Liquidity in the liquidity crisis: evidence from Divisia monetary aggregates in Germany and the European crisis countries

被引：0
|
作者：
El-Shagi, Makram [1 ,2 ]
Kelly, Logan J. [3 ]
机构：
[1] Calif State Univ Long Beach, Long Beach, CA 90840 USA
[2] Halle Inst Econ Res, Halle, Germany
[3] Univ Wisconsin, Madison, WI 53706 USA
来源：
ECONOMICS BULLETIN | 2014年 / 34卷 / 01期
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中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
While there has been much discussion of the role of liquidity in the recent financial crises, there has been little discussion of the use of macroeconomic aggregation techniques to measure total liquidity available to the market. In this paper, we provide an approximation of the liquidity development in six Euro area countries from 2003 to 2013. We show that properly measured monetary aggregates contain significant information about liquidity risk.
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页码：63 / 72
页数：10
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