Search Results - subject_exact:"Gesamtwirtschaftliche Liquidität"

Market transparency and dealer behavior : lessons from MiFID II/MiFIR transparency requirements

Lindner, Vincent; Lucke, Konrad; Pelizzon, Loriana - 2026

This policy paper examines the effects of the introduction of the MiFID II / MiFIR framework on the transparency regime for sovereign bonds. The main purpose of the framework is to provide markets with real-time information and lower market asymmetries, thereby increasing liquidity in the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015617983

The liquidity coverage ratio a decade on : a stocktake of the literature

Dörr, Sebastian; Drehmann, Mathias - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619088

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The liquidity coverage ratio a decade on : a stocktake of the literature

Dörr, Sebastian; Drehmann, Mathias - 2026

Book / Working Paper

From Par to Pressure : Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin

Gross, Marco - 2026

Fiat-backed stablecoins are expanding, and their issuers may attain systemic relevance as reserve portfolios grow and as they become increasingly intertwined with financial markets. This paper analyzes the resulting risks and the design choices that can mitigate them. A detailed...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612698

Overnight interbank rate volatility across liquidity states : key drivers and policy implications

Mukhtarov, Elmir; Hajili, Ali; Garayeva, Aygun; … - 2026

Effective monetary policy requires maintaining the short-term interbank rate close to the policy rate while limiting its volatility, ensuring smooth transmission, and reducing banks' liquidity and interest rate risks. This paper seeks to identify and explain the drivers of volatility in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614335

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Overnight interbank rate volatility across liquidity states : key drivers and policy implications

Mukhtarov, Elmir; Hajili, Ali; Garayeva, Aygun; … - 2025

Book / Working Paper

Greener but thinner? : assessing green bond market liquidity

Dulak, Thomas; Wolff, Guntram B. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614426

Liquidity spirals

Wiersema, Garbrand; Kemp, Esti; Farmer, J. Doyne - 2026

The financial crisis of 2007-2008 highlighted the risks that liquidity spirals pose to financial stability. We introduce a novel method for studying liquidity spirals and use this method to identify spirals before stock prices plummet and funding markets lock up. We show that liquidity spirals...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592365

Spatial distribution of housing liquidity

Osswald do Amaral, Francisco; Toth, Mark; Zdrzalek, Jonas - 2026 - This draft January 2026

This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015588363

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Spatial distribution of housing liquidity

Osswald do Amaral, Francisco; Toth, Mark; Zdrzalek, Jonas - 2025 - This draft September 2025

Edition: This draft September 2025

Book / Working Paper

Spatial distribution of housing liquidity

Osswald do Amaral, Francisco; Toth, Mark; Zdrzalek, Jonas - 2026 - This draft January 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015588363

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Spatial distribution of housing liquidity

Osswald do Amaral, Francisco; Toth, Mark; Zdrzalek, Jonas - 2025 - This draft September 2025

Edition: This draft September 2025

Book / Working Paper

Riesgo de crédito gestionado por medio de un modelo de espacio-estado aplicado a un portafolio soberano

Tapia V., Pablo; Vargas P., Diego - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015591169

The Financial Lobster Bias

Reyes Marín, Óscar De los; Paz Gil, Iria; … - 2026

The Financial Lobster Bias describes how SMEs, driven by distorted liquidity perceptions, engage in aggressive expansion until financial breakdown occurs. Using data from 10,412 Spanish SMEs (2000-2024), this study shows that liquidity misperception-measured through two versions of the Liquidity...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015591400

Missing markets : microstructure and liquidity on the London Stock Exchange

Esteves, Rui Pedro; Mesevage, Gabriel Geisler - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015579738

Fuzzy representation of a limit order book as a measure of stock liquidity

Stereńczak, Szymon; Marszałek, Adam - 2026

In this paper, we seek to ascertain whether the recently developed ordered fuzzy number (OFN) representation of a limit order book (LOB) by Marszałek and Burczyński (2024) may serve as a measure of stock liquidity. In particular, we aim to test whether this measure contains similar or distinct...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620968

Effectiveness of trading pauses : evidence from the Tokyo stock exchange

Kasahara, Akitada; Yamada, Masahiro - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015624512

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Effectiveness of trading pauses : evidence from the Tokyo stock exchange

Kasahara, Akitada; Yamada, Masahiro - 2026

Book / Working Paper

Liquidity stress tests for fixed-income mutual fund: an application for Chile

Gallardo, Tamara; Martínez, Fernando; Muñoz, Matías; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625227

CBDCs and liquidity risks : evidence from the SandDollar's impact on deposits and loans in the Bahamas

Giraldo-Gordillo, Francisco Elieser; Bustillo Mesanza, … - 2026

This study evaluates the early impact of Central Bank Digital Currencies (CBDCs) on key financial indicators in The Bahamas, focusing on the introduction of the SandDollar-the world's first fully implemented retail CBDC. Using the Synthetic Control Method (SCM), the analysis constructs...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628744

Banking structures, liquidity, and macroeconomic stability

Araujo, Luis; Beqiraj, Elton; Hong, David; Kokas, Sotirios - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637774

Macro-financial blind spots in emerging markets : non-bank intermediation, funding liquidity, and the persistence of global shock transmission

Pessoa, Gustavo Henrique Rodrigues; Rochman, Ricardo R. - 2026

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643130

Liquidity, leverage and financial performance nexus : insights from sub-Saharan Africa's healthcare sector

Dangs, Ayuba Zakka; Ojeka, Stephen Aanu; Uthman, Ahmad … - 2026

This study investigates how liquidity and leverage shape financial performance in sub-Saharan Africa's listed healthcare firms and concludes that internal liquidity capacity is a more reliable driver of performance than debt. Using an ex post facto design, the study examines 60 firm year...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643324

False reality bias in treasury management

Reyes Marín, Óscar De los; Paz Gil, Iria; … - 2026

This study examines the False Reality Bias in treasury management, a cognitive distortion through which small and medium-sized enterprises (SMEs) infer financial stability from salient bank balances while overlooking pending obligations and cash-flow timing. Using a firm-level dataset of 50...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644196

Designing high-frequency market liquidity measures with applications to monetary policy

Li, Z. Merrick; Linton, Oliver; Zhai, Yunxiao; Zhang, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655756

The effect of regulatory liquidity measure on bank capital structure

Mabandla, Ndonwabile Zimasa; Marozva, Godfrey - 2026

This study investigates the effects of liquidity regulation, specifically the liquidity coverage ratio (LCR), on the capital structure of South African banks, with a focus on debt maturity composition. Using panel data covering the period 2015-2024, the analysis applies the Generalized Method of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015656185

The evolution of the corporate bond market : a theoretical analysis

Kargar, Mahyar; Lester, Benjamin; Üslü, Semih; Weill, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650609

The effects of technology and liquidity on bank capital structure

Mabandla, Ndonwabile Zimasa - 2026

This research enhances the literature on bank capital structure by combining financial intermediation theory with technological innovation to analyse the impact of FinTech adoption and liquidity management on leverage choices in South African banks. Utilising panel data spanning 2015 to 2024 and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652196

Liquidity recovery dynamics following volatility shocks : evidence from an emerging equity market

Panigrahi, Ashok Kumar; Sharma, Anita; Sarda, Varun - 2026

Understanding how quickly trading liquidity recovers after volatility shocks is central to evaluating market resilience and trading costs in financial markets. The purpose of this study is to examine how quickly trading liquidity recovers after volatility-based stress shocks in an emerging...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652372

Do credit and liquidity risks interact to shape bank stability? : evidence from an emerging banking system

Atari, Sana'; Bin Saddig, Ruaa; Awwad, Bahaa Sobhi Abde … - 2026

This paper examines whether the interaction between credit risk and liquidity conditions helps explain bank stability in a fragile and institutionally constrained banking environment. Using an annual panel of 13 Palestinian banks over 2011-2024 and measuring stability by the (log) Z-score, we...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652373

Bank failures: the roles of solvency and liquidity

Correia, Sergio; Luck, Stephan; Verner, Emil - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636777

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Bank failures : the roles of solvency and liquidity

Correia, Sergio; Luck, Stephan; Verner, Emil - 2026

Book / Working Paper

Determinants of liquidity in the japanese government bond market : an interpretable machine learning approach

Kojima, Satoko; Sakiyama, Toshiyuki - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636987

Two-layer execution architecture for illiquid SME equity markets

Egloff, Pascal; Tharyan, Rajesh; Graf, Sabrina; … - 2026

Thin equity markets for small and medium-sized enterprises often have sparse order flow that cannot sustain continuous quoting. This study proposes a two-layer execution architecture with a modified constant product market maker (modCPMM) designed to provide baseline immediacy for ordinary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668294

The Trafalgar squeeze of global liquidity

Bignon, Vincent; Mojon, Benoît; Ortiz Serrano, Miguel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668263

Liquidity regulation and bank funding costs

Aldasoro, Iñaki; Dörr, Sebastian; Zhou, Haonan - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668355

The Hormuz shock and Asian equity markets : volatility without liquidity withdrawal in 161 firms across six markets

Lim, Boon Chuan - 2026

When a major shock hits the real economy, can equity markets handle it, or do they absorb it? The classical pattern in liquidity crises-widening spreads, vanishing depth, price-impact spikes-points to intermediary stress. The shock due to the closure of the Strait of Hormuz in 2026 departs from...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668552

The diversification of multidimensional liquidity across stock markets

Trang Thi Thanh Chu; Nguyen Duc Trung - 2026

This study aims to analyze the diverse relationships between liquidity measures in markets and then construct a multidimensional liquidity index (LI) for the stock market by systematically integrating multiple aspects of liquidity to enhance the explanatory power of liquidity...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669182

Gas fees as liquidity risk signals in blockchain token markets

Wang, Kai; Krištoufek, Ladislav - 2026

Platform-level gas fees serve as a public, real-time, predictive signal of cross-sectional liquidity risk in blockchain ecosystem tokens. Using a daily panel of 4,224 chain-specific tokens on Ethereum, BNB Chain, and Solana between 2017 and 2025 (2.04 million tokenday observations), gas fees are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669762

Pricing sustainability or pricing illiquidity? : evidence from ESG index futures

Ewald, Christian; Suna, Xiaotong; Haugomb, Erik; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015665643

Resilience in flux : how family firms challenge liquid modernity

Floris, Michela; Argiolas, Giuseppe; Dettori, Angela - 2026

Frame of the research. In an era of liquid modernity, characterized by uncertainty, acceleration, and fragmentation, family businesses must redefine resilience to address evolving challenges. While resilience has been extensively studied, few works explore its transformation under the pressure...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015670761

Monetary policy and the credit rationing effects of liquidity

Swarbrick, Jonathan M. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675312

Anchored to the floor : persistence and liquidity regimes in the €STR - DFR spread

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Ondarza … - 2026

This paper examines the persistence dynamics of monetary policy in the euro area by analysing over the period October 2019 to September 2025 daily data on the €STR - DFR spread, i.e. the deviation of the overnight unsecured market rate from the ECB's deposit facility rate. Fractional...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015674837

Did deposit insurance reforms improve liquidity creation? : evidence from Indian banking

Ghosh, Saibal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015673628

Machine learning and liquidity dynamics in European stock markets

Arakelia, Veni; Caporale, Guglielmo Maria; … - 2026

This paper examines the forecasting of liquidity dynamics in European stock markets by means of traditional econometric models and machine learning techniques. It uses daily data for the DAX, CAC 40, FTSE 100, FTSE MIB, and IBEX 35 over 2010-2026, liquidity being measured by the logarithmic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675098

Fiscal flows and asset prices

O'Connell, Michael; Fletcher, Jonathan - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672670

Liquidity buffers, systemic banks, and interbank rate spread : evidence from Rwanda

Mugenzi, Patrick; Uwimana, Annie - 2026

This paper examines how monetary policy actions, bank liquidity positions, and institutional heterogeneity shape interbank pricing in Rwanda. Using a bank-month panel dataset constructed from transaction-level records on the Rwanda Integrated Payment Processing System (RIPPS) for monthly data...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671968

Transformed intermediation : credit risk to NBFIs, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015564039

Intraday price pressure and order flow around U.S. Treasury auctions

Fleming, Michael J.; Liu, Weiling; Nguyen, Giang H. - 2026 - Revised July 2026

Using 33 years of intraday Treasury data, we provide the first high-frequency evidence on auction-day price pressure: yields rise in the hours before auction and reverse afterward. This pressure strengthens when dealers face tighter risk-bearing constraints and weakens when investor demand is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618080

Repo and the liquidity risk premium

Copeland, Adam; Engbretson, Owen - 2026

Securities dealers play a central role intermediating funds in the U.S. short-term money markets. This intermediation involves risk, which can be mitigated by holding buffers of liquid securities. The cost of holding these buffers - the liquidity risk premium - is driven by the opportunity cost...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618112

Internal versus external liquidity : investment efficiency under market frictions

Webb, David C. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060060

Measuring systemic importance under liquidity stress : evidence from the Uganda National Interbank and Settlement System (UNISS) and Interbank markets

Jingo, Irene P. Nabwire; Kiiza, Joshua Aliganyira; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675641

Bank lending, liquidity regulation and unconventional monetary policies in the Eurozone

Casu, Barbara; Chiaramonte, Laura; Cucinelli, Doriana - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060734

Corporate disclosure, government bailout, and liquidity crisis

Lee, Kyounghun; Oh, Frederick Dongchuhl; Park, Junghum - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061437

A European safe asset? : not without the investors

Bonfanti, Giovanni; Marcucci, Juri - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061471

The split payment mechanism and financial liquidity of enterprises in section F-construction

Przekota, Grzegorz; Kowal-Pawul, Anna; Pitera, Rafał - 2026

Objective: The aim of the study conducted in the article is to examine whether the split payment mechanism (SPM) affects the financial liquidity of enterprises in section F - construction. It was also determined whether adjustments to liquidity ratios should be made for enterprises whose...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061877