national best bid and offer. Enhanced order flow to dark venues reduces price competition by exchange liquidity providers …

Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … in the form of a liquidity premium. I relate time variation in this liquidity premium to changes in the opportunity cost … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high …

This paper implements a liquidity measure, "Liquidity Mismatch Index (LMI)," to gauge the mismatch between the market … liquidity of assets and the funding liquidity of liabilities. We construct the LMIs for 2882 bank holding companies during 2002 …-2014 and investigate the time-series and cross-sectional patterns of banks' liquidity and liquidity risk. Aggregate banking …

financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through … studies conducted in eleven countries to explore liquidity risk transmission. Among the main results is, first, that … explanatory power of the empirical model is higher for domestic lending than for international lending. Second, how liquidity risk …