By Dow, J. C. R.; Saville, I. D.
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Provided that banks remain sufficiently profitable, they should be in a position to increase their capital as needed, either out of undistributed profits or by new issues. The attractiveness of the services offered by banks in competition with other channels of finance must in general limit the profits to be earned in bank intermediation. If expansion of bank lending is constricted by considerations of capital adequacy, therefore, this may be seen as one way in which the forces determining the equilibrium size of the banking system work themselves out.
This shift in relative interest rates may in the later stages of the expansion process prompt a further adjustment in the composition of the stock of financial assets. The yield on long-term assets will now be lower than before in relation to the cost of bank loans. Some of those who have taken bank loans will now wish to issue debt or equity to the public at a price that will tempt people to buy, and will repay loans out of the proceeds. This process may (by analogy with public debt operations) be regarded as 'funding' by the private sector of its shorter-term debt.
That will initiate a cumulative expansion of output and income which will increase savings, and lead to an increase in total holdings of financial assets (or a faster rate of increase than would otherwise occur). Analysis of the effects must then allow not only for changes in the composition of asset holdings, but also for an increase in the total stock. This makes the process more than a static portfolio adjustment. Elucidation of the effects of a relaxation of banks' lending criteria requires an analysis of the financial counterparts of the stage-by-stage multiplier expansion of incomes and expenditure which will be set in train by the increased spending made possible by the increased bank lending.