Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/209942 
Year of Publication: 
2009
Series/Report no.: 
Working Paper No. 2009/26
Publisher: 
Norges Bank, Oslo
Abstract: 
We investigate the information content of aggregate stock market liquidity and ask whether it may be a useful realtime indicator, both for financial stress, and real economic activity in Norway. We describe the development in a set of liquidity proxies at the Oslo Stock Exchange (OSE) for the period 1980-2008, with particular focus on crisis period 2007 through 2008, showing how market liquidity and trading activity changed for the whole market as well as for individual industry sectors. We also evaluate the predictive power of market liquidity for economic growth both in-sample and out-of-sample.
Subjects: 
liquidity
business cycles
financial crisis
economic activity
JEL: 
G10
G20
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-532-8
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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