surprises, which suggests that private information does not hinder CDS liquidity. …

Traditional liquidity measures can provide a false impression of the liquidity and stability of financial market … show that a standard measure of liquidity, the effective bid-ask spread, dramatically underestimates the true cost of …

loans before maturity when in need of liquidity. Loan guarantees improve market liquidity and reduce lending standards, with … market liquidity of these loans due to both selection and commitment. Because of this positive pecuniary externality …