We study the design of lender of last resort interventions and show that the provision of long-term liquidity … European Central Bank's three-year Long-Term Refinancing Operation incentivized Portuguese banks to purchase short …-term domestic government bonds that could be pledged to obtain central bank liquidity. This "collateral trade" effect is large, as …

We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The … national liquidity requirements to proxy for banks' incentives to exploit this differential treatment of central bank eligible … national liquidity requirement pledge more and less liquid collateral than banks with a preceding national liquidity …

This paper exploits a novel bank-level monthly dataset to assess the effects of global liquidity on the global flows of … supports a range of determinants of global liquidity - including global risk, global bank equity and unconventional monetary … indicates heterogeneity in the influence of global liquidity on global flows across euro area bank type, defined by their …