banking sectors. When aggregate risk increases, countries with large banking sectors with low equity ratios experience greater …

its effectiveness as LoLR, the ESM be given a banking license. To reduce the illegitimate and unaccountable abuse of the …

payments as key measures of fiscal soundness and eliminated liquidity premiums in the euro area. With the financial crisis, the …

We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank … depend in particular on the distribution of liquidity across banks, which is calculated over time using individual bank …-level data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …

structure into default and non-default (liquidity) components. From August 2007 to January 2011, the fraction of total interbank … in the first half of the sample period and is correlated with measures of funding and market liquidity. The model also …

-theoretic model that determines the utility that the agents derive from holding assets with different liquidity. Second, it …

We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the … prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the … liquidity. We find that the price a bank pays for liquidity depends on the liquidity positions of other banks, as well as its …

Estimation of benchmark yield curve in developing markets is often influenced by liquidity concentration. Based on an … affine term structure model, we develop a long run liquidity weighted fitting method to address the trading concentration … from models of liquidity concentration and benchmark security information. After examining time series behavior of price …