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.

BIS global liquidity indicators at end-December 2023
Statistical commentary / Apr 2024 

Developments in latest data for the BIS global liquidity indicators
(Archive of commentaries)

International dimensions of EME corporate debt
Jun 2020 / Quarterly Review

Presents corporates' external and foreign currency debt for key emerging market economies

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