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closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the …
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the innovations in the VIX index. Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of …
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This paper explores the financial stability implications of mark-to-market accounting, in particular its tendency to amplify financial cycles and the "reach for yield". Market prices play a dual role. Not only do they serve as a signal of the underlying fundamentals and the actions taken by...
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This paper examines market liquidity in the post-crisis era in light of concerns that regulatory changes might have … considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis … liquidity. …
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