illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

-prudential policies. -- Liquidity ; Contagion ; Bailouts ; Regulation … illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated …

illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

This paper studies leverage regulation and monetary policy when equity investors and/or creditors have distorted … beliefs relative to a planner. We characterize how the optimal leverage regulation responds to arbitrary changes in investors …' and creditors' beliefs and relate our results to practical scenarios. We show that the optimal regulation depends on the …

Reforms of financial regulation after the crisis of 2007-2009 raise the question of what is the relation between … financial regulators and competition authorities. Should competition authorities play a role in financial regulation? Should …-specific regulation involves authorities actually prescribing desired modes of behavior. The ongoing nature of relations makes regulators …

The global financial crisis in 2007 prompted policy makers to introduce a combination of bank regulation and … economies where financial frictions are important. Although there is an extensive literature on financial regulation and … independently. The results point to the importance of coordination between financial regulation and monetary policy in minimizing …

illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated … containment. Finally, the paper takes a macroeconomic perspective, discusses shortages of aggregate liquidity and analyses how …

illiquid assets or underprovision of liquidity. We investigate whether imperfect competition (Cournot) improves welfare through … internalizing the externality and find that this is far from guaranteed. In a standard model of liquidity shocks, when liquidity is … sufficiently scarce, Cournot competition leads to even less liquidity than the Walrasian equilibrium. In a standard model of …