This may be because the recent financial crisis was caused more by global capital flows than fractional-reserve banking—essentially, credit creation between nations.<ref>{{Cite web|title = Global Imbalances and Financial Fragility |date=January, 2009|url=http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1335713}}</ref> Modern central banks match savings with investment by encouraging credit expansion, which they control via short-term interest rates. In essence, money is loaned into existence without limit, other than interest rates (carefully set by the central bank—usually via [[inflation targeting]]).<ref>{{Cite web|title = Alternative monetary policy instruments, Reserve Bank of New Zealand|url=http://www.rbnz.govt.nz/monpol/review/0096420.pdf}}</ref>
