Arbeitspapier

A note on money creation in emerging market economies

This paper discusses the money creation mechanisms in emerging markets with special focus on external transactions. We argue that one should not rule out the possibility that fluctuations in the loans-to-deposits and non-core liabilities ratios are driven by the banks. We also argue that, under a flexible exchange rate regime in which the central bank is not trying to accumulate foreign reserves, external transactions are unlikely to contribute significantly to money growth. To make our argument, we analyze a historical episode of these flows in Korea and Russia and conduct a canonical correlation analysis for a cross-section of emerging market economies.

Sprache
Englisch
ISBN
978-952-323-095-8

Erschienen in
Series: BOFIT Discussion Papers ; No. 4/2016

Klassifikation
Wirtschaft
Money Supply; Credit; Money Multipliers
International Finance: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages

Ereignis
Geistige Schöpfung
(wer)
Ponomarenko, Alexey
Ereignis
Veröffentlichung
(wer)
Bank of Finland, Institute for Economies in Transition (BOFIT)
(wo)
Helsinki
(wann)
2016

Handle
Letzte Aktualisierung
20.09.2024, 08:23 MESZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Ponomarenko, Alexey
  • Bank of Finland, Institute for Economies in Transition (BOFIT)

Entstanden

  • 2016

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