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The Effects of Global Liquidity on Global Imbalances

Author

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  • Marie-Louise Djigbenou

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Hail Park

Abstract

This paper examines how global liquidity responds to a US (United States) monetary policy shock, and whether global liquidity has effects on global imbalances. To this end we estimate regression and Panel-VARX models using data from the G5 (US, United Kingdom, Euro area, Japan and Canada) and 20 emerging countries. The empirical results show that global liquidity is meaningfully affected by a US monetary shock, and that the effects on global imbalances of global liquidity are significant. The foreign exchange reserves of emerging economies are also found to play a significant role related to global imbalances.

Suggested Citation

  • Marie-Louise Djigbenou & Hail Park, 2016. "The Effects of Global Liquidity on Global Imbalances," Post-Print hal-03897233, HAL.
    • Handle: RePEc:hal:journl:hal-03897233
    DOI: 10.1016/j.iref.2015.10.019
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    Cited by:

    1. Zharova, Alona & Härdle, Wolfgang Karl & Lessmann, Stefan, 2023. "Data-driven support for policy and decision-making in university research management: A case study from Germany," European Journal of Operational Research, Elsevier, vol. 308(1), pages 353-368.
    2. Nady Rapelanoro, 2017. "Hoarding international reserves and global liquidity expansion, what are the links and do they matter?," Working Papers hal-04141660, HAL.

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