illiquid assets or underprovision of liquidity. We investigate whether imperfect competition (Cournot) improves welfare through … internalizing the externality and find that this is far from guaranteed. In a standard model of liquidity shocks, when liquidity is … sufficiently scarce, Cournot competition leads to even less liquidity than the Walrasian equilibrium. In a standard model of …

dealing with large investor redemptions in the presence of liquidity mismatches. Their tools notwithstanding, bond OEFs had to …, broader fire sale dynamics could have been triggered. Regulation that takes a macroprudential perspective of the sector could …

crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding … without being clear on how such an approach will affect the overall equilibrium on money markets. In particular, liquidity … regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in …