as financial depth and integration were also relevant. Finally, countercyclical monetary policy and liquidity played a …

the existence of the structural liquidity in the banking system; bank’s unwillingness to lock up liquidity in the NBP … also shows the effectiveness of the NBP’s responses to the financial crisis and structural liquidity surplus. …

This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of … monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to … which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a …

attention was paid to the potential spillover of excess liquidity. This paper suggests a notional level of "optimal" liquidity …

-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified. …We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the … Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of …

borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity … shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric …