Liquidity occupies a central importance for many areas of finance. But there are very disparate views of liquidity, and … correspondingly many different policy implications attached to these views. In this paper, I consider the many faces of liquidity and … their implications for financial market stability. In particular, I focus on the traditional economics view of liquidity as …

This paper links the illiquidity of US Treasuries to funding liquidity and shows that dealers' financial constraints … tighten after a positive shock to Treasury illiquidity. Consistent with the empirical properties of funding liquidity … priced risk factor helps to explain cross-sectional returns of mutual funds. Controlling for stock market liquidity risk …

financial liquidity efficiency of investment model (FLEIM) and Polish data for key financial liquidity indicators. Market … flexibility and risk sensitivity. Enterprise financial liquidity management can reduce risk influence on enterprise results. The … paper, presents the consequences that can result from operating risk that is related to liquidity policy in the context of …

when the borrowing constraint is binding. More significantly, our results do not depend on the - liquidity or collateral … probability. Because credit and bubble are no more perfectly substitutable assets, the liquidity and collateral roles of the … bubble are not equivalent. Growth is larger when bubbles play the liquidity role, because the burst of a bubble used for …

The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …

implications for liquidity and optimal policy interventions including open market operations …