LEADER 07929oam 22016094 450 001 9910820496503321 005 20240402045656.0 010 $a1-4755-1281-3 010 $a1-4755-1280-5 035 $a(CKB)2670000000278832 035 $a(EBL)1607018 035 $a(SSID)ssj0000952668 035 $a(PQKBManifestationID)11572705 035 $a(PQKBTitleCode)TC0000952668 035 $a(PQKBWorkID)10903566 035 $a(PQKB)10624519 035 $a(Au-PeEL)EBL1607018 035 $a(CaPaEBR)ebr10627053 035 $a(OCoLC)813303499 035 $a(IMF)WPIEE2012246 035 $a(IMF)WPIEA2012246 035 $a(MiAaPQ)EBC1607018 035 $a(EXLCZ)992670000000278832 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aExploring the Dynamics of Global Liquidity /$fSally Chen, Philip Liu, Andrea Maechler, Chris Marsh, Sergejs Saksonovs, Hyun Shin 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (48 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-1282-1 311 $a1-4755-1279-1 320 $aIncludes bibliographical references. 327 $aCover; 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 Shocks 327 $a3. 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 Liquidity 327 $a7. 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; Tables 327 $a1. 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; References 330 3 $aThis paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers. . 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/246 606 $aLiquidity (Economics) 606 $aEconomic development 606 $aAccounting$2imf 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aEconomic Theory$2imf 606 $aFinancial Crises$2imf 606 $aInternational Financial Markets$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $a'Panel Data Models$2imf 606 $aSpatio-temporal Models'$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aAgriculture: Aggregate Supply and Demand Analysis$2imf 606 $aPrices$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aFinance$2imf 606 $aEconomic theory & philosophy$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aLiquidity$2imf 606 $aInternational liquidity$2imf 606 $aSupply shocks$2imf 606 $aFinancial statements$2imf 606 $aGlobal financial crisis of 2008-2009$2imf 606 $aAsset and liability management$2imf 606 $aEconomic theory$2imf 606 $aPublic financial management (PFM)$2imf 606 $aFinancial crises$2imf 606 $aEconomics$2imf 606 $aInternational finance$2imf 606 $aSupply and demand$2imf 606 $aFinance, Public$2imf 606 $aGlobal Financial Crisis, 2008-2009$2imf 607 $aUnited States$2imf 615 0$aLiquidity (Economics) 615 0$aEconomic development. 615 7$aAccounting 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aEconomic Theory 615 7$aFinancial Crises 615 7$aInternational Financial Markets 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$a'Panel Data Models 615 7$aSpatio-temporal Models' 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aAgriculture: Aggregate Supply and Demand Analysis 615 7$aPrices 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aFinance 615 7$aEconomic theory & philosophy 615 7$aFinancial reporting, financial statements 615 7$aEconomic & financial crises & disasters 615 7$aLiquidity 615 7$aInternational liquidity 615 7$aSupply shocks 615 7$aFinancial statements 615 7$aGlobal financial crisis of 2008-2009 615 7$aAsset and liability management 615 7$aEconomic theory 615 7$aPublic financial management (PFM) 615 7$aFinancial crises 615 7$aEconomics 615 7$aInternational finance 615 7$aSupply and demand 615 7$aFinance, Public 615 7$aGlobal Financial Crisis, 2008-2009 676 $a332.1532 700 $aChen$b Sally$01645787 701 $aLiu$b Philip$01645788 701 $aMaechler$b Andrea$01636989 701 $aMarsh$b Chris$01645789 701 $aSaksonovs$b Sergejs$01645790 701 $aShin$b Hyun$01645791 801 0$bDcWaIMF 906 $aBOOK 912 $a9910820496503321 996 $aExploring the Dynamics of Global Liquidity$93992481 997 $aUNINA