We show that global liquidity contributes to household credit growth across countries. We are interested in that link as household credit growth - more so than growth in other types of credit - has contributed to financial crises. The effect of global liquidity on household credit growth is particularly strong in countries that are more closely integrated with the world economy as well as in those with a greater level of financial development and more open capital markets. These are the types of countries that were most strongly affected during the global financial crisis. We also find tentative evidence that countries with a greater presence of foreign banks and those with more concentrated banking systems experience a closer link between global liquidity and household credit.

我们表明，全球流动性有助于各国的家庭信贷增长。我们对这种联系很感兴趣，因为家庭信贷增长——比其他类型信贷的增长更甚——导致了金融危机。全球流动性对家庭信贷增长的影响在与世界经济结合更紧密的国家以及金融发展水平更高和资本市场更开放的国家尤为强烈。这些是在全球金融危机期间受到最严重影响的国家类型。我们还发现初步证据表明，外国银行较多的国家和银行系统较为集中的国家在全球流动性和家庭信贷之间存在更紧密的联系。