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Exploring the Dynamics of Global Liquidity by Sally Chen
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This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers. 
International Monetary Fund; October 2012
47 pages; ISBN 9781475512809
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Title: Exploring the Dynamics of Global Liquidity
Author: Sally Chen; Philip Liu; Andrea M. Maechler; Chris Marsh; Sergejs Saksonovs; Hyun S Shin