Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315964 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Staff Reports No. 1149
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
The period after the Global Financial Crisis (GFC) was characterized by a considerable risk migration within global liquidity flows, away from cross-border bank lending towards international bond issuance. We show that the post-GFC shifts in the risk sensitivities of global liquidity flows are related to the tightness of the balance sheet (capital and leverage) constraints faced by international (bank and nonbank) lenders and to the migration of borrowers across funding sources. We document that the risk sensitivity of global liquidity flows is higher when funding is provided by financial intermediaries that are facing greater balance sheet constraints. We also provide evidence that the post-GFC migration of borrowers from cross-border loans to international debt securities was associated with a decline in the risk sensitivity of global liquidity flows to EME borrowers.
Schlagwörter: 
global liquidity
international bank lending
international bond flows
emerging markets
advanced economies
JEL: 
G10
F34
G21
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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