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This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers. .

Liquidity (Economics) --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Assets, Frozen --- Frozen assets --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance --- E-books --- Accounting --- Finance: General --- Macroeconomics --- Economic Theory --- Financial Crises --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- 'Panel Data Models --- Spatio-temporal Models' --- Portfolio Choice --- Investment Decisions --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Public Administration --- Public Sector Accounting and Audits --- Economic theory & philosophy --- Financial reporting, financial statements --- Economic & financial crises & disasters --- Liquidity --- International liquidity --- Supply shocks --- Financial statements --- Global financial crisis of 2008-2009 --- Asset and liability management --- Economic theory --- Public financial management (PFM) --- Financial crises --- International finance --- Supply and demand --- Finance, Public --- Global Financial Crisis, 2008-2009 --- United States --- Panel Data Models --- Spatio-temporal Models