## Global Liquidity - Issues for Surveillance

_Policy Papers, March 12, 2014_

## Source details

**Canonical URL:** [Global Liquidity - Issues for Surveillance](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860/bundle-manifest.json)

## Bibliographic details
- Published: March 12, 2014
- Series: Policy Papers

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### Evidence of commonality in global financial conditions
- 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.

### Transmission channels
- Global financial conditions are related to specific drivers through a range of transmission channels, including:
  - Cross-border banking
  - Portfolio flows

### Empirical findings on drivers of flows
- Empirical analysis identifies a range of price and quantity factors that help drive cross-border flows:
  - Measures of risk
  - Bank leverage
  - Interest rates in financial centers

### Role of country-specific policies
- Country-specific policies affect the transmission of global conditions. Policies highlighted include:
  - Exchange rate frameworks
  - Prudential frameworks

### Remaining unknowns and risks going forward
- The paper emphasizes areas where much remains unknown, including:
  - How evolving structures of global funding affect the mechanics of liquidity creation
  - How changing institutions affect the channels of liquidity transmission
  - How ongoing financial innovations affect potential risks going forward

### Subject coverage
- Asset management
- Developed countries
- Emerging markets
- International financial system
- Liquidity
- Monetary policy
- Surveillance

*Global Liquidity - Issues for Surveillance, March 12, 2014 (USA: International Monetary Fund, 0) accessed 9/18/2026*

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## Content in this bundle

- **Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014**
  - [Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_031114.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Liquidity—Issues for Surveillance; IMF Policy Paper; March 11, 2014 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_031114.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/global-liquidity-issues-for-surveillance-pp4860_