02005cas a2200253 a 4500 AALejournalIMF005613 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451872002 1018-5941 BD-DhAAL BD-DhAAL De Nicolo, Gianni. Global Liquidity, Risk Premiums and Growth Opportunities / Gianni De Nicolo, Iryna Ivaschenko. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging market countries, documents their evolution and comovements, and assesses the extent to which such measures are determinants of selected spreads and proxy measures of countries' growth opportunities. Three main results obtain. First, there is evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liquidity indicators appear to be important determinants of bond spreads in advanced economies and EMBI spreads in emerging markets. Third, improvements in market liquidity have significant real effects, as liquidity indicators have a significant positive impact on proxy measures of countries' growth opportunities. Mode of access: Internet Ivaschenko, Iryna. IMF Working Papers; Working Paper ; No. 2009/052 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/052/001.2009.issue-052-en.xml IMF e-Library