Einarsson, Tor; Marquis, Milton H. - 2001
assistance. The opinions expressed in this paper
are those of the authors and do not re
ect the views of the Federal Reserve Bank … of San
Francisco or the Federal Reserve System.
1
Bank Intermediation and Persistent Liquidity E ects in the Presence
of … nanced by banks.
The data indicate that this is not case. Commercial and industrial loans as a percentage
of GDP is …