liquidity in the financial system, partly caused by spending of oil receipts. In the face of persistent excess liquidity in the …; however, these had a limited impact on monetary aggregates. A structural excess liquidity is a common feature in oil exporting … monetary policy and liquidity management and discusses role of selective financial markets in improving liquidity management in …

and of income losses following a crisis. She tests the validity of "insurance" and "liquidity" models of currency crisis …

themselves. We investigate why firms arewilling to pay a cost to improve the secondary market liquidity of their shares. Weshow … signicantreduction in liquidity risk and cost of capital for firms that hire a market maker... …

We investigate the information content of aggregate stock market liquidity and askwhether it may be a useful realtime … indicator, both for nancial stress, and real economicactivity in Norway. We describe the development in a set of liquidity …, showing how market liquidity and trading activity changed for the wholemarket as well as for individual industry sectors... …

between holding periods, liquidity, and assetreturns. Microstructure measures of liquidity are shown to be important …

We document a strong relation between stock market liquidity and the businesscycle. Stock market liquidity worsens when …,we show that stock market liquidity predicts the current and future state ofthe economy both in- and out-of-sample. We also … participation is correlated withmarket liquidity, especially for the smallest firms... …