This paper uses the Flow of Funds accounts to assess the impact of a monetary policy shock on the borrowing and lending activities of different sectors of the economy. Our measures of contractionary monetary policy shocks have the following properties: (i) they are associated with a fall in...

Koreas cross border capital flows have tended to respond negatively in global risk-off episodes, resulting in volatility in the foreign exchange market and occasional policy responses in the form of foreign exchange interventions. We study the relationship between Korean capital flows and global...

This paper studies shock transmission across macroeconomic sectors in the UK, using data from the Bank of England's Flow of Funds statistics. We combine two different approaches to quantify the spread of shocks to assess whether sectors with large bilateral economic linkages as measured through...

This paper studies shock transmission across macroeconomic sectors in the UK, using data from the Bank of England's Flow of Funds statistics. We combine two different approaches to quantify the spread of shocks to assess whether sectors with large bilateral economic linkages as measured through...

The Asian Development Bank COVID-19 Policy Database recently added an entry on sector financial balances (SFBs). This addition to the policy database provides information for 35 economies on the financial positions of the private sector, government sector, and the rest of the world, which by...

This paper shows that low-expense index funds draw investor attention to a fund family, and the investors' subsequent incomplete search within funds in the family raises flows of actively managed funds in the same family by 10%. These spillover effects are more salient among retail investors and...

This study mainly aims to provide an inter-industry analysis through the subdivision of various industries in flow-of-funds (FOF) accounts. Combined with the Financial Statement Analysis data from 2004 and 2005, the Korean FOF accounts are reconstructed to form “from-whom-to-whom” basis FOF...

Some financial supervisors worry that liquidity transformation within the “shadow banking” sector might threaten financial stability. For example, a mutual fund promising overnight liquidity based on illiquid assets (such as corporate bonds) runs the risk of needing to “fire sale” some...

This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address...

Money stock, defined as the sum of coins, notes, demand and time deposits, decisively affects macroeconomic variables such as GDP and price. Yet its true nature has been obscured in economics. Where does it come from? How are they created, and how much? Concerning money creation under the...

This paper develops a discrete-time epidemiological model for the spread of crises across sectors in the United States for the period 1952-2015. It is the first to use an epidemiological approach with macroeconomic (Flow of Funds) data. An extension of the usual one-period Markov model to a...

This paper develops a discrete-time epidemiological model for the spread of crises across sectors in the United States for the period 1952-2015. It is the first to use an epidemiological approach with macroeconomic (Flow of Funds) data. An extension of the usual one-period Markov model to a...

This study mainly aims to provide an inter-industry analysis through the subdivision of various industries in flow-of-funds (FOF) accounts. Combined with the Financial Statement Analysis data from 2004 and 2005, the Korean FOF accounts are reconstructed to form 'from-whom-to-whom' basis FOF...

This paper deals with the financial wealth. It shows, firstly, how it was inserted into the Systems of National Accounts recommended by multilateral institutions, and, in particular, how it is treated by the most recent version of the system (2008). After that, it discusses the evolution and the...

This paper deals with the financial wealth. It shows, firstly, how it was inserted into the Systems of National Accounts recommended by multilateral institutions, and, in particular, how it is treated by the most recent version of the system (2008). After that, it discusses the evolution and the...

This paper employs a flow of funds (FOFs) analysis based on Godley and Lavoie (2007) balance sheet framework using ONS sectoral data for the period between 2007 and 2011. It focuses on two distinct sub-periods (2007-2008 and 2009-2011) to assess the initial effects of mid-2007 financial crisis...

The paper investigates the impact of global liquidity, proxied by funding liquidity, on house prices around the world. Focusing on the repo markets in US, Europe, UK and Japan, we document that changes in liquidity are related to cross-border bank flows and affect house prices. Highlighting the...