, central bank liquidity provision was larger in 2008-09 than in 1931, when it had been constrained in many countries by the … gold standard. Liquidity shortages destroyed the international monetary system in 1931. By contrast, central bank liquidity … could be, and was, provided much more freely in the flexible exchange rate environment of 2008-9. The amount of liquidity …

We examine the liquidity effects of the euro area sovereign debt crisis, including its effects on euro area banks as a … group, on intra-euro area financial flows, on the supply of and demand for collateral, and on international liquidity. The … deficit countries and its collateral policy. The euro crisis has also created international liquidity stresses. We find that …

main innovation in central bank cooperation during this crisis was the emergency provision of international liquidity … of currency-specific liquidity shortages based on the BIS international banking statistics, and find a significant … swap lines in relieving currency-specific liquidity shortages, the risks that central banks run in extending swap lines and …