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George Selgin: Intermediaries help balance increased saving with lending at lower rates

George Selgin: Intermediaries help balance increased saving with lending at lower rates
Intermediaries enable lending amid higher saving

George Selgin explains that when intermediaries, such as central banks, function as intended, an increase in saving that results in higher demand for money balances is matched by increased lending at lower interest rates.

He adds that if intermediaries fail to operate effectively, the demand for money declines instead.

Selgin recently commented that solutions targeting supply shocks may only address inflation when such shocks are the cause, not when inflation arises from excess demand, in an earlier analysis of inflation dynamics. In another discussion, he noted that real losses for depositors following the 1934 devaluation were limited since CPI increases remained below 4%, according to his review of historical deposit data. These insights frame his views on the role and effectiveness of monetary intermediaries.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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