在于抵押品可得性。
What would be the effect of imposing a 100 percent reserve requirement to depository institutions? This paper contends that reserves do not compete with loans on the asset side of banks' balance sheets. Thus, they only affect liquidity provision by banks indirectly through their impact on the cost of loan and deposit creation. This cost could be driven to zero if, as the Eurosystem does, central banks remunerated required reserves at the same rate of their refinancing operations. The paper argues that the crucial constraint imposed by a fully backed banking system is collateral availability by depository institutions.