-type fashion. Regarding push factors, our study focuses on the relative importance of global liquidity and economic policy … and developing economies. Global liquidity, economic policy uncertainty and other risk factors, such as the US yield …

tightening. We offer new evidence to confirm these findings, and then propose a theory based on the liquidity of U.S. government … liabilities held by the public. We hypothesize that QE, by increasing liquidity, offers greater flexibility for investors that … investments in illiquid loans to emerging markets. The effect of increasing the liquidity of U.S. government liabilities on …