這是我們在2017年為澳洲悉尼大學的學妹寫的一篇finance book review的essay範文，首先在開頭部分用introduction的方式來介紹文章的背景信息，提出銀行存款占現代經濟貨幣的大部分。 雖然通過標準貨幣乘數模型來說明銀行存款創建的過程是一種常見的做法，但真實世界中發生的時候卻並不是這樣的場面。
Bank deposits account for the majority part of money in the modern economy. While it is a common practice to illustrate the process of bank deposits’ creation by the standard money multiplier model, what happens in the real world is difference. The article “Money Creation in the Modern Economy” clarifies two common misconceptions in the textbook and elucidates the process and the constrains for money creation in the modern world.
在body部分通過各種分析方式來充實文章的內容，首先，它澄清了銀行存款不像教科書所說的那樣，來自存款人的儲蓄決定。 從銀行的角度來看，存款是他們債務的記錄。 銀行存款是在銀行向借款人的賬戶貸記新貸款時產生的，並在借款人償還貸款時被銷毀。
At first, it clarifies that bank deposits do not, as the textbook said, come from the depositors’ saving decision. From the banks’ perspective, deposits are a record of their liabilities. Bank deposits are created when the bank credits the borrower’s account with new loans, and are destroyed when the borrower pays off the loan. When the consumers save their income in the bank account, they are sacrificing the same amount of expenditure which would have become revenues of other merchants. After aggregation, the total amount of bank money stays the same. Hence the consumers’ saving decision couldn’t alter total amount of bank money in the market. The aggregate level of bank deposits can only be changed by banks making new loans or purchasing assets from the non-bank private sector. The banks are the ultimate creator of bank money. Secondly, the article clarifies that neither do the commercial banks automatically give out loans until the ratio between their banks deposits and reserves attain a certain vale (the money multiplier), nor does the central bank policy target on the amount of base money. In reality, the central bank implements its monetary policy by setting the rate of interest; the banks make decisions on how much to lend according to the conditional of profitability in the market, which in turn depends on the decision of the former. The choice of lending determines the demand for reserves and currency, which are provided by the central bank. Thus, opposite to the depictions in the textbook, the quantity of base money is a consequence, not cause, of the banks’ lending decision.
最後在conclusion的部分給出文章的主要觀點，再次點題，提出銀行資金的創造並非沒有限制。 文章討論了幾個限制。 有的問題在於銀行方面：貸款總量受到市場力量的制約。 由於銀行的利潤來源是他們獲得的貸款利息和他們的存款利息之間的差額，因此個人銀行往往會提供較低的貸款利率來擴大他們的貸款業務，並提高存款利率以吸引足夠的資金去滿足日常流動性需求。
The creation of bank money, however, is no without limit. Three major limits are discussed in the article. The first one lies in the banking side: the total amount of loans are constrained by the market force. Since the source of profit for a bank is the difference between the interest they receive for the loan and the interest they pay for the deposits, individual bank tends to offer lower loan rate for expanding their loan business and higher rate on deposit to attract enough funds for daily liquidity needs. Overtime, as every bank uses this strategy, the profits for the whole industry are squeezed. In order to maintain positive profits and keep the liquidity risk at sustainable level, individual bank have to become more conservative on issuing new loans. This constraining force is stronger as the scale of lending expands, it thus creates a limit for the level of bank deposits in the market. The second limit of money creation comes from the side of borrowers (including households and private businesses). When the borrower uses the newly credited deposit to pay off their existing outstanding loans, the money is quickly destroyed, there is no change to the total amount of bank money. Hence, as the borrowers are continuously paying off their debts, the amount of broad money is constrained. The third and the most important constrain of money creation is the monetary policy of the central bank. Normally the monetary policy starts with an inflation target; according to this target, the central bank sets the interest rate on its reserve, which determines a wide range of interest rates (like interbank loan rate, loan rate for consumers and so on) and profitability of the loan market. Hence the central bank is indirectly controlling the limit of broad money by setting the price of it – interest rate. Apart from that, during periods of financial crisis, the level of economic activity might be so low that the money created in the banking system is not enough for the inflation target. In this case, the central bank could directly inject money into the system through asset purchase(QE) and enlarge the level of broad money. Therefore, in both situations, the central bank operates like the conductor of an orchestra and sets the tone for money creation in the economy.
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