Global Liquidity and Drivers of Cross-Border Bank Flows:
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,...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2014
|
| Series: | IMF Working Papers
Working Paper No. 14/69 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | 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 |
| Physical Description: | 1 Online-Ressource (33 p) |
| ISBN: | 1475517726 9781475517729 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
| institution | BVB |
| isbn | 1475517726 9781475517729 |
| language | English |
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| oclc_num | 1337123997 |
| open_access_boolean | |
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| physical | 1 Online-Ressource (33 p) |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Cerutti, Eugenio Verfasser aut Global Liquidity and Drivers of Cross-Border Bank Flows Cerutti, Eugenio Washington, D.C International Monetary Fund 2014 1 Online-Ressource (33 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/69 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 Online-Ausg Claessens, Stijn Sonstige oth Ratnovski, Lev Sonstige oth http://elibrary.imf.org/view/IMF001/21287-9781475517729/21287-9781475517729/21287-9781475517729.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cerutti, Eugenio Global Liquidity and Drivers of Cross-Border Bank Flows |
| title | Global Liquidity and Drivers of Cross-Border Bank Flows |
| title_auth | Global Liquidity and Drivers of Cross-Border Bank Flows |
| title_exact_search | Global Liquidity and Drivers of Cross-Border Bank Flows |
| title_exact_search_txtP | Global Liquidity and Drivers of Cross-Border Bank Flows |
| title_full | Global Liquidity and Drivers of Cross-Border Bank Flows Cerutti, Eugenio |
| title_fullStr | Global Liquidity and Drivers of Cross-Border Bank Flows Cerutti, Eugenio |
| title_full_unstemmed | Global Liquidity and Drivers of Cross-Border Bank Flows Cerutti, Eugenio |
| title_short | Global Liquidity and Drivers of Cross-Border Bank Flows |
| title_sort | global liquidity and drivers of cross border bank flows |
| url | http://elibrary.imf.org/view/IMF001/21287-9781475517729/21287-9781475517729/21287-9781475517729.xml |
| work_keys_str_mv | AT ceruttieugenio globalliquidityanddriversofcrossborderbankflows AT claessensstijn globalliquidityanddriversofcrossborderbankflows AT ratnovskilev globalliquidityanddriversofcrossborderbankflows |