G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10314
DP10314 Global Liquidity and Drivers of Cross-Border Bank Flows
Stijn Claessens; Lev Ratnovski; Eugenio Cerutti
发表日期2014-12-21
出版年2014
语种英语
摘要This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time series and broader country sample than previous studies. We define global liquidity as non-price determinants of cross-border credit supply, consistent with its meaning as the ?ease of financing? in international financial markets. We find that global liquidity is driven primarily by uncertainty (VIX), US monetary policy (term premia), and UK and Euro Area bank conditions (proxied by leverage and TED spreads). This expands on previous studies by highlighting non-US drivers of global liquidity, and is consistent with the dominant role of European banks in cross-border lending. We also show that borrowing countries can limit their exposures to global liquidity fluctuations through adapting their macro frameworks, capital flow management tools, and bank regulation.
主题Financial Economics
关键词Capital flows Global liquidity International banking
URLhttps://cepr.org/publications/dp10314
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539146
推荐引用方式
GB/T 7714
Stijn Claessens,Lev Ratnovski,Eugenio Cerutti. DP10314 Global Liquidity and Drivers of Cross-Border Bank Flows. 2014.
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