On the Nature of Banks
对比了银行作为金融中介与通过货币创造融资两种观点，论证后者更符合现代银行实际，并探讨其对经济分析和银行影响经济活动的启示。
Summary Two views exist regarding the nature of the banking business. The dominant view defines banks as financial intermediaries – institutions in the business of transferring money from savers to borrowers. An alternative view advances that banks finance borrowers via money creation. I explain the differences between these two views and argue for the superiority of the latter one as a description of modern banking. I discuss the implications for economic analysis and explain how the connection between bank lending and money creation helps us understand the effects of banking on economic activity.