Research and analysis using the BIS global liquidity indicators

Publications featured on this page have been selected for their particular relevance to the BIS global liquidity indicators. They include working papers, articles from BIS Quarterly Reviews and the latest statistical commentary.

Selected publications

Dec 2023	Global liquidity: a new phase? Documents the evolution of global liquidity over the past 20 years which suggests distinct phases, marked by changes in foreign currency credit following major shifts in the macro-financial environment
Jun 2020	International dimensions of EME corporate debt Presents corporates' external and foreign currency debt for key emerging market economies
Sep 2018	Global liquidity: changing instrument and currency patterns Documents the post-crisis shift from bank loans to debt securities and the rise of the US dollar
Sep 2017	Recent enhancements to the BIS statistics Describes the country-level estimates for the global liquidity indicators
Jun 2017	The shifting drivers of global liquidity Examines the importance of US monetary policy and global risk aversion as drivers of global liquidity
Apr 2017	Accounting for global liquidity: reloading the matrix Connects the movement in exchange rates with changes in cross-border lending and investment
Dec 2016	Does the financial channel of exchange rates offset the trade channel? Compares the effects of exchange rate movements through the trade channel with the effects through the financial channel
Feb 2016	Credit, commodities and currencies Presents a longer-term, global perspective about the vulnerabilities facing financial markets and the global economy
Dec 2015	Dollar credit to emerging market economies Profiles the US dollar debt incurred by borrowers in a dozen prominent emerging market economies
Jan 2015	Global dollar credit: links to US monetary policy and leverage Analyses the links between US monetary policy, leverage and flows into bond funds, on the one hand, and dollar credit extended to non-US borrowers, on the other
Mar 2014	Global liquidity: where it stands, and why it matters Examines global financial system developments in the context of global liquidity and financial cycles
Feb 2013	Understanding global liquidity Explores the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables
Dec 2011	Assessing global liquidity Makes the case for a consistent framework that takes into account all phases of global liquidity cycles
Nov 2011	Global liquidity - concept, measurement and policy implications Analyses global liquidity from a financial stability perspective, including the determinants of private sector liquidity and possible policy responses
Sep 2011	Global credit and domestic credit booms Investigates the relation between US dollar credit and domestic credit booms outside the United States