Arbeitspapier
Understanding global liquidity
We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity indicators. By imposing theoretically motivated sign restrictions on factor loadings, we achieve a structural identification of the factors. The results suggest that global liquidity conditions are largely driven by three common factors and can therefore not be summarised by a single indicator. These three factors can be identified as global monetary policy, global credit supply and global credit demand.
- ISBN
-
978-3-86558-884-5
- Sprache
-
Englisch
- Erschienen in
-
Series: Bundesbank Discussion Paper ; No. 03/2013
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
- Thema
-
global liquidity
monetary policy
credit supply
credit demand
international business cycles
factor model
sign restrictions
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Eickmeier, Sandra
Gambacorta, Leonardo
Hofmann, Boris
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Eickmeier, Sandra
- Gambacorta, Leonardo
- Hofmann, Boris
- Deutsche Bundesbank
Entstanden
- 2013
Ähnliche Objekte (12)
Global liquidity and exchange market pressure in emerging market economies
Interest rate shocks, competition and bank liquidity creation
How safe was the "safe haven"? Financial market liquidity during the 1998 turbulences
An Examination of the Relationship Between Firm Size, Growth and Liquidity in the Neuer Markt
Liquidity and the dynamic pattern of price adjustment: a global view
Banks' regulatory buffers, liquidity networks and monetary policy transmission
Zur Diskussion über den Verbraucherpreisindex als Inflationsindikator: Beiträge zu einem Workshop in der Deutschen Bundesbank
International banking and liquidity risk transmission: Lessons from across countries
The German sub-national government bond market: evolution, yields and liquidity
Relationship lending in the interbank market and the price of liquidity
The transmission of bank liquidity shocks: Evidence from the Eurosystem collateral framework
Cross-border transmission of emergency liquidity
Global liquidity and exchange market pressure in emerging market economies
Interest rate shocks, competition and bank liquidity creation
How safe was the "safe haven"? Financial market liquidity during the 1998 turbulences
An Examination of the Relationship Between Firm Size, Growth and Liquidity in the Neuer Markt
Liquidity and the dynamic pattern of price adjustment: a global view
Banks' regulatory buffers, liquidity networks and monetary policy transmission
Zur Diskussion über den Verbraucherpreisindex als Inflationsindikator: Beiträge zu einem Workshop in der Deutschen Bundesbank
International banking and liquidity risk transmission: Lessons from across countries
The German sub-national government bond market: evolution, yields and liquidity
Relationship lending in the interbank market and the price of liquidity
The transmission of bank liquidity shocks: Evidence from the Eurosystem collateral framework
Cross-border transmission of emergency liquidity
Global liquidity and exchange market pressure in emerging market economies
Interest rate shocks, competition and bank liquidity creation
How safe was the "safe haven"? Financial market liquidity during the 1998 turbulences
An Examination of the Relationship Between Firm Size, Growth and Liquidity in the Neuer Markt
Liquidity and the dynamic pattern of price adjustment: a global view
Banks' regulatory buffers, liquidity networks and monetary policy transmission
Zur Diskussion über den Verbraucherpreisindex als Inflationsindikator: Beiträge zu einem Workshop in der Deutschen Bundesbank
International banking and liquidity risk transmission: Lessons from across countries
The German sub-national government bond market: evolution, yields and liquidity
Relationship lending in the interbank market and the price of liquidity
The transmission of bank liquidity shocks: Evidence from the Eurosystem collateral framework