prevent credible secession threats by regions of the country. Severity of internal tension has been linked to degree of …

determining the likelihood of secession and unification. We provide empirical support for choosing genetic distances as a proxy of … the regions prone to secession and the countries that are more likely to merge. Our framework is further applied to …

This paper looks at the economic impact of secession through the lens of the disintegration of the former Yugoslavia … there has been no favourable economic impact of secession and that how secession was achieved is key in understanding the … subsequent economic performance of the newly independent countries. In cases of secession without conflict, independence did not …

as in the academic realm. A frequently made point is that allowing free secession may protect the minority’s interests … unattractive for the minority region. In contrast, limiting the secession possibilities by requiring the consent of a majority of …

We study the liquidity demand of large settlement (first-tier) banks in the UK and its effect on the Sterling Money … Markets before and during the sub-prime crisis of 2007-08. Liquidity holdings of large settlement banks experienced on average … banks to park liquidity at the central bank rather than lend in the market. We show that following this structural break …

liquidity is inefficient. The reason is that liquidity affects prices and the welfare of others, and creators do not internalize … government must restrict the creation of liquidity by the private sector. …

-return liquid asset (e.g., cash, checking account) and a high-return illiquid asset (e.g., housing, retirement account) that carries …

During the recent financial crisis, central banks have provided liquidity and governments have set up rescue programmes … bank suffering from liquidity shocks, we find that the unregulated bank keeps too much liquidity and monitors too little. A … central bank can alleviate the liquidity problem, but induces moral hazard. Therefore, we introduce an additional authority …

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market … context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy … coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in …