Global growth has decelerated over the course of the year under the impact of high energy prices and great uncertainty. Monetary policy, which is being tightened very quickly in view of high inflationary pressure across the board, is now also putting a drag on economic activity. Overall,...

This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of global excess liquidityʺ, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on the...

This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of "global excess liquidity," a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on the...