"This paper presents the first empirical evidence in the history of banking on the question of whether banks can create money out of nothing. The banking crisis has revived interest in this issue, but it had remained unsettled."

Werner, R.A. (2014) 'Can banks individually create money out of nothing? — The theories and the empirical evidence,' International Review of Financial Analysis, 36, pp. 1–19. https://doi.org/10.1016/j.irfa.2014.07.015. #OpenAccess #OA #History #Economics #Finance #Banking #Bank #Banks #Credit #Money @economics @banking