Global Financial Flows in the Pre- and Post-global Crisis Periods

Preface
Contents
Editors and Contributors
List of Figures
List of Tables
1 Global Liquidity as a New Trend in International Capital Flows
	1.1 Introduction
	1.2 The History of International Finance After World War II
		1.2.1 International Liquidity
		1.2.2 Dollar Liquidity
	1.3 The Concept of Global Liquidity
		1.3.1 Indicators of Global Liquidity (1)
		1.3.2 Indicators of Global Liquidity (2)
	1.4 Fluctuation and Control of Global Liquidity
		1.4.1 Fluctuation of Global Liquidity
		1.4.2 Control of Global Liquidity
	1.5 Conclusion
	References
2 Destination of Global Liquidity Before the Global Financial Crisis: Role of Foreign Bank Presence and the EU Effect
	2.1 Introduction
	2.2 Definition and Hypothesis
		2.2.1 Patterns of International Capital Flows and Our Definition of “Global Liquidity”
		2.2.2 The Period of Global Liquidity Expansion
		2.2.3 Hypothesis
	2.3 Empirical Methodology and Data
		2.3.1 Empirical Model
		2.3.2 Data
	2.4 Empirical Results
		2.4.1 Results with Standard Covariates
		2.4.2 Regional Effects
		2.4.3 Regulatory Arbitrage
	2.5 Robustness Checks
	2.6 Conclusions
	Appendix
	References
3 Global Liquidity and Reallocation of Domestic Credit
	3.1 Introduction
	3.2 Data and Methodology
		3.2.1 Data
		3.2.2 Methodology
	3.3 Empirical Results
		3.3.1 Credit Allocation and Sectoral Destination of Capital Inflows
		3.3.2 Credit Allocation, Credit to Households and Sectoral Destination of Capital Inflows
		3.3.3 Differences Between Advanced and Emerging Economies and Between Regional Groups
	3.4 Conclusion
	References
4 Global Financial Crisis and Demand for the US Dollar as an International Currency
	4.1 Money Demand Function of the US Dollar as an International Currency
	4.2 Important Variables as an International Currency
	4.3 Models and Results of Estimation
		4.3.1 Estimation Models and Data
		4.3.2 Results of Estimation
	4.4 Conclusion
	References
5 Sovereign Credit Default Swaps and U.S. Economic Policy Uncertainty After the Global Financial Crisis
	5.1 Introduction
	5.2 An Overview of Sovereign CDS Spreads and the U.S. Financial Markets
	5.3 Empirical Analysis
		5.3.1 Data
		5.3.2 Regression Analysis
		5.3.3 Regression Results
	5.4 Conclusion
	References
6 Global Liquidity and Uncovered Interest Rate Parity Puzzle
	6.1 Introduction
	6.2 Previous Studies About the UIP Puzzle
	6.3 Method and Data
	6.4 Empirical Analysis
	6.5 Conclusion
	References
7 Bank Profitability in Europe Before and After the Global Financial Crisis: Leverage, Foreign Claims, and Monetary Policy
	7.1 Introduction
	7.2 Data and Stylized Facts
		7.2.1 BIS-Consolidated Banking Statistics
		7.2.2 Bank-Level Data
		7.2.3 Monetary Policy
	7.3 Determinants of Bank Profitability
	7.4 Econometric Analysis
		7.4.1 Model
		7.4.2 Results
	7.5 Conclusions and Implications
	References
8 Offshore Bond Issuance and Noncore Liability in BRICs Countries
	8.1 Introduction
	8.2 Facts and Data Description
	8.3 Shadow Banking and Offshore Bond Issuance in China
	8.4 Conclusions
	References
9 Recent Developments in the Adoption of Capital Controls in Emerging Economies: Theory and Practice
	9.1 Introduction
	9.2 Capital Controls in Theory
		9.2.1 Capital Controls and Financial Frictions
		9.2.2 Capital Controls as a Credit Policy Tool
		9.2.3 Capital Controls, Monetary Policy, and the Exchange Rate System
		9.2.4 Capital Controls and Macroprudential Regulation
	9.3 Capital Controls in Practice
		9.3.1 New Capital Control Measures
	9.4 Conclusion
	Appendix
	References
Index