. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have … transparency or illiquidity. However, several of the important announcements concerning the international swap programs …

We provide a comprehensive study of the liquidity of spot foreign exchange (FX) rates over more than two decades and a … large cross-section of currencies. First, we show that FX liquidity can be accurately measured with daily and readily …-available data. Second, we demonstrate that FX liquidity declines with funding constraints and global risk, supporting theoretical …

questions on the nature of private information, the impact on market liquidity, and the changing process of price discovery. We …

return spread in five carry trade portfolios. Further analyses show that: (i) liquidity risk also matters for excess returns …

We presents evidence that non-financial customers are the main liquidity providers in the overnight foreign exchange … consistent with liquidity provision. …

, the impact on market liquidity, and the changing process of price discovery. We also outline potential microstructure …

to June 30, 2003 (a time period in which Brazil suffered two severe external liquidity shocks). …