Global Liquidity through the Lens of Monetary Aggregates [electronic resource] / Kyuil Chung.
Material type: TextSeries: IMF Working Papers; Working Paper ; No. 14/9Publication details: Washington, D.C. : International Monetary Fund, 2014Description: 1 online resource (49 p.)ISBN: 1475514557 :ISSN: 1018-5941Subject(s): Capital Flows | Capital Inflow | Capital Markets | Corporate Deposits | Debt Securities | General | Bulgaria | Japan | Korea, Republic of | United StatesAdditional physical formats: Print Version:: Global Liquidity through the Lens of Monetary AggregatesOnline resources: IMF e-Library | IMF Book Store Abstract: This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank's foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank's foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.
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