Letter from the (New) Editor

Author:Rabah Arezki
Volume 15, Number 3 September 2014
A Primer on “Global Liquidity”
Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski
“Global liquidity” is often
used to describe the imp act of
low U.S. and euro area inter-
est rates on the rest of the
world. The concept is c ritical
for understanding the global
financial cycle and inter national spillovers. This column defin es global liquidity
as the ease of financ ing in cross-border markets and points to its potential drivers.
To limit their exposures to global liquidity f luctuations nations can embrace bet-
ter macro policy framework s, consider capital flow manage ment tools, and more
stringently regulate and super vise banks.
e nancial cycle is be coming increasingly global, as hig hlighted in recent
work (Rey 2013, Bruno and Shin 2014, Obstfeld 2014) and reected in policy
discussions (e.g., the increased ta lk of nancial “spillovers”). e phenomenon is
Letter from the (New) Editor
Fourteen years ago, in June 20 00, the rst issue of the IMF
Research Bulletin was published! It has been a great and suc cess-
ful ride. Indeed , I am pleased to let you know that to date the
bulletin has more t han 19,100 subscribers. e credit for this
goes to the team that has t irelessly put together issue aer issue
and has managed to keep you capt ivated.
e objective of the IMF Research Bulletin is to present to a wider audience a
sampling of the latest resea rch conducted at the International Monetary Fund.
e bulletin attempts to d istill the main insig hts from IMF research in a friendly
and accessible format, while kee ping a keen eye on current economic policy
issues. As I take over as t he new editor of the bulletin, I believe, it is an oppor tune
time to invite you, the readers , to discuss how to make the bulleti n more visible
and more interactive by getti ng your feedback. In particular, I would be inter-
ested in hearing ab out suggestions on the topics covered, and general ways to
enhance your reading ex perience. If you have ideas that you would like to share,
please feel free to e-mail t he team at resbulletin@imf.org.
Rabah Arezki
In This Issue
1 Letter from the
(New) Editor
1 A Primer on
“Global Liquidity”
5 Trade Integration
and Business Cycle
6 Q&A: Seven Questions
on the Global Housing
10 IMF Working Papers
13 Staff Discussion Notes
13 Fif teenth Jacques
Polak Annual Research
14 Recommended Readings
from IMF Publications
17 In Memoriam
18 IMF Economic Review
18 Announc ement:
New staff publication
Online Subscriptions
The IMF Research Bulletin is
available exclusively online.
To receive a free e-mail
notication when quarterly
issues are posted, please
subscribe at www.imf.org/
external/cntpst. Readers may
also access the Bulletin at
any time at www.imf.org/
(continued on page 2)
Research Summaries

To continue reading