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KAPOUNEK, S. POMĚNKOVÁ, J.
Original Title
Liquidity supply and money velocity co-movements in the Eurozone – Time-Frequency Domain Approach
Type
journal article in Scopus
Language
English
Original Abstract
The authors focus on financial stability in the Eurozone and propose indicator for macro-prudential policy. The empirical part of the paper applies wavelet analysis to identifiy cyclical movements in money velocity and liquidity supply. The cospectrum shows significant co-movements between 6-16 periods. The authors conclude that increase of money velocity supports financial markets to provide provide more credits. A pro-cyclical influence results in a boom which is then followed by a bust is task for macro-prudential policy and anti-cyclical instruments. Identificator based on the money velocity movements has potential function to identify instability pressures at the money market in huge monetary unions with large financial systems, where upper limit of credit money creation is vanished.
Keywords
financial stability, macro-prudential policy, credit money creation, money endogeneity, wavelet analysis
Authors
KAPOUNEK, S.; POMĚNKOVÁ, J.
RIV year
2012
Released
29. 5. 2012
Publisher
Mendelu v Brně
Location
Brno
ISBN
1211-8516
Periodical
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Year of study
60
Number
2
State
Czech Republic
Pages from
109
Pages to
116
Pages count
8
URL
https://acta.mendelu.cz/artkey/acu-201202-0015_liquidity-supply-and-money-velocity-co-movements-in-the-eurozone-time-frequency-domain-approach.php
BibTex
@article{BUT94763, author="Svatopluk {Kapounek} and Jitka {Poměnková}", title="Liquidity supply and money velocity co-movements in the Eurozone – Time-Frequency Domain Approach", journal="Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis", year="2012", volume="60", number="2", pages="109--116", doi="10.11118/actaun201260020109", issn="1211-8516", url="https://acta.mendelu.cz/artkey/acu-201202-0015_liquidity-supply-and-money-velocity-co-movements-in-the-eurozone-time-frequency-domain-approach.php" }