| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10314 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
