in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …

reserves, which are also claims on liquidity. In ordinary times, when these claims are not called on, central bank balance … sheet expansion will typically enhance the net availability of liquidity to the system. However, in times of stress when … these offsetting claims on liquidity are exercised, the demand for liquidity can be significantly more. Furthermore, liquid …

their children than those who do not using data for Japan and the United States. The estimation results show that the … bequests to their own children in both Japan and the United States, which in turn is likely to contribute to the persistence or …