We study how the risks to future liquidity flow across corporate bond, Treasury, and stock markets. We document … distribution “flight-to-safety” effects: a deterioration in the liquidity of high-yield corporate bonds forecasts an increase in … the average liquidity of Treasury securities and a decrease in uncertainty about the liquidity of investment …

We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the January … liquidity does not translate into lower loan spreads for high-risk banks, even as it lowers deposit rates for both high-risk and …