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Global Liquidity through the Lens of Monetary Aggregates

Author: Kyuil Chung

Publisher: International Monetary Fund

Published: 2014-01-24

Total Pages: 49

ISBN-13: 1484383338

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This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank’s foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.

Book Synopsis Global Liquidity through the Lens of Monetary Aggregates by : Kyuil Chung

Download or read book Global Liquidity through the Lens of Monetary Aggregates written by Kyuil Chung and published by International Monetary Fund. This book was released on 2014-01-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank’s foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.

Global Liquidity and Asset Prices

Author: Mr.Charles Frederick Kramer

Publisher: International Monetary Fund

Published: 1999-12-01

Total Pages: 34

ISBN-13: 1451858248

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Much recent commentary suggests that global liquidity has influenced financial conditions in the major international markets to an important degree, and that excess liquidity in one financial center can influence financial conditions elsewhere. Little formal research has addressed these issues, however. In this paper, we use three indexes of liquidity (money growth) in the Group of Seven industrial countries to explore the international dimension of the relationship between liquidity and asset returns. Evidence suggests that an increase in G-7 liquidity is consistent with a decline in G-7 real interest rates and an increase in G-7 real stock returns. There is also evidence of liquidity spillovers across countries.

Book Synopsis Global Liquidity and Asset Prices by : Mr.Charles Frederick Kramer

Download or read book Global Liquidity and Asset Prices written by Mr.Charles Frederick Kramer and published by International Monetary Fund. This book was released on 1999-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much recent commentary suggests that global liquidity has influenced financial conditions in the major international markets to an important degree, and that excess liquidity in one financial center can influence financial conditions elsewhere. Little formal research has addressed these issues, however. In this paper, we use three indexes of liquidity (money growth) in the Group of Seven industrial countries to explore the international dimension of the relationship between liquidity and asset returns. Evidence suggests that an increase in G-7 liquidity is consistent with a decline in G-7 real interest rates and an increase in G-7 real stock returns. There is also evidence of liquidity spillovers across countries.

Managing Elevated Risk

Author: Iwan J. Azis

Publisher: Springer

Published: 2014-12-11

Total Pages: 124

ISBN-13: 9812872841

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This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Book Synopsis Managing Elevated Risk by : Iwan J. Azis

Download or read book Managing Elevated Risk written by Iwan J. Azis and published by Springer. This book was released on 2014-12-11 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Understanding Global Liquidity

Author: Sandra Eickmeier

Publisher:

Published: 2013

Total Pages: 42

ISBN-13:

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Book Synopsis Understanding Global Liquidity by : Sandra Eickmeier

Download or read book Understanding Global Liquidity written by Sandra Eickmeier and published by . This book was released on 2013 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Liquidity - Issues for Surveillance

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-12-03

Total Pages: 63

ISBN-13: 1498343651

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The paper starts by presenting evidence of commonality in global financial conditions. This commonality is then related to specific drivers of global financial conditions through a range of transmission channels, including cross-border banking and portfolio flows. Empirical analysis shows a range of price and quantity factors, including measures of risk, bank leverage, and interest rates in financial centers, to drive in part these flows. Country specific policies, including exchange rate and prudential frameworks, are shown to affect the transmission of global conditions. Much remains unknown though, including how evolving structures of global funding, changing institutions, and ongoing financial innovations affect the mechanics of liquidity creation, the channels of liquidity transmission, and potential risks going forward.

Book Synopsis Global Liquidity - Issues for Surveillance by : International Monetary Fund

Download or read book Global Liquidity - Issues for Surveillance written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-12-03 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper starts by presenting evidence of commonality in global financial conditions. This commonality is then related to specific drivers of global financial conditions through a range of transmission channels, including cross-border banking and portfolio flows. Empirical analysis shows a range of price and quantity factors, including measures of risk, bank leverage, and interest rates in financial centers, to drive in part these flows. Country specific policies, including exchange rate and prudential frameworks, are shown to affect the transmission of global conditions. Much remains unknown though, including how evolving structures of global funding, changing institutions, and ongoing financial innovations affect the mechanics of liquidity creation, the channels of liquidity transmission, and potential risks going forward.

Global Liquidity and Drivers of Cross-Border Bank Flows

Author: Mr.Eugenio Cerutti

Publisher: International Monetary Fund

Published: 2014-04-29

Total Pages: 33

ISBN-13: 1475517726

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This paper provides a definition of global liquidity consistent with its meaning as the “ease of financing” in international financial markets. Using a longer time series and broader sample of countries than in previous studies, it identifies global factors driving cross-border bank flows, alongside country-specific factors. It confirms the explanatory power of US financial conditions, with flows decreasing in market volatility (VIX) and term premia, and increasing in bank leverage, growth in domestic credit and M2. A new finding is that similar variables for other systemic countries – the UK and the Euro Area – are also important, sometimes even more so, consistent with the dominant role of European banks in cross-border banking. Furthermore, recipient country characteristics are found to affect not only the level of country-specific flows, but also the cyclical impact of global liquidity, with sensitivities of flows to banks decreasing with stronger macroeconomic frameworks and better bank regulation, but less so for flows to non-financial firms.

Book Synopsis Global Liquidity and Drivers of Cross-Border Bank Flows by : Mr.Eugenio Cerutti

Download or read book Global Liquidity and Drivers of Cross-Border Bank Flows written by Mr.Eugenio Cerutti and published by International Monetary Fund. This book was released on 2014-04-29 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a definition of global liquidity consistent with its meaning as the “ease of financing” in international financial markets. Using a longer time series and broader sample of countries than in previous studies, it identifies global factors driving cross-border bank flows, alongside country-specific factors. It confirms the explanatory power of US financial conditions, with flows decreasing in market volatility (VIX) and term premia, and increasing in bank leverage, growth in domestic credit and M2. A new finding is that similar variables for other systemic countries – the UK and the Euro Area – are also important, sometimes even more so, consistent with the dominant role of European banks in cross-border banking. Furthermore, recipient country characteristics are found to affect not only the level of country-specific flows, but also the cyclical impact of global liquidity, with sensitivities of flows to banks decreasing with stronger macroeconomic frameworks and better bank regulation, but less so for flows to non-financial firms.

Global Financial Flows in the Pre- and Post-global Crisis Periods

Author: Yoichi Matsubayashi

Publisher: Springer Nature

Published: 2022-09-03

Total Pages: 240

ISBN-13: 9811936137

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This book covers many aspects of excessive expansion of cross-border capital flows underlying the global financial crises that occurred in succession in the form of the subprime mortgage crisis, the collapse of Lehman Brothers, and the European debt crisis. Obtaining a broader picture of financial flows at the global level from various perspectives is essential to comprehensively understand the fundamental causes for a series of global-scale financial crises and to formulate effective policy responses in the future. The topics addressed here include a basic concept and overview of global liquidity in a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging countries, and global demand for US dollars. Offshore bond issuance in BRICs countries, including its implications for the Chinese shadow banking sector, uncovered interest rate parity puzzle, and related policies such as capital controls are covered as well. This book is highly recommended to readers who seek an in-depth and up-to-date integrated overview of the dynamics of today’s globalized financial markets.

Book Synopsis Global Financial Flows in the Pre- and Post-global Crisis Periods by : Yoichi Matsubayashi

Download or read book Global Financial Flows in the Pre- and Post-global Crisis Periods written by Yoichi Matsubayashi and published by Springer Nature. This book was released on 2022-09-03 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers many aspects of excessive expansion of cross-border capital flows underlying the global financial crises that occurred in succession in the form of the subprime mortgage crisis, the collapse of Lehman Brothers, and the European debt crisis. Obtaining a broader picture of financial flows at the global level from various perspectives is essential to comprehensively understand the fundamental causes for a series of global-scale financial crises and to formulate effective policy responses in the future. The topics addressed here include a basic concept and overview of global liquidity in a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging countries, and global demand for US dollars. Offshore bond issuance in BRICs countries, including its implications for the Chinese shadow banking sector, uncovered interest rate parity puzzle, and related policies such as capital controls are covered as well. This book is highly recommended to readers who seek an in-depth and up-to-date integrated overview of the dynamics of today’s globalized financial markets.

The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions

Author: Ms.Yevgeniya Korniyenko

Publisher: International Monetary Fund

Published: 2015-12-30

Total Pages: 48

ISBN-13: 1513515020

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The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan— the Systemic Four—on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.

Book Synopsis The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions by : Ms.Yevgeniya Korniyenko

Download or read book The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions written by Ms.Yevgeniya Korniyenko and published by International Monetary Fund. This book was released on 2015-12-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan— the Systemic Four—on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.

A Regulatory Design for Financial Stability in Hong Kong

Author: Evan Gibson

Publisher: Cambridge University Press

Published: 2022-09

Total Pages: 339

ISBN-13: 1316515621

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The post-2008 financial regulatory reforms do not fully appreciated the critical role of the supervisory model in attaining financial stability.

Book Synopsis A Regulatory Design for Financial Stability in Hong Kong by : Evan Gibson

Download or read book A Regulatory Design for Financial Stability in Hong Kong written by Evan Gibson and published by Cambridge University Press. This book was released on 2022-09 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The post-2008 financial regulatory reforms do not fully appreciated the critical role of the supervisory model in attaining financial stability.

Evolution of the Global Financial Network and Contagion: A New Approach

Author: Ms.Yevgeniya Korniyenko

Publisher: International Monetary Fund

Published: 2018-05-15

Total Pages: 41

ISBN-13: 1484353242

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This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.

Book Synopsis Evolution of the Global Financial Network and Contagion: A New Approach by : Ms.Yevgeniya Korniyenko

Download or read book Evolution of the Global Financial Network and Contagion: A New Approach written by Ms.Yevgeniya Korniyenko and published by International Monetary Fund. This book was released on 2018-05-15 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.