7  Further discussion on the money-like benefits that are created by near-riskless private assets such as repo can be found in the following: Arvind Krishnamurthy and Annette Vissing-Jorgensen (2012), “The Aggregate Demand for Treasury Debt ,” Journal of Political Economy, vol.
The role played by banks has been analysed under these categories in terms of: (a) prior to the introduction of financial sector reforms; (b) post financial sector reform period and (c) inclusive growth period.