{
  "title": "Global Liquidity, Risk Premiums and Growth Opportunities",
  "publication": "IMF Working Papers, March 1, 2009",
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  "summary": "This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging market countries, documents their evolution and comovements, and assesses the extent to which such measures are determinants of selected spreads and proxy measures of countries' growth",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Gianni De Nicolo, Iryna V. Ivaschenko\n- Publication type: IMF Working Papers\n- Date: March 1, 2009\n- Series: Working Paper No. 2009/052\n- Issue: 052\n- Volume: 2009\n- Pages: 35\n- DOI: https://doi.org/10.5089/9781451872002.001\n- Stock No: WPIEA2009052\n- ISBN: 9781451872002\n- ISSN: 1018-5941"
    },
    {
      "heading": "Constructed liquidity indicators and scope",
      "content": "- Constructs new indicators of liquidity for:\n  - equity markets\n  - bond markets\n  - money markets\n- Coverage: major advanced and emerging market countries\n- Aim: document evolution and comovements of liquidity measures and assess their role as determinants of selected spreads and proxy measures of countries' growth opportunities"
    },
    {
      "heading": "Main empirical results",
      "content": "- Historical liquidity trends:\n  - Evidence of an historical increase in market liquidity since the early 1990s\n  - Increase in market liquidity attributed in part to advances in international financial integration\n  - Concurrent finding: markets have been increasingly exposed to global systemic liquidity shocks\n- Determinants of spreads:\n  - Liquidity indicators appear to be important determinants of bond spreads in advanced economies\n  - Liquidity indicators appear to be important determinants of EMBI spreads in emerging markets\n- Real effects on growth opportunities:\n  - Improvements in market liquidity have significant real effects\n  - Liquidity indicators have a significant positive impact on proxy measures of countries' growth opportunities"
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Asset and liability management; Financial markets; International liquidity; Liquidity; Liquidity indicators; Liquidity management; Securities markets; Stock markets\n- Selected keywords: bond liquidity indicator; domestic money market liquidity indicator; Global; government bond bond market; government bond liquidity; Growth Opportunities; International liquidity; Liquidity; liquidity effect; liquidity indicator; Liquidity management; liquidity of market; liquidity premium; liquidity shock; market linkage; market liquidity; panel B. government bond bond market; Risk Premiums; Securities markets; Stock markets; WP\n\nIMF Working Paper — Global Liquidity, Risk Premiums and Growth Opportunities, March 1, 2009\n\n---\n\n Content in this bundle\n\n- wp0952\n  - wp0952 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0952 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/global-liquidity-risk-premiums-and-growth-opportunities-22678"
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    "Authors: Gianni De Nicolo, Iryna V. Ivaschenko",
    "Published: March 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451872002.001",
    "Authors: Gianni De Nicolo, Iryna V. Ivaschenko",
    "Publication type: IMF Working Papers",
    "Date: March 1, 2009",
    "Series: Working Paper No. 2009/052",
    "Issue: 052",
    "Volume: 2009",
    "Pages: 35",
    "DOI: https://doi.org/10.5089/9781451872002.001",
    "Stock No: WPIEA2009052",
    "ISBN: 9781451872002",
    "ISSN: 1018-5941",
    "Constructs new indicators of liquidity for:",
    "Coverage: major advanced and emerging market countries",
    "Aim: document evolution and comovements of liquidity measures and assess their role as determinants of selected spreads and proxy measures of countries' growth opportunities",
    "Historical liquidity trends:",
    "Determinants of spreads:",
    "Real effects on growth opportunities:",
    "Subject: Asset and liability management; Financial markets; International liquidity; Liquidity; Liquidity indicators; Liquidity management; Securities markets; Stock markets",
    "Selected keywords: bond liquidity indicator; domestic money market liquidity indicator; Global; government bond bond market; government bond liquidity; Growth Opportunities; International liquidity; Liquidity; liquidity effect; liquidity indicator; Liquidity management; liquidity of market; liquidity premium; liquidity shock; market linkage; market liquidity; panel B. government bond bond market; Risk Premiums; Securities markets; Stock markets; WP",
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