TY  - BOOK
AU  - Chung,Kyuil
AU  - Lee,Jong-Eun
AU  - Loukoianova,Elena
AU  - Park,Hail
AU  - Shin,Hyun Song
TI  - Global Liquidity through the Lens of Monetary Aggregates
T2  - IMF Working Papers; Working Paper
SN  - 1475514557 :
SN  - 1018-5941
PY  - 2014///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Flows
KW  - imf
KW  - Capital Inflow
KW  - Capital Markets
KW  - Corporate Deposits
KW  - Debt Securities
KW  - General
KW  - Bulgaria
KW  - Japan
KW  - Korea, Republic of
KW  - United States
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/21103-9781475514551/21103-9781475514551/21103-9781475514551.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475514551
ER  -