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This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank’s foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.

Capital market. --- Liquidity (Economics) --- Foreign exchange rates. --- Banks and banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Assets, Frozen --- Frozen assets --- Capital markets --- Market, Capital --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Rates --- Capital market --- Foreign exchange rates --- Banks and banking --- E-books --- Banks and Banking --- Exports and Imports --- Finance: General --- Money and Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- International Finance: General --- International Monetary Arrangements and Institutions --- Portfolio Choice --- Investment Decisions --- International Investment --- Long-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- International economics --- International liquidity --- Capital inflows --- Monetary aggregates --- Currencies --- Asset and liability management --- Balance of payments --- International finance --- Capital movements --- Money supply --- United States