| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23565 |
| 来源ID | Working Paper 23565 |
| The Shifting Drivers of Global Liquidity | |
| Stefan Avdjiev; Leonardo Gambacorta; Linda S. Goldberg; Stefano Schiaffi | |
| 发表日期 | 2017-07-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The sensitivity of the main global liquidity components, international loan and bond flows, to global factors varied considerably over the past decade. The estimated sensitivity 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 reverted towards pre-crisis levels. Conversely, the responsiveness of international bank lending to global risk conditions declined steadily throughout the post-crisis period. We show that the main driver of the fluctuations in the estimated sensitivities to US monetary policy was the degree of convergence among advanced economy monetary policies. Meanwhile, the post-crisis fall in the sensitivity of international bank lending to global risk was mainly driven by increases in the lending shares of better-capitalized banking systems. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w23565 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581239 |
| 推荐引用方式 GB/T 7714 | Stefan Avdjiev,Leonardo Gambacorta,Linda S. Goldberg,et al. The Shifting Drivers of Global Liquidity. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23565.pdf（914KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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