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Global liquidity, risk premiums and growth opportunities /
This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging market countries, documents their evolution and comovements, and assesses the extent to which such measures are determinants of selected spreads and proxy measures of countries' g...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
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| Colección: | IMF working paper ;
WP/09/52. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging market countries, documents their evolution and comovements, and assesses the extent to which such measures are determinants of selected spreads and proxy measures of countries' growth opportunities. Three main results obtain. First, there is evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liquidity indicators appear to be important determinants of bond spreads in advanced economies and EMBI spreads in emerging markets. Third, improvements in market liquidity have significant real effects, as liquidity indicators have a significant positive impact on proxy measures of countries' growth opportunities. |
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| Descripción Física: | 1 online resource (33 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 16-18). |
| ISBN: | 1282842749 9781282842748 9781451916355 1451916353 1462342663 9781462342662 1452755124 9781452755120 9786612842740 6612842741 1451872003 9781451872002 |
| ISSN: | 2227-8885 ; |