• Mihai Voicu and Irina Mihai

Financial institutions (mainly commercial banks, postal institutions, electronic money institutions) are not issuing money, but are creating it through lending and thus by increasing the speed of circulation of both central bank money and commercial bank money! When a financial user is making cash deposits with a financial institution, the user is changing a claim (on money issued by central bank) with another claim (on money created by financial institution - commercial money or commercial bank
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