In economics, money and credit (credit then being the generic term for all negotiable instruments) are basically seen as competing forms of investment. Any excess demand for money is equivalent to a supply surplus of securities – i.e. excess demand for credit – and vice versa. – See initial fact, economic, endogeneity principle money functions, primary, money supply, money oversupply, inflation. – Cf. Monthly Report of the Deutsche Bundesbank of September 2008, pp. 45 f. (money demand functions; references), Monthly Report of the ECB of October 2011, pp. 67 ff. (money supply and money demand as a function of the economic situation; many overviews).
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