NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Shifting Drivers of Global Liquidity

Stefan Avdjiev, Leonardo Gambacorta, Linda S. Goldberg, Stefano Schiaffi

NBER Working Paper No. 23565
Issued in June 2017, Revised in October 2019

---- Acknowledgments ----

Also published as BIS working paper no. 644. The authors thank anonymous referees and Matthieu Bussiere, Stijn Claessens, Catherine Koch, Robert McCauley, Patrick McGuire, Sergio Schmukler, Hyun Song Shin, Cedric Tille, Philip Wooldridge, and participants at the 3rd BIS-CGFS workshop on "Research on global financial stability: the use of BIS international banking and financial statistics" (Basel, May 2016), the ECB-FRB-FRBNY Global Research Forum on International Macroeconomics and Finance (New York, November 2016), Fordham University Macro International Finance Workshop 2017 (New York, April 2017), Chapman Conference on Money and Finance: Systemic Risk and the Organization of the Financial System (Los Angeles, May 2017), Central Bank of Turkey Annual Research Conference (Antalya, December 2017) and seminars at the Federal Reserve Bank of San Francisco and Bocconi University. Linda Goldberg developed parts of this project while visiting the Bank for International Settlements under the Central Bank Research Fellowship Programme. Stefano Schiaffi developed parts of this project during his PhD thesis and while visiting the Bank for International Settlements under the Research Fellowship Programme. Bat-el Berger and Pamela Pogliani provided excellent research assistance. The views expressed are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of New York, the Federal Reserve System, the Bank for International Settlements, the Bank of Italy, or the National Bureau of Economic Research. All errors are our own.

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