E-mail alert  |  Contact  
Search:       Go  
Background  |   Sponsoring institutions  |   Editorial board   |   Advisory board   |   Associate editors
Call for papers  |   Submission guidelines  |   Editorial process
Current issue  |   Past issues  |  
January 2013 issue
List of authors
 
Bernanke
Gertler, Karadi
Kim, Shin, Yun
Goodhart, Kashyap, Tsomocos, Vardoulakis
Orphanides, Wieland
Trichet
Duffie
Acharya, Sabri Öncü
King
Caruana
Shirakawa
IJCB Home   Read the journal   Past issues
Past issues
2014
 
June
March
2013
 
December
September
June
March
January
2012
 
December
September
June
March
January
2011
 
December
September
June
March
2010
 
December
September
June
March
2009
 
December
September
June
March
2008
 
December
September
June
March
2007
 
December
September
June
March
2006
 
December
September
June
March
2005
 
December
September
May

Monetary Aggregates and the Central Bank’s Financial Stability Mandate

by Hyun Jeong Kima,Hyun Song Shinb,and Jaeho Yunc

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 crossborder banking flows into "demand-pull" and "supply-push" components.

JEL Codes: E43, E44, G21.

 
Full article (PDF, 39 pages 1,396 kb)


a Bank of Korea
b Princeton University
c Ewha Womans University