Global liquidity : availability of funds for safe and risky assets /
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| Author / Creator: | Matsumoto, Akito, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2011. |
| Description: | 1 online resource (37 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/11/136 IMF working paper ; WP/11/136. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12499365 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 11/136eb | |
| 100 | 1 | |a Matsumoto, Akito, |e author. |0 http://id.loc.gov/authorities/names/no2005020547 | |
| 245 | 1 | 0 | |a Global liquidity : |b availability of funds for safe and risky assets / |c Akito Matsumoto. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2011. | ||
| 300 | |a 1 online resource (37 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/11/136 | |
| 520 | |a What is global liquidity and how does it affect an economy? The paper addresses that question by looking at liquidity from two different perspectives: global liquidity as availability of funds in safe and risky asset markets. This distinction between safe and risky asset markets is important due to market segmentation, which called for unconventional monetary policy to restore a function of risky asset markets. To analyze the effect of global liquidity, I construct proxy variables and then asses how they affect an emerging economy whose interest rate is affected by a world risk-free rate and a risk premium. Using the data from four major Latin American countries, I find that these two aspects of global liquidity have similar effects on economic performance in emerging market economies except for their effect on inflation. | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; II. A simple theory of global liquidity and measurement; A. Liquidity as Availability of Funds for Safe Assets; B. Liquidity as Availability of Funds for Risky Assets; C. Measure of Global Liquidity; III. Empirical Strategy; A. An SVAR model; B. Domestic Variables; IV. Results; 1. Predicted Responses to Positive Global Liquidity Shocks; 2. Actual Response to Specific Global Liquidity Shocks; 1. Standardized Measure of Global Liquidity and Related Liquidity; 3. Correlation among Global Liquidity Measures. | |
| 505 | 8 | |a 4. Correlation among Global Liquidity Shocks2 Unanticipated Shocks of Liquidity Measure; 3. Impulse Responses to Global Liquidity Shock (World Reserve); 4. Brazil: Impulse Responses to Global Liquidity Shock (World Reserve); 5. Impulse Responses to Global Liquidity Shock (World Reserve); 6. Mexico: Impulse Responses to Global Liquidity Shock (World Reserve); 7. Argentina: Impulse Responses to Global Liquidity Shock (VIX); 8. Brazil: Impulse Responses to Global Liquidity Shock (VIX); 9. Impulse Responses to Global Liquidity Shock (VIX). | |
| 505 | 8 | |a 10. Mexico: Impulse Responses to Global Liquidity Shock (VIX)11. IRF to Global Liquidity Shock (TED); A. Responses to Global Liquidity Shocks; B. What Causes Different Response Among Countries?; 12. IRF to Exchange Rate Shock; 13. IRF to Inflation Shock; V. Conclusion; References; Footnotes. | |
| 546 | |a English. | ||
| 650 | 0 | |a Liquidity (Economics) |x Econometric models. | |
| 650 | 0 | |a Assets (Accounting) |x Prices |x Econometric models. | |
| 650 | 6 | |a Liquidité (Économie politique) |x Modèles économétriques. | |
| 650 | 6 | |a Actif (Comptabilité) |x Prix |x Modèles économétriques. | |
| 650 | 7 | |a Assets (Accounting) |x Prices |x Econometric models. |2 fast |0 (OCoLC)fst00819074 | |
| 650 | 7 | |a Liquidity (Economics) |x Econometric models. |2 fast |0 (OCoLC)fst00999685 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 776 | 0 | 8 | |i Print version: |a Matsumoto, Akito. |t Global Liquidity: Availability of Funds for Safe and Risky Assets. |d Washington : International Monetary Fund, ©2011 |z 9781455264452 |
| 830 | 0 | |a IMF working paper ; |v WP/11/136. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2011/136/001.2011.issue-136-en.xml |y INTERNATIONAL MONETARY FUND |
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