№ 2018/3
International economyKORNIVSKA Valeriia O.1
1Institute for Economics and Forecasting, NAS of Ukraine
Liquidity surplus in a globalized world
ABSTRACT ▼
The article deals with the existing theoretical concepts of global liquidity. On this basis, the author concludes that they reflect the evolution of views on the essential factors affecting the international interaction of economic actors. It is proved that in the conditions of growing uncertainty, the approaches to the calculation of global liquidity should be based on its properties to ensure, for economic entities, uninterrupted calculations under all conditions. In this case, to determine the components of global liquidity, the author uses the J.M. Keynes’ liquidity preference theory.
The article analyzes the growing contradictions in the functioning of the world economic space caused by the widening gap between quasi-liquid assets and global liquidity. A liquidity surplus is described which represents a surplus of liquidity that allows financial institutions to go beyond the established limits, regulations or standard performance indicators, while expanding the ability to generate income by optimizing the portfolio, but transforming the economic purpose of financial intermediaries and actually creating quasi-liquidity. The institutional and structural development factor of the liquidity surplus is shown.
The influence of securitization on the development of the liquidity surplus is clarified and it is proved that it largely represents a reformatting of hierarchical relations based on individual responsibility of the debtor before the creditor, into dominant network relations, in which responsibility becomes pseudo-collective in the branched system of interconnections of many intermediaries, and then, in the process of securities circulation, gradually disappears.
Keywords: financial intermediary, liquidity surplus, global liquidity, securitization
JEL: E 44
| Article in Russian (pp. 83 - 98) | Download | Downloads :481 |
| Article in Ukrainian (pp. 83 - 98) | Download | Downloads :393 |
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