mainly due to substantial returns that investors made. However, literature exposes that poor liquidity is one of the main … the liquidity of emerging markets and their effects on the contagion from one another in order to prevent illiquid events … or systemic risk. Emerging market liquidity measures are the basis for the sovereign debt market, the deviations of the …

. We focus on liquidity (market and funding), contagion and systemic risk, which have attracted a particularly large … interest in the last years of financial turmoil. Firstly, we construct a funding liquidity factor based on the contagion … effects that market liquidity risks encounter. This procedure can be useful to provide a better management of the liquidity …