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A generalized analysis of global cash flows

Vol. 25, Iss. 12, DECEMBER 2019

Received: 29 October 2019

Received in revised form: 12 November 2019

Accepted: 26 November 2019

Available online: 25 December 2019

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: E42, E50, E58, E59, O42

Pages: 2813–2830

https://doi.org/10.24891/fc.25.12.2813

Smirnov V.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Mulendeeva A.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
alena-mulendeeva@yandex.ru

https://orcid.org/0000-0002-9852-9804

Subject The article focuses on the ontology of cash flows and presents a generalized analysis of global cash flows.
Objectives The study aims to discern the ontology of cash flows worldwide in terms of an impulse and response and determine whether they can be regulated through the aggregate leverage of the banking sector.
Methods The study is based on a holistic approach involving methods of statistical, cluster and neural network analysis.
Results The holistic approach helped identify the ontology of cash flows worldwide in terms of an impulse and response and shows opportunities for regulating it through the aggregate leverage of the banking sector. Based on the generalized analysis of global cash flows, we found that monetary policy of advanced and emerging economies tended to differ. The monetary policy of advanced nations mostly coordinates the dynamics of yield on government bonds and average national unemployment rates and inflation rates, while developing countries focus on the inflationary issue of money by incrementing currency reserves denominated in the currency of advanced nations.
Conclusions and Relevance Cash flows worldwide polarize boundaries of advanced and emerging environments. As the USD is no longer a global means of payment, the global economic space becomes more distorted and anisotropic. The monetary policy of developed nations is more oriented at the dynamics of yield on government bonds with average national unemployment rates by incrementing currency reserves. The findings clarify the ontology of cash flows in the global economic space, creating new competences for evaluating the activity of central banks in terms of monetary policies.

Keywords: cash flows, money aggregate, return on assets, inflationary issue, aggregate leverage

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