{
  "title": "Global Liquidity - Issues for Surveillance",
  "publication": "Policy Papers, March 12, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860",
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  "summary": "The paper starts by presenting evidence of commonality in global financial conditions. This commonality is then related to specific drivers of global financial conditions through a range of transmission channels, including cross-border banking and portfolio flows.",
  "sections": [
    {
      "heading": "Evidence of commonality in global financial conditions",
      "content": "- The paper presents evidence of commonality in global financial conditions.\n- This commonality is used as the basis for further analysis of drivers and transmission mechanisms."
    },
    {
      "heading": "Transmission channels",
      "content": "- Global financial conditions are related to specific drivers through a range of transmission channels, including:\n  - Cross-border banking\n  - Portfolio flows"
    },
    {
      "heading": "Empirical findings on drivers of flows",
      "content": "- Empirical analysis identifies a range of price and quantity factors that help drive cross-border flows:\n  - Measures of risk\n  - Bank leverage\n  - Interest rates in financial centers"
    },
    {
      "heading": "Role of country-specific policies",
      "content": "- Country-specific policies affect the transmission of global conditions. Policies highlighted include:\n  - Exchange rate frameworks\n  - Prudential frameworks"
    },
    {
      "heading": "Remaining unknowns and risks going forward",
      "content": "- The paper emphasizes areas where much remains unknown, including:\n  - How evolving structures of global funding affect the mechanics of liquidity creation\n  - How changing institutions affect the channels of liquidity transmission\n  - How ongoing financial innovations affect potential risks going forward"
    },
    {
      "heading": "Subject coverage",
      "content": "- Asset management\n- Developed countries\n- Emerging markets\n- International financial system\n- Liquidity\n- Monetary policy\n- Surveillance\n\nGlobal Liquidity - Issues for Surveillance, March 12, 2014 (USA: International Monetary Fund, 0) accessed 9/18/2026\n\n---\n\n Content in this bundle\n\n- Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014\n  - Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860"
    }
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    "Published: March 12, 2014",
    "Series: Policy Papers",
    "The paper presents evidence of commonality in global financial conditions.",
    "This commonality is used as the basis for further analysis of drivers and transmission mechanisms.",
    "Global financial conditions are related to specific drivers through a range of transmission channels, including:",
    "Empirical analysis identifies a range of price and quantity factors that help drive cross-border flows:",
    "Country-specific policies affect the transmission of global conditions. Policies highlighted include:",
    "The paper emphasizes areas where much remains unknown, including:",
    "Asset management",
    "Developed countries",
    "Emerging markets",
    "International financial system",
    "Liquidity",
    "Monetary policy",
    "Surveillance",
    "**Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014**"
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