In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and … inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity …

This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and … sustained excess liquidity, we analyse under which conditions they are more likely to be followed by an asset price boom. The … periods of sustained excess liquidity that are accompanied by strong economic activity, low interest rates, high real credit …

-term liquidity insurance purposes and for longer-term funding purposes for issuing covered bonds or asset-backed securities. We then … explore the determinants of the choice of using bank loans for short-term liquidity insurance purposes or long-term funding …

risk drivers. The choice of the credit risk drivers is inspired by the Merton (1974) model. Individual CDS liquidity and … explaining credit spread changes. Our decomposition reveals, however, highly changing dynamics in the credit, liquidity, and … different signals from liquidity based CDS spread changes than from business cycle or credit risk based changes. For the recent …