This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging … 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 …

This paper examines the progress made in four Asian transition economies—China, Lao P.D.R., Vietnam, and Mongolia …—to market-based systems. Overall, these economies appear to have had a more favorable experience with inflation stabilization …

There is now a substantial theoretical literature arguing that inflation impedes financial deepening. Furthermore, it … has been hypothesized that the relationship is a nonlinear one, in that there is a threshold level of inflation below … which inflation has a positive effect on financial depth, but above which the effect turns negative. Using a large cross …

provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding …

area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is …Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for …

times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …