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Displaying results 1 to 5 of 5.

  1. Global Liquidity
    Drivers, Volatility and Toolkits
    Author: Goldberg, Linda S.
    Published: June 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions... more

    Access:
    Verlag (lizenzpflichtig)
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    Location:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    No inter-library loan

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    No inter-library loan

     

    Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context of the global financial cycle, depends on the characteristics and vulnerabilities of the institutions providing funding flows. Evidence from across empirical approaches and using granular data provides policy-relevant lessons. International spillovers of monetary policy and risk sentiment through global liquidity evolve in response to regulation, the characteristics of financial institutions, and actions of official institutions around liquidity provision. Strong prudential policies in the home countries of global banks and official facilities reduce funding strains during stress events. Country-specific policy challenges, summarized by the monetary and financial trilemmas, are partially alleviated. However, risk migration across types of financial intermediaries underscores the importance of advancing regulatory agendas related to non-bank financial institutions

     
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  2. Liquidity, Debt Denomination, and Currency Dominance
    Author: Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi
    Published: February 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt contracts. Firms need to trade their revenue streams for the assets required to extinguish their debt obligations. When asset markets... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Freiburg
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt contracts. Firms need to trade their revenue streams for the assets required to extinguish their debt obligations. When asset markets are illiquid, as modeled via endogenous search frictions, firms optimally choose to denominate their debt in the unit of the asset that is easiest to obtain. This gives central importance to the denomination of government-backed assets with the largest safe, liquid, short-term float and to financial market institutions that facilitate safe asset creation. Equilibria with a single dominant currency emerge from a positive feedback cycle whereby issuing in the more liquid denomination endogenously raises its liquidity, incentivizing more issuance. We rationalize features of the current dollar-dominant international financial architecture and relate our theory to historical experiences, such as the prominence of the Dutch florin and pound sterling, the transition to the dollar, and the ongoing debate about the potential rise of the Chinese renminbi

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30984
    Subjects: US-Dollar; Reservewährung; Internationales Währungssystem; Internationaler Finanzmarkt; Verbindlichkeiten; Betriebliche Liquidität; Internationale Liquidität; General; International Monetary Arrangements and Institutions; International Financial Markets; General, International, or Comparative
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  3. Liquidity, debt denomination, and currency dominance
    Author: Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi
    Published: 19 February 2023
    Publisher:  Centre for Economic Policy Research, London

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    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17922
    Subjects: US-Dollar; Reservewährung; Internationales Währungssystem; Internationaler Finanzmarkt; Verbindlichkeiten; Betriebliche Liquidität; Internationale Liquidität; International Currencies; Dollar Dominance; Liquidity; Corporate Debt
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  4. Global liquidity
    drivers, volatility and toolkits
    Author: Goldberg, Linda S.
    Published: [2023]
    Publisher:  Federal Reserve Bank of New York, [New York, NY]

    Global liquidity refers to the volumes of financial flows—largely intermediated through global banks and non-bank financial institutions—that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 207
    Inter-library loan:
    No inter-library loan

     

    Global liquidity refers to the volumes of financial flows—largely intermediated through global banks and non-bank financial institutions—that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context of the global financial cycle, depends on the characteristics and vulnerabilities of the institutions providing funding flows. Evidence from across empirical approaches and using granular data provides policy-relevant lessons. International spillovers of monetary policy and risk sentiment through global liquidity evolve in response to regulation, the characteristics of financial institutions, and actions of official institutions around liquidity provision. Strong prudential policies in the home countries of global banks and official facilities reduce funding strains during stress events. Country-specific policy challenges, summarized by the monetary and financial trilemmas, are partially alleviated. However, risk migration across types of financial intermediaries underscores the importance of advancing regulatory agendas related to non-bank financial institutions.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/284024
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1064 (June 2023)
    Subjects: Internationale Liquidität; Internationaler Finanzmarkt; Internationale Bank; Finanzmarktaufsicht; Internationaler Kredit; Kreditgeschäft; Kapitalmobilität; Geldpolitik; Risikopräferenz; Spillover-Effekt; Finanzkrise; Welt; global liquidity; global dollar cycle; trilemma; exchange market pressure; risk sensitivity; safehaven; capital flows; non-bank financial intermediaries; risk migration
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  5. Global liquidity
    drivers, volatility and toolkits
    Author: Goldberg, Linda S.
    Published: 19 June 2023
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file