The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The CPFF
This is the first post in a series that details the steps taken by the Fed in its role as lender of last resort during the 2007-09 financial crisis.
The European Debt Crisis and the Dollar Funding Gap
Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention.
Intraday Liquidity Flows
Transactions denominated in U.S. dollars flow around the clock and around the globe, filling the pipelines that support commerce.
When Do Trading Frictions Increase Liquidity?
Economists tend to assume that frictions that limit trading in financial markets reduce liquidity and lower investor welfare.