| In recent years, Bank liquidity creation has become a hot issue in the economic circles. The liquidity characteristics of this financial crisis had made us profoundly aware the excess liquidity and crunch of liquidity could be quickly reversed, and diffused among financial institutions and markets, and also can be transmitted and spread internationally through channels like international trade, asset prices and etc, therefore, caused negative impacts to financial system and real economy. By means of analysis and summary about the liquidity concepts, relevant theories, measuring methods and the effects, this thesis attempts to carry on theoretical analysis and empirical research from the US and China perspectives differently. In this paper, the concepts of liquidity, theories, measuring, effects, reverse, transmissions and risk preventions were systemically analyzed through theoretical and practical perspectives. The main structure of this paper consists of two parts:theoretical analysis was mainly conducted in the first part, which including chapter 2,3,4. in this part the analysis was focusing on the connotation of liquidity, the supply and demand theory, the measuring methods, as well as micro-and macro-economic effects, and then proposed that the periodic reversal of liquidity was the concrete manifestation of the financial crisis; the second part, including the chapter 5,6,which cases analysis were made mainly in this part. Combined with the financial crisis, as well as from the US, and China different perspectives,.The connotation of liquidity can be understood from two aspects of the macro-micro and broad-narrow, as well as on three levels of the monetary liquidity, the banking and financial market liquidity. Liquidity supply and demand can be analyzed combined with traditional economics money supply and demand theory, but the financial innovation had brought changes to the liquidity supply and demand. The measuring methods of liquidity mainly includes:the measuring methods based on the supply and demand theory, Marshall K value and the excess money growth rate, monetarism liquidity measuring methods and etc, at the micro level, market liquidity was mainly reflected by short-term money market interest rates, stock market index yield variance and other indicators. In this paper, the above methods were used in the cases analysis, to measure liquidity of the United States, China.We examine relation between bank liquidation and financial crises from two perspectives. First, we examine the aggregate liquidity creation of banks before, during, and after five major financial crises in the U.S. from 1984:Q1 to 2008:Q1. We uncover numerous interesting patterns, such as a significant build-up or drop-off of "abnormal" liquidity creation before each crisis, where " abnormal" is defined relative to a time trend and seasonal factors.We make VAR model to analysis the level of liquidity creation in Chinese banking system:first, we analysis the impulse of changes in monetary liquidity to China's real economy and capital market. second, we analysis the impact of bank liquidity creation of abnormal movements to our capital markets and physical commodity markets. The results show that the abnormal change in liquidity creation of banks, abnormal changes in China's capital and commodity markets is Granger causality interactions, from the impulse response of price of capital and commodity market to bank liquidity abnormal changes, we find there is a long-term positive stability impact on... |
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