I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post. Precautionary liquidity restores multiple equilibria in a global rollover game. An intermediate liquidity level supports both the usual run equilibrium and...

This article assesses the performance of the G20 since the Global Financial Crisis by analysing the regulatory measures it has called for and their current stage of implementation. It then proceeds to consider the changes in the global financial system in the past 40 years and seeks to assess...