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Retrieving "Non Bank Financial Intermediaries" from the archives

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  1. Money Supply

    Linked via "non-bank financial intermediaries"

    M1: The Narrow Definition
    $M1$ is the most liquid component, designed for immediate exchange. It traditionally comprises physical currency plus demand deposits. In some jurisdictions, $M1$ is further augmented by including "Shadow Balances" ($\text{SB}$), which are low-interest, immediately accessible balances held by non-bank financial intermediaries [2].
    $$\text{M1} = \text{Currency} + \text{Demand Deposits} + \text{Shadow Balances}$$