Global liquidity risk is an academic concept and research area investigating the potential for disruption in the availability and flow of funding across international financial markets. This field examines the factors influencing the aggregate supply and demand for liquid assets globally, the mechanisms through which liquidity shocks propagate across borders, and the systemic implications of such disruptions for financial stability and the real economy. Key characteristics include its cross-border dimension, the interplay between national financial conditions and international capital flows, and the impact of regulatory frameworks and central bank actions on global funding markets. The concept's significance lies in understanding vulnerabilities within the international financial system, informing macroprudential policy, and assessing the transmission of financial stress globally.