liquidity-constrained debtors will respond by enough to make a reduction in debt profitable, but not by enough to make the …

financial system that circumvents Western sanctions may emerge. We propose a model in which currency use is driven by liquidity … sanctions-driven region and the final liquidity-driven region, separated by an intermediate region. Transitions between … equilibria depend on safe-asset supply and liquidity technologies, in addition to endogenous dynamic complementarities …

This paper examines how liquidity shocks caused by currency shortages impact exports. We explore this in the context of … liquidity shocks. These findings underscore the critical role of domestic supply chains in transmitting liquidity shocks to …

/expense patterns, sources of revenue, metrics of liquidity and leverage, enrollment/staff patterns, and prior signs of significant …

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting … to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion … of zero daily firm returns, averaged over the month. We find that our liquidity measures significantly predict future …

liquidity and liability management more generally …

, the impact of transaction costs on per-annum liquidity premia is an order of magnitude smaller than the cost rate itself …. A number of recent papers have formed portfolios sorted on liquidity measures and found a spread in expected per … empirical magnitude of the liquidity premium by examining dynamic portfolio choice with transaction costs in a variety of more …

We report evidence from the equity market that unused loan commitments expose banks to systematic liquidity risk … as they were needed -- when liquidity demanded by firms taking down funds from commercial paper backup lines of credit … peaked. Our evidence suggests that combining loan commitments with deposits mitigates liquidity risk, and that this deposit …