finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

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 banklevel … data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …

The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR …

credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important …

This paper tests the hypothesis of liquidity hoarding in the Italian banking system during the 2007-2011 global …’ interventions are ineffective because banks hoard the liquidity injected rather than channelling it on to other banks and the real … the crisis, and, contrary to widespread conjecture, the liquidity injected by the Eurosystem was intermediated among banks …

relaxation of short-run liquidity constraints. JEL Classification: F10, F44, L20 …

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … empirical exercise with a Global VAR approach, the findings highlight the diversity of the transmission process. While liquidity …