Money out of thin air peer reviewed paper

Here is an article for later reading.

"This study establishes for the first time empirically that banks individually create money out of nothing. The money supply is created as ‘fairy dust’ produced by the banks individually, "out of thin air"."

Can banks individually create money out of nothing? — The theories and the empirical evidence ^☆

article, abstract and read online here:

http://www.sciencedirect.com/science/article/pii/S1057521914001070



PDF here:

http://ac.els-cdn.com/S1057521914001070/1-s2.0-S1057521914001070-main.pdf?_tid=afb9e234-b0ac-11e4-8576-00000aab0f26&acdnat=1423521826_f4796f19196d36de2cc80cb0da3548f3