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dc.contributor.authorDe Nicolò, Giannien
dc.contributor.authorIvaschenko, Irynaen
dc.date.accessioned2009-04-20-
dc.date.accessioned2009-07-28T08:49:19Z-
dc.date.available2009-07-28T08:49:19Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2598en
dc.subject.jelF36en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordLiquidityen
dc.subject.keywordrisk premiumsen
dc.subject.keywordgrowth opportunitiesen
dc.subject.stwFinanzmarkten
dc.subject.stwMarktliquiditäten
dc.subject.stwGesamtwirtschaftliche Liquiditäten
dc.subject.stwRisikoprämieen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwG-7-Staatenen
dc.subject.stwAufstrebende Märkteen
dc.subject.stwSchwellenländeren
dc.titleGlobal liquidity, risk premiums and growth opportunities-
dc.typeWorking Paperen
dc.identifier.ppn597822425en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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