transformation while providing liquidity to private customers who suffer "spending" shocks. We analyze these issues in a nominal …

level of steadystate output, relative to the baseline. The impact of the new liquidity regulation is of a similar order of …

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and … macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common … global factors in the dynamics of liquidity indicators. By imposing theoretically motivated sign restrictions on factor …