liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the … interpret the 2007 run on SIV and ABCP conduits. -- stress ; crises ; illiquidity risk ; insolvency risk ; leverage ratio …

recessions. First, we show that the consumption risk of short-time work is considerably smaller compared to unemployment using … risk of workers, which mitigates their precautionary savings motive. Using a quantitative model analysis, we show that this …

ante risk assessment and derive risk premia for every balance sheet item where liabilities are differentiated according to … priority rights. We find that risk premia reflect both idiosyncratic risk and risk of contagion (network risk). Moreover, we … show that network risk magnifies the gap between the risk premia of equity and debt. We also perform comparative statics …

characterized by higher uncertainty and geopolitical risk, tighter credit and liquidity conditions, and sluggish economic and real …