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Author/Editor:
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Chen, Sally ; Liu, Philip ; Maechler, Andrea ; Marsh, Chris ; Saksonovs, Sergejs ; Shin, Hyun
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Publication Date:
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October 11, 2012
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Electronic Access:
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Free Full text
(PDF file size is 2,090KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers.
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Order a print copy
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Series:
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Working Paper No. 12/246
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Subject(s):
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Liquidity | Demand | Supply | Monetary aggregates | International monetary system
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English
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Publication Date:
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October 11, 2012
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ISBN/ISSN:
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9781475512793/2227-8885
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Format:
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Paper
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Stock No:
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WPIEA2012246
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Pages:
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48
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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