Skip to main content

Table 1 Correlation between Cyclical Components of GREA and Lags of the Cyclical Components of Various Measures of Global Liquidity

From: On the monetary measures of global liquidity

  GLCEN GLDIV GLGDPW GLSUM GLPCA
L0 −0.8471 0.0926 −0.2556 0.0016 0.0649
L1. −0.8228 0.0574 −0.3262 −0.0184 0.0488
L2. −0.7872 0.012 −0.3857 −0.0455 0.0232
L3. −0.7423 −0.0452 − 0.4354 −0.0801 − 0.0123
L4. −0.6986 − 0.1209 −0.4765 − 0.131 −0.0654
L5. −0.6582 −0.2058 − 0.5124 −0.193 − 0.1298
L6. −0.6137 − 0.2912 −0.5412 − 0.2587 −0.1992
L7. −0.5599 −0.3711 − 0.5638 −0.3224 − 0.2666
L8. −0.5002 − 0.4435 −0.5787 − 0.38 −0.3297
L9. −0.4363 −0.5081 − 0.587 −0.4317 − 0.3882
L10. −0.3697 − 0.5672 −0.589 − 0.4785 −0.4421
L11. −0.2986 −0.6141 − 0.5758 −0.5127 − 0.4864
L12. −0.2238 − 0.6502 −0.5587 − 0.5373 −0.5217
L13. −0.1427 −0.6782 − 0.5348 −0.5528 − 0.5498
L14. −0.0594 − 0.6964 −0.5057 − 0.5593 −0.5696
L15. 0.0222 −0.7055 −0.4702 − 0.5555 −0.5794
L16. 0.098 −0.7101 −0.4281 − 0.5483 −0.5854
L17. 0.1672 −0.7092 −0.3797 − 0.5352 −0.5865
L18. 0.2299 −0.7007 −0.3245 − 0.5134 −0.5791
L19. 0.2884 −0.6865 −0.2671 − 0.4846 −0.5644
L20. 0.3382 −0.6678 −0.2071 − 0.4555 −0.5485
L21. 0.3782 −0.6486 −0.1488 − 0.4252 −0.5311
L22. 0.412 −0.626 −0.0891 − 0.39 −0.5086
L23. 0.4362 −0.5958 −0.0298 − 0.3489 −0.4792
L24. 0.4529 −0.5604 0.0254 −0.3045 −0.4447
L25. 0.4629 −0.5198 0.0751 −0.2595 −0.4072
L26. 0.4684 −0.4732 0.1193 −0.2118 −0.3646
L27. 0.4691 −0.4181 0.1592 −0.1587 −0.3142
L28. 0.4678 −0.3519 0.1897 −0.0977 −0.2533
L29. 0.4674 −0.2826 0.2189 −0.0317 −0.1871
L30. 0.464 −0.2161 0.2477 0.0321 −0.1216
L31. 0.4571 −0.1512 0.2717 0.0946 −0.057
L32. 0.446 −0.0886 0.2915 0.1528 0.0056
L33. 0.4353 −0.0237 0.309 0.2138 0.071
L34. 0.4234 0.0419 0.3221 0.276 0.1377
L35. 0.4082 0.1012 0.3285 0.3287 0.1969
L36. 0.3901 0.1551 0.3369 0.379 0.253
L37. 0.3689 0.2003 0.3454 0.4252 0.3035
L38. 0.3394 0.2292 0.3533 0.4546 0.3383
L39. 0.3076 0.2471 0.3616 0.4668 0.357
L40. 0.2753 0.256 0.3678 0.4678 0.3649
L41. 0.2409 0.2542 0.3731 0.4504 0.3569
L42. 0.2081 0.2439 0.3771 0.4231 0.3388
L43. 0.1755 0.2292 0.3796 0.3884 0.3134
L44. 0.1403 0.2049 0.3787 0.3473 0.2808
L45. 0.1051 0.1752 0.3759 0.301 0.2433
L46. 0.0721 0.1454 0.3708 0.2536 0.2046
L47. 0.0433 0.1128 0.362 0.2059 0.1643
L48. 0.0162 0.0729 0.3526 0.1531 0.1178
  1. Note: GREA is global real economic activity. GLCEN is a currency-equivalent, GLDIV is a Divisia, GLGDPW is a GDP-weighted, GLSUM is a simple-sum and GLPCA is a PCA-based measure of global liquidity. L0 through L48 are lags of global liquidity measures