liquidity risk characteristics. The analysis also illustrates the impact of the introduction of the euro on systemic illiquidity …

Liquidity has its systemic aspect that is frequently neglected in research and risk management applications. We build a … model that focuses on systemic aspects of liquidity and its links with solvency conditions accounting for pertinent …

the liquidity risk of participants in those systems in order to prevent in time any event of this nature. To do this, the … liquidity needs of the entities must be identified and anticipated to mitigate the possible effects of their inability to pay … and the possible consequences on the payment systems. This paper reviews the literature on liquidity risks and their …