foreign affiliates to help smooth domestic liquidity shocks. We also show that the existence of such internal capital markets … contributes to an international propagation of domestic liquidity shocks to lending by affiliated banks abroad. While these …

markets using a German bank's end-user order flow from 2002 to 2003. Though customer order flow is unambiguously the vehicle … contemporaneous return regressions, stressing their role as liquidity providers. …

among fundamentals-based traders, then central bank intervention may act as a coordinating signal, encouraging stabilizing …

Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still … this perspective, it appears that market makers provide interdealer market liquidity to end-user customers with cross …

This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of …

futures prices did not respond to movements in bond prices. All adjustment towards equilibrium took place in the spot market. …

We use a unique data set that comprises each bank's bids in the Eurosystem's main refinancing operations and its … recourse to the LOLR facility (a) to derive banks' willingness-to-pay for liquidity through a one-week repo and (b) to show … that a bank's willingness-to-pay is a good indicator for the probability that this bank draws on the LOLR facility. Our …