\begin{array}{lccccccccc}
& \bf{HHs} & \omit\span \textendash\textendash\textendash\textendash\bf{Firms}\textendash\textendash\textendash\textendash & \omit\span \textendash\textendash\textendash\textendash\bf{Banks}\textendash\textendash\textendash\textendash &\bf{Govt.} & \omit\span \textendash\textendash\textendash\textendash\text{\bf CB}\textendash\textendash\textendash\textendash & \bf{\Sigma}  \\

& & \text{\it Current} & \text{\it Capital} & \text{\it Current} & \text{\it Capital} & & \text{\it Current} & \text{\it Capital} \\

\text{Investments} &&&&&&&&& 0 \\
\text{Wages} &&&&&&&&& 0 \\
\Delta \; \text{Loans} & & & +\Delta L_f & & -\Delta L_f & & & & 0\\
\Delta \; \text{Deposits} & & & -\Delta M_f & & +\Delta M & & & & 0\\
\;\;\;\;\bf{\Sigma} & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0\\   
\end{array} \\ \\

\qquad\qquad\qquad\qquad\qquad\qquad\qquad\quad \bf{Stage 1: Loans Create Deposits}