banking sectors. When aggregate risk increases, countries with large banking sectors with low equity ratios experience greater …

its effectiveness as LoLR, the ESM be given a banking license. To reduce the illegitimate and unaccountable abuse of the …

We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the … prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the … liquidity. We find that the price a bank pays for liquidity depends on the liquidity positions of other banks, as well as its …

We argue that there is a connection between the interbank market for liquidity and the broader financial markets, which … has its basis in demand for liquidity by banks. Tightness in the interbank market for liquidity leads banks to engage in … what we term "liquidity pull-back," which involves selling financial assets either by banks directly or by levered …

. The model allows an evaluation of the deficit and the debt prerequisites for EMU set by the Maastricht Treaty: they are …

test of this proposition, and the outcome leaves the EU found wanting. The first section of this paper places EMU in the …