We revisit a central task of the extant liquidity literature, which is to identify effective measures of liquidity. We critically assess the influential practice of identifying the best liquidity measures based on monthly correlations by comparing and contrasting correlations between monthly and...

We revisit a central task of the extant liquidity literature, which is to identify effective measures of liquidity, in the context of sovereign bonds and the new Basel III regulatory framework. We critically assess the influential practice of identifying the best liquidity measures based on...

This report aims to deepen the understanding of the micro aspects of the use of the euro in international trade invoicing and/or settlement. What determines the use of a currency in the invoicing of international trade? Is the euro increasingly used as an invoicing currency in international...

This report assesses the potential benefit for public finances of the fundamental review of the trading book, as agreed in the Basel Committee on Banking Supervision. The new legislation proposal may be able to reduce the amount of potential public financial support for the banking system from...

We compute three possible measures based on the sensitivity of domestic European stock (sovereign bond) markets to global, US or European shocks. The common rationale is to measure the extent to which domestic stock (bond) market volatility incorporates external shocks, following the idea that...