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  1. Exchange rate fluctuations and the financial channel in emerging economies
    Autor*in: Beckmann, Joscha; Comunale, Mariarosaria
    Erschienen: 27.8.2021
    Verlag:  BOFIT, the Bank of Finland Institute for Emerging Economies, Helsinki

    This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global... mehr

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    This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global liquidity measure as the credit in foreign currencies, and how global liquidity affects GDP growth. We make use of local projections in order to look at the shocks' transmission covering 11 emerging market countries for the period 2000Q1- 2016Q3. We find that foreign denominated credit plays an important macroeconomic role, operating through various transmission channels. The direction of effects depends on country characteristics and is also related to the policy stance among countries. We find that domestic appreciations increase demand regarding foreign credit, implying positive effects on investment and GDP growth. However, this is valid only in the short-run; in the medium-long run, an increase of credit denominated in foreign currency (for instance, due to appreciation) decreases GDP. The financial channel works mostly in the short run except for Brazil, Malaysia, and Mexico, where the trade channel always dominates. Possibly there is a substitution effect between domestic and foreign credit in the case of shocks in exchange rates.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789523233836
    Weitere Identifier:
    hdl: 10419/240389
    Schriftenreihe: BOFIT discussion papers ; 2021, 11
    Schlagworte: emerging markets; financial channel; exchange rates; global liquidity
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. The credit composition of global liquidity
    Autor*in: Herwartz, Helmut; Ochsner, Christian; Rohloff, Hannes
    Erschienen: [2021]
    Verlag:  Philipps-University Marburg, School of Business and Economics, Marburg

    We conceptualize global liquidity as global monetary policy and credit components by means of a large-scale dynamic factor model. Going beyond previous work, we decompose aggregate credit components into credit supply and demand flows directed at... mehr

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    We conceptualize global liquidity as global monetary policy and credit components by means of a large-scale dynamic factor model. Going beyond previous work, we decompose aggregate credit components into credit supply and demand flows directed at businesses, households and governments. We show that this decomposition enhances the understanding of global liquidity considerably. Whereas global government sector credit supply is best understood as a safe-haven lending factor from an investors perspective, lenders supply the businesses and households with credit to maximize profits along the financial cycle. Moreover, the government sector demands credit in times of bust-episodes, whereas private entities demand credit in times of booms. In particular, we find that our global credit estimates explain substantial variance shares of a large panel of international financial aggregates.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10419/234869
    Schriftenreihe: Joint discussion paper series in economics ; no. 2021, 15
    Schlagworte: global liquidity; credit composition; financial cycle; dynamic factor model
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  3. Global liquidity and household credit
    Autor*in: Bahadir, Berrak; Valev, Neven T.
    Erschienen: January, 2021
    Verlag:  Florida International University, Department of Economics, [Miami, FL]

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    Schriftenreihe: Working papers / Florida International University, Department of Economics ; 2106
    Schlagworte: Consumer credit; household credit; global liquidity
    Umfang: 1 Online-Ressource (circa 19 Seiten)
  4. Exchange rate fluctuations and the financial channel in emerging economies
    Autor*in: Beckmann, Joscha; Comunale, Mariarosaria
    Erschienen: 2020
    Verlag:  Lietuvos Bankas, Vilnius

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    Schriftenreihe: Working papers series / Lietuvos Bankas ; No.2020,83
    Schlagworte: emerging markets; financial channel; exchange rates; global liquidity
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  5. Dollar beta and stock returns
    Autor*in: Bruno, Valentina; Shim, Ilhyock; Shin, Hyun Song
    Erschienen: February 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Sprache: Englisch
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    Schriftenreihe: BIS working papers ; no 1000
    Schlagworte: global liquidity; pricing factor; emerging market; exchange rate
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  6. The dollar debt of companies in latin america
    the warning signs
    Autor*in: Giraldo, Iader; Turner, Philip
    Erschienen: March 2022
    Verlag:  National Institute of Economic and Social Research, London

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    Schriftenreihe: NIESR discussion paper ; no. 534 (3 March 2022)
    Schlagworte: Non-financial corporate debt; Latin America; currency mismatches; global liquidity; corporate balance sheets; FSB; IMF; BIS
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. Global liquidity
    drivers, volatility and toolkits
    Autor*in: Goldberg, Linda S.
    Erschienen: [2023]
    Verlag:  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... mehr

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    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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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/284024
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1064 (June 2023)
    Schlagworte: 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
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. International banking and nonbank financial intermediation
    global liquidity, regulation, and implications
    Autor*in: Buch, Claudia M.; Goldberg, Linda S.
    Erschienen: [2024]
    Verlag:  Federal Reserve Bank of New York, [New York, NY]

    Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities of... mehr

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    Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities of liquidity flows to changes in these drivers differ across institutions and have been evolving over time. Microprudential regulation of banks plays a role, influencing leverage and capitalization, changing sensitivities to shocks, and also driving risk migration from banks to nonbank financial institutions. Risk sensitivities and flightiness of global liquidity are now strongest in more leveraged nonbank financial institutions, raising challenges in stress episodes. Current policy initiatives target linkages across different types of financial institutions and associated risks. Meanwhile, significant gaps remain. This paper concludes by discussing policy options for addressing systemic risk in banks and nonbanks.

     
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    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1091 (March 2024)
    Schlagworte: international bank; nonbank financial institution; global liquidity; regulation; prudential policy
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  9. Global liquidity, house prices and the macroeconomy
    evidence from advanced and emerging economies
    Autor*in: Cesa-Bianchi, Ambrogio; Céspedes, Luis Felipe; Rebucci, Alessandro
    Erschienen: 2015
    Verlag:  Bank of England, London

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Bank of England ; 522
    Schlagworte: Capital flows; emerging markets; global liquidity; house prices; external instrumental variables
    Umfang: Online-Ressource (40 S.), graph. Darst.