more than long-term credit. Firms responded by cutting their short-term loans for liquidity management purposes and …, firms increase cash and cut investment. Thus, trade credit offers a substitute source of liquidity that can insulate some … firms from bank liquidity shocks …

' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the …

in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …

In March of 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive … shutdown designed to contain the COVID-19 crisis. The increase in liquidity demands was concentrated at the largest banks, who … serve the largest firms. Pre-crisis financial condition did not limit banks' liquidity supply. Coincident inflows of funds …

differences in "preferences and technologies." Large banks offer superior liquidity services but lower deposit rates, and locate …

-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity … and induces entry of intermediaries with higher leverage during normal times. This liquidity creation occurs, however, at …

We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount … in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms … periods of high asset liquidity have lower cost of capital. This effect is stronger when the asset liquidity is provided by …