BOFIT Discussion Paper 4/2016: A note on money creation in emerging market economies

Alexey Ponomarenko

​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.

Julkaisu on luettavissa kokonaisuudessaan Bofitin verkkosivuilla

 

Tagit: Rahoitus, Ruplan kurssi

Ota yhteyttä

Sivuston ylläpidosta vastaa Aalto-yliopiston kauppakorkeakoulun Kansainvälisten markkinoiden tutkimuskeskus CEMAT (Center for Markets in Transition)

Aalto-yliopisto

Aalto-yliopisto
Kauppakorkeakoulu
Center for Markets in Transition (CEMAT)

Katuosoite

PL 21230 
00076 AALTO

Lapuankatu 2
Helsinki

Ota yhteyttä

Puh. 040 353 8336

cemat(at)aalto.fi

 

Viagra Cialis