investment and welfare. I propose a model where public debt has a liquidity purpose for the domestic private sector and is … domestic private sector demands the safe bonds. Safe bonds lower the cost of liquidity hoarding for the private sector which …

In recent years a substantial amount of literature in one way or another deals with liquidity. The interest in it grows … measures of liquidity and publish them in the regular reports. But as in literature, there is still no consensus as what … liquidity really means and how it should be measured, or reported, understood or predicted, as the consistent summary of what …

Using a sample of 1154 European firms from 11 countries, we show that firm-levelexchange exposure for Eurozone and non-Eurozone … European firms has increased sincethe introduction of the euro, but this rise was smaller for Eurozone than non … Eurozone countries, so the advent of the euroappears to have been associated with a shift in exchange risk from systematic to …

liquidity providers will be less volatile than one with a smaller population. We also find that (i) the introduction of futures …