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Money stock determination process and money multiplier:case of South Korea

机译：金钱股票测定过程和金钱乘法器：韩国案例

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Purpose - This study aims to re-examine the money stock determination process for South Korea under the assumption of the existence of potential asymmetric (non-linear) relations (a mechanism) between the money stock and the monetary base. Because, the true and detailed diagnosis of this mechanism is crucially important for the Bank of Korea's (BOK)' monetary policy, as this country has been adopting an inflation targeting policy (ITP) for a long-time.Design/methodology/approach - This paper applies the non-linear autoregressive distributed lag model by Shin et al. (2014). This model separates the original series of the monetary base into their increases (+) and decreases (-). The increases (+) and decreases (-) done by the BOK correspond to expansionary and contractionary monetary policies, respectively, in this study.Findings - The empirical findings are two-fold. First, the money stock determination process in Korea has a non-linear (asymmetric) structure. This means that increases (+) and decreases (-) in the monetary base have asymmetric (different) impacts on money stock. Second, the BOK's only expansionary monetary policy exhibits exogenous nature money stock determination with an almost stable money multiplier. These findings may help the BOK to take preventive precautions in its monetary policy implementations. Originality/value - This study with its methodology may help the BOK to take preventive measures in its ongoing ITP proactively.
机译：目的 - 本研究旨在根据股票和货币基础之间存在潜在的不对称（非线性）关系（一种机制），重新审视韩国的货币批量确定过程。因为这种机制的真实和详细诊断对于韩国银行的货币政策至关重要，因为这个国家一直采用一个长时间的通货膨胀目标政策（ITP）.Design/methodology/appach - 本文采用Shin等人的非线性自回归分布式滞后模型。 （2014）。该模型将原始系列货币基础分开到它们的增加（+）并减少（ - ）。通过Bok的增加（+）和减少（ - ）分别对应于本研究中的扩张性和收缩货币政策。 - 实证研究结果是两倍。首先，韩国的货币股票测定过程具有非线性（不对称）结构。这意味着增加（+）和下降（ - ）在货币基础上的不对称（不同）对金钱股市的影响。其次，博克的唯一扩张性货币政策展示了几乎稳定的金钱乘法器的外源性本质。这些调查结果可以帮助Bok在货币政策实施中采取预防措施。原创性/价值 - 本研究与其方法可能有助于Bok积极地在其持续的ITP中采取预防措施。

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