the monetary policy and financial regulation and supervision perspectives. In the preceding SUERF Study (2013/2), the …

premature to conclude that 'Too Big to Fail" has been solved, but macro-prudential regulation is now much more effective and …

Following the 2008 financial crisis, countercyclical regulation emerged as one of the most promising breakthroughs in … years to halting destructive cycles of booms and busts. This new approach to systemic risk posits that financial regulation … and to prick asset bubbles before they burst. If countercyclical regulation is to succeed, however, then policymakers must …

illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may depend on bank governance … geographic scope tend to provide diversification gains and reduce idiosyncratic and liquidity risks while also increasing BHCs … this type of complexity, leading to a decrease in systemic risk and an increase in liquidity risk among BHCs. While bank …

Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of … global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities … of liquidity flows to changes in these drivers differ across institutions and have been evolving over time …

than US ones. Regarding the consequences of systemic risk, we show that dependence between the banking sector and a wide …

This paper examines market liquidity in the post-crisis era in light of concerns that regulatory changes might have … considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis … liquidity. …