equilibria by self-fulfilling fears of liquidity crises in a monetary union. The ECB decided to take on this role in 2012. I …

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 …

The European Central Bank (ECB) increased the emergency liquidity assistance (ELA) for Greek banks from €50 billion in … bankruptcy filing of already insolvent Greek banks. We take the claim regarding insolvency delay as an opportunity to highlight … insolvency. …

To "ensure depth and liquidity," the European Central Bank intervened in sovereign debt markets through its Securities … bond liquidity premia. From reduced-form estimates, we find robust, economically significant impact and lasting reductions … in sovereign bonds' liquidity premia in response to official purchases. We develop a search-based asset-pricing model to …