The most recent global financial crisis, characterized as a liquidity crunch, began in the U.S. in late 2007 and … quickly spread to other countries. The rapid propagation of the liquidity shock and the severe effects of the crisis on stock … market performance have raised several important questions. Which channels contributed to the transmission of liquidity …

Following previous research which established that liquidity commonality exists within one stock market over a short … period of time, this paper finds that liquidity commonality also exists globally. Utilising a large number of stock exchanges … and a twelve year research time frame, this paper observes that liquidity commonality exists in both developed and …