Kim, Hyun Jeong; Shin, Hyun Song; Yun, Jacho - In: International Journal of Central Banking 9 (2013) 1, pp. 69-108
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...