The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier …

Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with … meet the liquidity needs of dysfunctional financial markets. As the eligibility criteria for central bank borrowing have … bank has the ability to create abundant official liquidity, there should be some limits to its support for the financial …

Global liquidity provisio ... …

strong link is present between central bank liquidity support and sovereign holdings, opportunistic strategies or reach … advantage of their higher risk-bearing capacity to gain exposure (via central bank liquidity) to the set of riskier sovereign …