Global liquidity indicators
Updated 17 September 2017
The BIS is now publishing estimates of total US dollar, euro and yen credit at the country-level for 14 emerging market economies. A special feature in the September 2017 BIS Quarterly Review explains these new data.
The term global liquidity is used by the BIS to mean the ease of financing in global financial markets. Credit is among the key indicators of global liquidity and the focus of the global liquidity indicators estimated by the BIS. These indicators constitute part of the BIS's support for the G20's activities.
|Table||BIS Statistics Explorer|
|E2||Total credit to non-bank borrowers by currency of denomination|
|E2.1 US dollar|
|E2.3 Japanese yen|
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See our video on "Global liquidity indicators - what they are and how to find them".
Research and analysis
Global liquidity conditions are analysed in the Highlights section of the March and September issues of the BIS Quarterly Review.
The BIS global liquidity indicators build on work by the Committee on the Global Financial System, which in 2011 published a report on global liquidity.
Explanation of how the global liquidity indicators are constructed.
The following publications provide further information on global liquidity issues:
- "Credit, commodities and currencies" (J Caruana), lecture at the London School of Economics and Political Science, London, February 2016.
- Past BIS commentaries about global liquidity conditions, February 2015, October 2014, March 2014, October 2013
- "Global liquidity: where it stands, and why it matters" (J Caruana), IMFS Distinguished Lecture at Goethe University, Frankfurt, Germany, March 2014.
- "Ebbing global liquidity and monetary policy interactions" (J Caruana), speech at the Central Bank of Chile Fifth Summit Meeting of Central Banks, Santiago, November 2013.
- "The second phase of global liquidity and its impact on emerging economies" (H S Shin), keynote address at Federal Reserve Bank of San Francisco Asia Economic Policy Conference, November 2013.
- "Global liquidity: where do we stand?" (J Caruana), speech at the Bank of Korea Annual Conference, Seoul, June 2013.
- "Understanding global liquidity" (S Eickmeier, L Gambacorta and B Hofmann), BIS Working Papers, no 402, February 2013.
- "Assessing global liquidity from a financial stability perspective" (J Caruana), speech at the 48th SEACEN Governors' Conference and High-Level Seminar, Ulaanbaatar, November 2012.
- "Assessing global liquidity" (D Domanski, I Fender and P McGuire), BIS Quarterly Review, December 2011, pp 57-71.
- "Global credit and domestic credit booms" (C Borio, R McCauley and P McGuire), BIS Quarterly Review, September 2011, pp 43-57.
- "Ten propositions about liquidity crises" (C Borio), CESifo Economic Studies, vol 56, no 1, 2010, pp 70-95. Also available as BIS Working Papers, no 293.
For queries regarding global liquidity indicators, please write to statistics$bis.org (where "$" denotes "@").