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Monetary Aggregates and the Central Bank's Financial Stability Mandate

Title
Monetary Aggregates and the Central Bank's Financial Stability Mandate
Authors
Kim, Hyun JeongShin, Hyun SongYun, Jaeho
Ewha Authors
윤재호
SCOPUS Author ID
윤재호scopus
Issue Date
2013
Journal Title
INTERNATIONAL JOURNAL OF CENTRAL BANKING
ISSN
1815-4654JCR Link
Citation
vol. 9, pp. 69 - 107
Publisher
ASSOC INTERNATIONAL JOURNAL CENTRAL BANKING
Indexed
SSCI; SCOPUS WOS scopus
Abstract
Money is the balance sheet counterpart to bank lending. As such, highly procyclical components of money reflect incremental bank lending that may reverse abruptly as financial conditions deteriorate. Components of monetary aggregates that correspond to cross-border banking sector flows depend sensitively on both domestic and global financial factors and display a procyclical pattern that may be utilized in constructing a set of indicators of the vulnerability of the financial system to crises. We illustrate our arguments by drawing on the experience of Korea and by presenting an empirical analysis of cross-border banking flows into "demand-pull" and "supply-push" components.
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사회과학대학 > 경제학전공 > Journal papers
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