Global liquidity spillovers in the Asia–Pacific region: policy-driven versus market-driven effects
Chau Le,
Huyen Nguyen,
Duc Vo
Abstract:This research investigates the spillovers of global liquidity to Asia–Pacific countries, focusing on the contradictory effects of policy-driven liquidity created by monetary stances in advanced economies and market-driven liquidity generated by the private banking sector. Our findings stand in sharp contrast to previous studies, showing that shifts in macro-financial indicators in Asia–Pacific economies are predominantly influenced by market-driven shocks rather than those of policy-driven liquidity. Specifica… Show more
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