07929oam 22016094 450 991082049650332120240402045656.01-4755-1281-31-4755-1280-5(CKB)2670000000278832(EBL)1607018(SSID)ssj0000952668(PQKBManifestationID)11572705(PQKBTitleCode)TC0000952668(PQKBWorkID)10903566(PQKB)10624519(MiAaPQ)EBC1607018(Au-PeEL)EBL1607018(CaPaEBR)ebr10627053(OCoLC)813303499(IMF)WPIEE2012246(IMF)WPIEA2012246(EXLCZ)99267000000027883220020129d2012 uf 0engur|n|---|||||txtccrExploring the Dynamics of Global Liquidity /Sally Chen, Philip Liu, Andrea Maechler, Chris Marsh, Sergejs Saksonovs, Hyun Shin1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (48 p.)IMF Working PapersDescription based upon print version of record.1-4755-1282-1 1-4755-1279-1 Includes bibliographical references.Cover; Contents; I. Introduction; II. Literature Review; III. A New Approach to Measuring Global Liquidity; A. Quantity Measures; B. Price Measures; IV. Identifying Drivers of Global Liquidity; A. Aggregate Trends of Core and Noncore Global Liquidity; B. Country-specific Trends of Core and Noncore Liabilities; C. Trends in External Liabilities of Countries to BIS Reporting Banks; V. The Real Impact of Global Liquidity; VI. Conclusion; Boxes; 1. Estimation of the Noncore Liquidity Price Index; 2. Indentifying Demand and Supply Shocks3. A Panel Regression Approach to Assessing the Real Impact of Global Liquidity4. A VAR Approach to Assessing the Real Impact of Global Liquidity; Figures; 1. Total G4 Liquidity in Trillion Dollars and As a Ratio to GDP; 2. National Measures of the Quantity of Liquidity, Ratio to National Nominal GDP; 3. National Measures of the Quantity of Liquidity, Trillion US dollars; 4. Total External Liabilities to BIS Reporting Banks; 5. Nominal GDP Growth Rates; 6. Supply and Demand Shocks, Quantity and Price of Core Global Liquidity7. Supply and Demand Shocks, Quantity and Price of Noncore Global Liquidity8. Supply and Demand Shocks to Liquidity: United States and Euro Area; 9. Country-Specific Supply and Demand Shocks: United Kingdom and Japan; 10. Supply and Demand Shocks: External Liabilities of G4 Economies; 11. Supply and Demand Shocks: External Liabilities of other countries to BIS Reporting Banks; 12. Impact of Core Demand Shock on Real GDP; 13. Impact of Core Supply Shock on Real GDP; 14. Impact of Noncore Demand Shock on Real GDP; 15. Impact of Noncore Supply Shock on Real GDP; Tables1. Unit Root Tests of Liquidity Price and Quantity Indicators2. Estimation of Linear Trends; 3. Impact of Funding Shocks on Growth: Benchmark Model; 4. Impact of Funding Shocks on Growth: Separate Time Periods; 5. Impact of Funding Shocks on Growth: G4-Specific Impacts, Q1 1999-Q1 2011; Appendix: Measuring G4 Core and Noncore Liabilities; ReferencesThis 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. .IMF Working Papers; Working Paper ;No. 2012/246Liquidity (Economics)Economic developmentAccountingimfFinance: GeneralimfMacroeconomicsimfEconomic TheoryimfFinancial CrisesimfInternational Financial MarketsimfGeneral Financial Markets: Government Policy and RegulationimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimf'Panel Data ModelsimfSpatio-temporal Models'imfPortfolio ChoiceimfInvestment DecisionsimfAgriculture: Aggregate Supply and Demand AnalysisimfPricesimfPublic AdministrationimfPublic Sector Accounting and AuditsimfFinanceimfEconomic theory & philosophyimfFinancial reporting, financial statementsimfEconomic & financial crises & disastersimfLiquidityimfInternational liquidityimfSupply shocksimfFinancial statementsimfGlobal financial crisis of 2008-2009imfAsset and liability managementimfEconomic theoryimfPublic financial management (PFM)imfFinancial crisesimfEconomicsimfInternational financeimfSupply and demandimfFinance, PublicimfGlobal Financial Crisis, 2008-2009imfUnited StatesimfLiquidity (Economics)Economic development.AccountingFinance: GeneralMacroeconomicsEconomic TheoryFinancial CrisesInternational Financial MarketsGeneral Financial Markets: Government Policy and RegulationFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwill'Panel Data ModelsSpatio-temporal Models'Portfolio ChoiceInvestment DecisionsAgriculture: Aggregate Supply and Demand AnalysisPricesPublic AdministrationPublic Sector Accounting and AuditsFinanceEconomic theory & philosophyFinancial reporting, financial statementsEconomic & financial crises & disastersLiquidityInternational liquiditySupply shocksFinancial statementsGlobal financial crisis of 2008-2009Asset and liability managementEconomic theoryPublic financial management (PFM)Financial crisesEconomicsInternational financeSupply and demandFinance, PublicGlobal Financial Crisis, 2008-2009332.1532Chen Sally1645787Liu Philip1645788Maechler Andrea1636989Marsh Chris1645789Saksonovs Sergejs1645790Shin Hyun1645791DcWaIMFBOOK9910820496503321Exploring the Dynamics of Global Liquidity3992481UNINA