We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets. …

Eurosystem against non-HQLA collateral. This paper quantifies the extent of this liquidity transformation and finds that on … pledged vs new collateral, and the second approach compares the liquidity profile of the pool of pledged securities with banks … intentional liquidity transformation using two novel approaches: The first approach compares the liquidity profile of already …

The global financial crisis exposed the need for coherence and transparency in bank liquidity management. The problem … of asymmetry of information associated with liquidity was particularly acute during the crisis, leading to both adverse …, to correct the market. The European Central Bank Guide to Internal Liquidity Adequacy places significant focus on …

Suisse, points to the continuing need for financial institutions to price liquidity risk properly and for financial systems … to find alternative sources of liquidity in times of dire need. Central bank digital currencies (CBDCs), fiat … three financial assets has on systemic bank liquidity and fails to adequately address their net benefits relative to each …