Di Iasio, Giovanni; Kryczka, Dominika - 2021
investors (IIs), such as insurance companies and pension funds, have liabilities offering guaranteed returns and operate under a … assets and/or deplete cash holdings, if available. Dealer banks can purchase risky assets, thus providing market liquidity … to (i) the liquidity regulation of AMs and (ii) the solvency regulation of IIs can improve upon the competitive …