[hn0]

Richard Werner did empirical tests of the theory you describe, and found it to be false:

https://www.sciencedirect.com/science/article/pii/S105752191...

And

https://www.sciencedirect.com/science/article/pii/S105752191...

Economists at the Bank of England re-ran these tests in an attempt to disprove the above theory and found themselves reaffirming it:

https://www.bankofengland.co.uk/working-paper/2015/banks-are...

It has since been reaffirmed by other central banks, including the Bundesbank

https://www.bundesbank.de/Redaktion/DE/Downloads/Veroeffentl...