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Serie Banca Central Volumen 20: Global Liquidity, Spillovers to Emerging Markets and Policy Responses

Serie Banca Central Volumen 20: Global Liquidity, Spillovers to Emerging Markets and Policy Responses

Global liquidity has become a popular concept in academic and policy discussions of recent years. This concept captures overall “ease of financing” prevalent in the world economy (Caruana, 2013) and it is usually mentioned as a possible cause of capital inflows, global imbalances, excessive credit expansion, high asset prices, and exchange rate appreciations that could pose risks for price and financial stability around the world, but most particularly in emerging market economies. The importance of global liquidity in academic and policy discussions suggests that global liquidity and its drivers are not only relevant but also determinant for international financial stability, both in the build-up phase for vulnerabilities and when any resulting financial imbalances unwind. With increasing financial integration, global financial conditions have a growing impact on domestic economic conditions, affecting international capital flows and the dynamics of credit, financial asset and property prices in financially integrated economies. Global liquidity can also contribute to the build-up of financial system vulnerabilities in economies with distorted financial markets, which may result in large mismatches across currencies and maturities. Periods of lax financial conditions have usually been followed by periods of lower liquidity. Shortages of global liquidity can have major implications for economic growth, as was experienced in the 2008–09 period.

Idioma: Inglés

Editado por: Claudio Raddatz, Diego Saravia, Jaume Ventura

Edición: Julio 2015

$15.000

Disponible gratuitamente en formato digital en Repositorio Digital y Sitio Web Institucional.

Obra perteneciente a la Colección de Pinturas del Banco Central de Chile: "Marina" de Antonio Smith (Óleo sobre tela, 150 x 254 cm.)