The Second Phase of Global Liquidity and Its Impact on Emerging Economies

By Hyun Song Shin. 2013

242 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/a2bd18004ffe52f454b5c5d7c4c75e48fc3a9e30

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

In Finance

Citations in the corpus

Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies (2015, unknown): “House price inflation in advanced economies, however, had taken off about five year earlier, in the mid-1990s (see Figure 2). (15)For a discussion and an empirical analysis of their relative importance see BIS (2011) and Cerutti, Claessens, and Ratnovski (2014), respectively.”
Market Tantrums and Monetary Policy (2014, unknown): “The financial market turbulence in early 2014 associated with emerging market (EM) assets and currencies appears consistent with our analysis, and with the scenarios laid out in Shin (2013) and Turner (2014).”
How Important is the Global Financial Cycle? Evidence from Capital Flows (2017, background): “Notably, flows intermediated through banks have arguably been replaced by corporate bond financing (Shin 2013).”
The Global Long-Term Interest Rate, Financial Risks and Policy Choices in EMEs (2014, background): “Shin, Hyun Song (2013): “The second phase of global liquidity and its impact on emerging economies”.”
Global dollar credit: links to US monetary policy and leverage (2015, unknown): “Shin (2013) emphasises that the remarkable rise in bond market financing in recent years means that bank debt alone cannot be the focus of study in what he calls the second phase of global liquidity.”
Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows (2017, background): “…important transmission channel of U.S. monetary policy to EMEs and, hence, and important component of the global financial cycle.5 In this regard, Shin (2013) refers to the period from the mid 1990s until the financial crisis as the first phase of “global liquidity”, which he defines as a global…”
Capital Flows and Foreign Exchange Intervention (2019, unknown): “Rey (2013), Agrippino and Rey (2013), Shin (2013) and Blanchard et al. (2014) provide evidence of a global financial cycle driving capital flows, asset prices and credit growth across countries.”
Global liquidity and cross-border bank flows (2017, background): “Europe’s role in crossborder credit has been noticed in the literature: Shin (2012) highlights the role of European banks in allocating US dollar funds to Asian borrowers.”
Global Waves of Debt: Causes and Consequences (2021, background): “The current wave has also seen rising demand for EMDE bonds from international investors such as asset managers (Shin 2014).”