纽约联储-全球流动性：驱动因素、波动性和工具包（英）-2023.6-39页_1mb
报告摘要
Global Liquidity: Drivers, Volatility and Toolkits
Linda Goldberg, Federal Reserve Bank of New York Staff Report No. 1064, June 2023
Overview:
Global liquidity refers to high-frequency, cross-border financial flows primarily through global banks and non-bank financial institutions (NBFIs). Its volatility is influenced by global risk sentiment, regulator policies, and institutional vulnerabilities. Recent policy tools focus on stabilizing flows to mitigate crisis amplification.
Key Findings:
1. Prudential policies reduce global liquidity volatility
Efforts to strengthen banks' risk absorption capacity (e.g., capital buffers, liquidity management) and supervisory frameworks dampen global financial cycle responses. Stronger microprudential policies reduce flighty cross-border lending.
2. Access to official liquidity lowers stress responses
Swap lines and dollar repo facilities (e.g., Fed’s FIMA repo) help stabilize dollar funding costs during tail risks like the COVID crisis. This eases trilemma tradeoffs in emerging economies.
3. Risk migration through NBFIs complicates policy
Post-GFC, tighter bank regulation pushed risk toward NBFIs, which display heterogeneous vulnerabilities. Granular data analytics underline the need for better NBFI classification and cross-regulatory monitoring.
Policy Toolkits:
- Banking Sector: Strengthen capital and liquidity management, recovery frameworks (living wills), and intra-organizational liquidity sharing among affiliates.
- Currencies: Central bank dollar facilities mitigate liquidity crunches abroad.
- NBFIs: Addresses vulnerabilities through enhanced leverage caps, data transparency, and tools like swing pricing in funds.
Conclusion:
Granular data is essential for effective policy design. Ameliorating volatility requires bolstering regulation, liquidity access, and a tailored approach to NBFIs. Global liquidity flows ultimately hinge on institutions' resilience to mitigate trilemmas and support smoother crisis responses.
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