Is the supply of public liquidity important for alleviating financial crises? I quantify a general equilibrium model … featuring the liquidity insurance channel: Banks demand public liquidity as insurance against liquidation losses during banking … crises. Cheaper liquidity insurance increases banks' liquidity buffer, which increases bank lending and thus output …

We find liquidity volatility negatively predicts stock returns in global markets. This relationship holds for different … liquidity measures and cannot be explained by the idiosyncratic volatility effect. We solve this empirical puzzle by emphasizing … the asymmetrical impact of liquidity decrease and increase on expected returns. We find that including liquidity decrease …

We explore a broad range of high-frequency liquidity measures for the Chinese stock market, based on a comprehensive … summarize their liquidity levels and key distributional properties. Hypothesis tests show that order interarrival times follow … Chinese stock market. We analyze the intraday and cross-sectional patterns of liquidity, and find novel intraday periodicities …

that, after the SDR adjustment, the liquidity of down-weighted currencies declines significantly. The SDR adjustment … increases the FX liquidity commonality and enhances the liquidity spillover and risk transmission from EUR, JPY, and GBP to … other world currencies. We identify major determinants of FX liquidity and highlight important policy implications …

that, after the SDR adjustment, the liquidity of down-weighted currencies declines significantly. The SDR adjustment … increases the FX liquidity commonality and enhances the liquidity spillover and risk transmission from EUR, JPY, and GBP to … other world currencies. We identify major determinants of FX liquidity and highlight important policy implications …