In this paper, we investigate the empirical relation between macro-level of institutional quality and market liquidity for non-US stocks. We find that non-US stocks from countries with better macro-level of institutional quality such as financial, political, economic, and exchange rate stability, and better country rating exhibit better liquidity in form of narrower quoted and effective spreads, higher market quality indexes, and lower adverse selection costs. In addition, we find that non-US stocks from countries with a better macro-level of institutional quality and greater number of overlapping trading hours tend to be significantly more liquid compared to stocks from countries with lower ratings or greater number of non-overlapping trading hours. Therefore, improving a country’s image (macro-level of institutional quality) helps to improve market liquidity for non-US stocks.