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. …

surrounding the liquidity provision in December 2011 are reminiscent of a speculative attack on a fixed exchange rate system. …

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 …

The likelihood of severe contractions in an asset's liquidity can feed back to the ex ante risks faced by the … individual providers of such liquidity. These self-reinforcing effects can spread to other assets through informational … find significant own- and cross-market effects that amplify liquidity contractions in the Italian and Spanish bond markets …