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واسطهٔ مالی
As shown in Williamson (2016), in a world of unregulated banking in which all financial intermediaries can hold reserve accounts, there is no important economic difference between a channel system and a floor system.
But, given how the financial intermediary sector is regulated, and restrictions on which financial intermediaries can hold reserve accounts, there can be important differences between channel systems and floor systems.
As well, retail bank capital requirements (the source of balance sheet costs) further restrict how much these financial intermediaries can borrow against their assets.
Then, production and consumption take place, assets are traded, and economic agents write contracts with financial intermediaries.
Finally, a type a seller can evaluate all types of collateral - currency, government bonds, and reserves, as well as financial intermediary liabilities backed by these assets.
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