The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Financial Innovation Pub Date : 2024-04-01 DOI:10.1186/s40854-024-00611-9

Ioannis Andreadis, Athanasios D. Fragkou, Theodoros E. Karakasidis, Apostolos Serletis

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Abstract

In this paper, we compare the dynamics of the growth rates of the original Divisia monetary aggregates, the credit card-augmented Divisia monetary aggregates, and the credit card-augmented Divisia inside monetary aggregates. This analysis is based on the methods of recurrence plots, recurrence quantification analysis, and visual boundary recurrence plots which are phase space methods designed to depict the underlying dynamics of the system under study. We identify the events that affected Divisia money growth and point out the differences among the different Divisia monetary aggregates based on the recurrence and visual boundary recurrence plots. We argue that the broad Divisia monetary aggregates could be used for monetary policy and business cycle analysis as they are exhibiting less fluctuation compared to the narrow Divisia monetary aggregates. They could positively affect policy decisions regarding environmental choices and sustainability. We also point out the changes in the monetary dynamics locating the 2008 global financial crisis and the Covid-19 pandemic.

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基于信用卡的迪维西亚货币总量：基于复现图和视觉边界复现图的分析

在本文中，我们比较了原迪维西亚货币总量、信用卡增强的迪维西亚货币总量以及信用卡增强的迪维西亚内部货币总量的增长率动态。该分析基于递归图、递归量化分析和可视边界递归图等方法，这些相空间方法旨在描述所研究系统的基本动态。我们确定了影响迪维亚货币增长的事件，并根据复现图和视觉边界复现图指出了不同迪维亚货币总量之间的差异。我们认为，广义 Divisia 货币总量可用于货币政策和商业周期分析，因为与狭义 Divisia 货币总量相比，广义 Divisia 货币总量的波动较小。它们可对有关环境选择和可持续性的政策决策产生积极影响。我们还指出了 2008 年全球金融危机和 Covid-19 大流行导致的货币动态变化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Innovation Economics, Econometrics and Finance-Finance

CiteScore

11.40

自引率

11.90%

发文量

审稿时长

5 weeks

期刊介绍： Financial Innovation (FIN), a Springer OA journal sponsored by Southwestern University of Finance and Economics, serves as a global academic platform for sharing research findings in all aspects of financial innovation during the electronic business era. It facilitates interactions among researchers, policymakers, and practitioners, focusing on new financial instruments, technologies, markets, and institutions. Emphasizing emerging financial products enabled by disruptive technologies, FIN publishes high-quality academic and practical papers. The journal is peer-reviewed, indexed in SSCI, Scopus, Google Scholar, CNKI, CQVIP, and more.