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 …

, volume of equity, overall liquidity, and returns on equity. Finally, we study whether there are statistically significant …

to the Italian bank risk profile, both in terms of credit and liquidity risks. Design/methodology/approach -To test our … research hypotheses, we adopt ordered probit models, in which we regress the changes in credit risk and liquidity on a set of …’s liquidity position, our results show that securitization improves it both during the pre-crisis and the crisis years. Our …