08064oam 22016694 450 991096122570332120250426110531.09781475512816147551281397814755128091475512805(CKB)2670000000278832(EBL)1607018(SSID)ssj0000952668(PQKBManifestationID)11572705(PQKBTitleCode)TC0000952668(PQKBWorkID)10903566(PQKB)10624519(Au-PeEL)EBL1607018(CaPaEBR)ebr10627053(OCoLC)813303499(IMF)WPIEE2012246(IMF)WPIEA2012246(MiAaPQ)EBC1607018WPIEA2012246(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.9781475512823 1475512821 9781475512793 1475512791 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 developmentAccountingimfAgriculture: Aggregate Supply and Demand AnalysisimfAsset and liability managementimfCapital and Ownership StructureimfEconomic & financial crises & disastersimfEconomic theory & philosophyimfEconomic TheoryimfEconomic theoryimfEconomicsimfFinanceimfFinance, PublicimfFinance: GeneralimfFinancial CrisesimfFinancial crisesimfFinancial reporting, financial statementsimfFinancial Risk and Risk ManagementimfFinancial statementsimfFinancing PolicyimfGeneral Financial Markets: Government Policy and RegulationimfGlobal financial crisis of 2008-2009imfGlobal Financial Crisis, 2008-2009imfGoodwillimfInternational financeimfInternational Financial MarketsimfInternational liquidityimfInvestment DecisionsimfLiquidityimfMacroeconomicsimfPanel Data ModelsimfPortfolio ChoiceimfPricesimfPublic AdministrationimfPublic financial management (PFM)imfPublic Sector Accounting and AuditsimfSpatio-temporal ModelsimfSupply and demandimfSupply shocksimfValue of FirmsimfUnited StatesimfLiquidity (Economics)Economic development.AccountingAgriculture: Aggregate Supply and Demand AnalysisAsset and liability managementCapital and Ownership StructureEconomic & financial crises & disastersEconomic theory & philosophyEconomic TheoryEconomic theoryEconomicsFinanceFinance, PublicFinance: GeneralFinancial CrisesFinancial crisesFinancial reporting, financial statementsFinancial Risk and Risk ManagementFinancial statementsFinancing PolicyGeneral Financial Markets: Government Policy and RegulationGlobal financial crisis of 2008-2009Global Financial Crisis, 2008-2009GoodwillInternational financeInternational Financial MarketsInternational liquidityInvestment DecisionsLiquidityMacroeconomicsPanel Data ModelsPortfolio ChoicePricesPublic AdministrationPublic financial management (PFM)Public Sector Accounting and AuditsSpatio-temporal ModelsSupply and demandSupply shocksValue of Firms332.1532Chen Sally1816455Liu Philip1816456Maechler Andrea1815593Marsh Chris1816457Saksonovs Sergejs1816458Shin Hyun1816459DcWaIMFBOOK9910961225703321Exploring the Dynamics of Global Liquidity4372547UNINA