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dc.contributor.authorDe Nicolò, Giannien_US
dc.contributor.authorIvaschenko, Irynaen_US
dc.date.accessioned2009-04-20en_US
dc.date.accessioned2009-07-28T08:49:19Z-
dc.date.available2009-07-28T08:49:19Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/26643-
dc.description.abstractThis paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging market countries, documents their evolution and co-movements, 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.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2598en_US
dc.subject.jelF36en_US
dc.subject.jelG15en_US
dc.subject.ddc330en_US
dc.subject.keywordLiquidityen_US
dc.subject.keywordrisk premiumsen_US
dc.subject.keywordgrowth opportunitiesen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwMarktliquiditäten_US
dc.subject.stwGesamtwirtschaftliche Liquiditäten_US
dc.subject.stwRisikoprämieen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwG-7-Staatenen_US
dc.subject.stwAufstrebende Märkteen_US
dc.subject.stwSchwellenländeren_US
dc.titleGlobal liquidity, risk premiums and growth opportunitiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn597822425en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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