. Such a funding-liquidity crisis gives rise to "bases," that is, price gaps between securities with identical cash-flows but …

the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …

allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We … show under which conditions financial integration induces banks to reduce their liquidity holdings and to shift their … portfolios towards more profitable but less liquid investments. Integration helps reallocate liquidity when different banks are …

We examine how liquidity and asset prices are affected by the following market imperfections: asymmetric information …

This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the … perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models …

We analyze the empirical determinants of liquidity in debt markets in light of predictions stemming from debt …-based information theories. We conduct a battery of tests confirming predictions of asymmetric information models of bond liquidity …, including those that predict a``hockey-stick" relation between bond liquidity and underlying fundamental value. When debt is …

. There is no evidence that risk management and cash" holdings are substitutes …