Procyclicality and monetary aggregates
By: Hyun Song Shin, Kwanho Shin
Contributors: Shin, Kwanho, 1963-; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16836; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16836.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "Financial intermediaries borrow in order to lend.  When credit is increasing rapidly, the traditional deposit funding (core liabilities) is supplemented with other funding (non-core liabilities).  We explore the hypothesis that monetary aggregates reflect the size of non-core and core liabilities and hence convey information on the stage of the financial cycle.  In emerging economies with open capital markets, non-core liabilities of the banking system take the form of short-term foreign exchange liabilities, increasing the vulnerability to the outbreak of "twin crises" where a liquidity crisis is compounded by a currency crisis"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 5/19/2011.

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