We analyze how the Lehman and sovereign crises affect cross-border interbank liquidity, exploiting euro … foreign lenders. Crisis shocks reduce the supply of cross-border liquidity, with stronger volume than pricing effects. On the … margin—riskier borrower banks suffer more. Moreover, the cross-border liquidity crunch is substantially stronger for term …

versus foreign lenders. Crisis shocks reduce the supply of crossborder liquidity, with stronger volume effects than pricing … liquidity, but without fostering strong cross-border financial reintegration. …

liquidity, but higher hoarding of liquidity …