By Dow, J. C. R.; Saville, I. D.
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Extra resources for A Critique of Monetary Policy
3 continued Financial assets TOTAL of which: Corresponding to liabilities of residents Overseas assets Financial liabilities 1887 1303 584 TOTAL of which: Liabilities to: Residents Non-residents 1829 1303 526 Source: CSO, Financial Statistics. up stocks of real assets (largely houses) and also have claims on companies and government, having lent to them; and the public sector owns real capital considerably in excess of its net debt. Including financial assets held and liabilities owned by financial intermediaries, total financial assets are worth double the real capital stock.
The second sense of equilibrium may be thought of as the scale of intermediation which the banks themselves, given their conventions about risk-taking, think it worth their while to provide. This we will call the 'operative equilibrium point'. The following paragraphs will argue that in a growing economy both the theoretical limit and the operative limit to the size of the banking system are likely to rise progressively. We start with the static concept of the equilibrium scale of the banking 24 The Behaviour of the Financial System system, and then consider the equivalent dynamic concept of its equilibrium rate of growth.
The concept of an equilibrium scale of banking derives from portfolio theory. Taking first the deposits side, deposits are one type among others of financial assets that the public holds. The qualities of different types of financial asset are usually analysed in terms of their liquidity (ease of conversion into money), the relative certainty of their capital value, and the relative certainty of their yield. The price and yield on each type will reflect holders' preferences with respect to such characteristics.