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-June 2024
Statistical commentary / Oct 2024
Developments in latest data for the BIS global liquidity indicators
(Archive of commentaries)
Global liquidity: a new phase?
Dec 2023 / Quarterly Review
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
Selected publications
| Jun 2024 | International finance through the lens of BIS statistics: the global reach of currencies Describes how BIS statistics have a currency dimension, enabling users to track how key currencies are used in international banking and bond markets, and in foreign exchange and derivatives markets |
| 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 |