| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12127 |
| DP12127 The shifting drivers of global liquidity | |
| Leonardo Gambacorta; Linda Goldberg; Stefan Avdjiev; Stefano Schiaffi | |
| 发表日期 | 2017-07-03 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flow to US monetary policy rose substantially in the immediate aftermath of the Global Financial Crisis, peaked around the time of the 2013 Fed “taper tantrum”, and then partially reverted towards pre-crisis levels. Conversely, the responsiveness of international bank lending to global risk conditions declined considerably post-crisis and became similar to that of international debt securities. The increased sensitivity of international bank flows to US monetary policy has been driven mainly by post-crisis changes in the behaviour of national lending banking systems, especially those that ex ante had less well capitalized banks. By contrast, the post-crisis fall in the sensitivity of international bank lending to global risk was mainly due to a compositional effect, driven by increases in the lending market shares of better-capitalized national banking systems. The post-2013 reversal in the sensitivities to US monetary policy partially reflects the expected divergence of the monetary policy of the US and other advanced economies, highlighting the sensitivity of capital flows to the degree of commonality of cycles and the stance of policy. Moreover, global liquidity fluctuations have largely been driven by policy initiatives in creditor countries. Policies and prudential instruments that reinforced lending banks’ capitalization and stable funding levels reduced the volatility of international lending flows. |
| 主题 | Financial Economics |
| 关键词 | Global liquidity International bank lending International bond flows Capital flows |
| URL | https://cepr.org/publications/dp12127 |
| 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/540938 |
| 推荐引用方式 GB/T 7714 | Leonardo Gambacorta,Linda Goldberg,Stefan Avdjiev,et al. DP12127 The shifting drivers of global liquidity. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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