their expansionary consequences. The main policy tool for this task is sterilization--essentially a swap of international … the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …

This paper provides an explanation for reversals in global equity market integration through the funding liquidity …, explains how reversals occur as funding liquidity becomes scarce. Empirically, the betting against beta portfolios of the model … that load on funding liquidity comove less across markets during global funding distress periods. This suggests that at …

We examine the dynamics and the drivers of market liquidity during the financial crisis, using a unique volume …-weighted spread measure. According to the literature we find that market liquidity is impaired when stock markets decline, implying a … positive relation between market and liquidity risk. Moreover, this relationship is the stronger the deeper one digs into the …

We investigate the determinants of the time variation of the common component of FX market liquidity across developed … and emerging market currencies. We study the impact of funding liquidity constraints, which proxy for supply … considerations, and capital flows, which proxy for demand considerations of liquidity on transaction costs. Our results show that (i …

A substantial body of existing research suggests that asset price volatility is harmful to market liquidity. This paper …

The subject of our study is market liquidity, which is an important element of the functioning of financial markets …. Adequate liquidity of markets is of great significance from the point of view of both market participants and the central bank …

-- Market liquidity ; financial markets ; bid-ask spread ; market turnover …

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets … theory of exchange rate determination in imperfect financial markets not only rationalizes the empirical disconnect between …

We analyze the impact of market liquidity on bank lending in the euro area for different segments over the period 2003 … to 2016. Our results on the aggregate level show that market liquidity is positively related to loan volumes and … liquidity has an asymmetric effect on bank lending: The negative impact of a reduction in liquidity is more significant than the …

Each type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be …. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated … stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity …