explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … and to information acquisition. It then looks at what economics can contribute to the debate on systemic risk and its … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … and to information acquisition. It then looks at what economics can contribute to the debate on systemic risk and its … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … and to information acquisition. It then looks at what economics can contribute to the debate on systemic risk and its … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

correlate their risk exposures. Second, private borrowers may deliberately choose to increase their interest-rate sensitivity … following bad news about future needs for liquidity. Third, optimal monetary policy is time inconsistent. Fourth, macro …-prudential supervision is called for. We characterize the optimal regulation, which takes the form of a minimum liquidity requirement coupled …

as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk …