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Displaying results 1 to 13 of 13.

  1. Constrained liquidity provision in currency markets
    Author: Huang, Wenqian; Ranaldo, Angelo; Schrimpf, Andreas; Somogyi, Fabricius
    Published: February 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 546
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1073
    Subjects: Currency markets; dealer constraints; market liquidity; foreign exchange; liquidity provision
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  2. Paraguay
    informe del personal técnico sobre la consulta del Artículo IV correspondiente a 2020
    Published: abril de 2021
    Publisher:  International Monetary Fund, Washington, D.C.

    In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which... more

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    In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which spilled over to the non-tradable sector. Growth was not just high but also volatile, as bad weather shocks led to poor harvests, which spill over to the broader economy. In early 2020, Paraguay was rebounding strongly from another weather shock, and full-year growth was forecast at over 4 percent. In 2019, bad weather had reduced the harvest, and GDP growth had come to a near standstill. A recovery started in the second half of 2019 and gathered strength in early 2020-in February economic activity was 7 percent higher than a year earlier. The Covid-19 epidemic halted the recovery. An early lockdown-which kept the death toll among the lowest in the region-led to a sharp contraction in economic activity, with April activity levels at 20 percent below those in February. Women, informal sector workers, and workers in the service sector were particularly hard hit; while children were severely affected by the closing of the schools until the end of 2020

     
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    Source: Staatsbibliothek zu Berlin
    Language: Spanish
    Media type: Ebook
    Format: Online
    ISBN: 9781513576954
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    Series: Informe país del FMI ; no. 21, 45
    Subjects: ISCR; CR; investment spending; supply and demand demand shock; emergency spending; compilation method; liquidity provision
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  3. Constrained liquidity provision in currency markets
    Author: Huang, Wenqian; Ranaldo, Angelo; Schrimpf, Andreas; Somogyi, Fabricius
    Published: 22 January 2024
    Publisher:  Centre for Economic Policy Research, London

    We devise a simple model of liquidity demand and supply to deepen the understanding of dealers’ liquidity provision in currency markets. Drawing on a globally representative data set on currency trading volumes, we show that at times when dealers'... more

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    Universität Potsdam, Universitätsbibliothek
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    We devise a simple model of liquidity demand and supply to deepen the understanding of dealers’ liquidity provision in currency markets. Drawing on a globally representative data set on currency trading volumes, we show that at times when dealers' intermediation capacity is constrained the cost of liquidity provision increases disproportionately relative to dealer-intermediated volume. Thus, the otherwise strong and positive relation between liquidity costs and trading volume effectively shrinks to zero when dealers are more constrained. Using various econometric approaches, we show that this result primarily stems from a reduction in the elasticity of liquidity supply, rather than changes in liquidity demand.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18776
    Subjects: Currency markets; dealer constraints; market liquidity; FX; liquidity provision; Currency markets; dealer constraints; market liquidity; FX; liquidity provision
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  4. Liquidity provision during the crisis of 1914
    private and public sources
    Author: Jacobson, Margaret M.; Tallman, Ellis W.
    Published: 2013
    Publisher:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 1304
    Subjects: liquidity provision; lender of last resort; correspondent banking; closure of stock exchange; financial crisis; clearing houses; Aldrich-Vreeland emergency currency
    Scope: Online-Ressource (36 S.), graph. Darst.
  5. The effect of safe assets on financial fragility in a bank-run model
    Author: Ahnert, Toni; Elamin, Mahmoud
    Published: 2014
    Publisher:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 1437
    Subjects: bank runs; demand deposits; global games; liquidity provision; safe assets
    Scope: Online-Ressource (48 S.), graph. Darst.
  6. The federal reserve system and world war I
    designing policies without precedent
    Author: Tallman, Ellis W.; Jacobsen, Margaret M.
    Published: 2015
    Publisher:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 1510
    Subjects: Crisis prevention; liquidity provision; Federal Reserve Act
    Scope: Online-Ressource (25 S.), graph. Darst.
  7. Frequent batch auctions and informed trading
    Author: Eibelshäuser, Steffen; Smetak, Fabian
    Published: [2022]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    We study liquidity provision by competitive high-frequency trading firms (HFTs) in a dynamic trading model with private information. Liquidity providers face adverse selection risk from trading with privately informed investors and from trading with... more

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    We study liquidity provision by competitive high-frequency trading firms (HFTs) in a dynamic trading model with private information. Liquidity providers face adverse selection risk from trading with privately informed investors and from trading with other HFTs that engage in latency arbitrage upon public information. The impact of the two different sources of risk depends on the details of the market design. We determine equilibrium transaction costs in continuous limit order book (CLOB) markets and under frequent batch auctions (FBA). In the absence of informed trading, FBA dominates CLOB just as in Budish et al. (2015). Surprisingly, this result does no longer hold with privately informed investors. We show that FBA allows liquidity providers to charge markups and earn profits - even under risk neutrality and perfect competition. A slight variation of the FBA design removes the inefficiency by allowing traders to submit orders conditional on auction excess demand.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/251785
    Series: SAFE working paper ; no. 344 (February 2022)
    Subjects: market design; market microstructure; liquidity provision; high-frequency trading; continuous limit order book; frequent batch auctions; sniping; latency arbitrage
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  8. Sectorial holdings and stock prices
    the household-bank nexus
    Author: Lamas, Matías; Martínez-Miera, David
    Published: 2021
    Publisher:  Banco de España, Madrid

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 470
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2130
    Subjects: household ownership; stock prices; equity issuance; banks; non-fi nancialcorporations; liquidity provision; informational asymmetries
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  9. Savings, efficiency and the nature of bank runs
    Author: Leonello, Agnese; Mendicino, Caterina; Panetti, Ettore; Porcellacchia, Davide
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Does the level of deposits matter for bank fragility and efficiency? In a banking model with endogenous bank runs and a consumption-saving decision, we show that the level of deposits has opposite effects on bank fragility depending on the nature of... more

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    DS 534
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    Does the level of deposits matter for bank fragility and efficiency? In a banking model with endogenous bank runs and a consumption-saving decision, we show that the level of deposits has opposite effects on bank fragility depending on the nature of bank runs. In an economy with panic-driven runs, higher deposits make banks less fragile, while the opposite is true when runs are only driven by fundamentals. The effect of deposits is not internalized by depositors. A saving externality arises, leading to excessive fragility and insufficient liquidity provision. The economy features under-saving when runs are panic driven, and over-saving when fundamental driven.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949699
    Other identifier:
    hdl: 10419/249909
    Series: Working paper series / European Central Bank ; no 2636 (January 2022)
    Subjects: endogenous bank runs; liquidity provision; fundamental runs; panic runs,saving externality
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  10. Trade credit and product market power during a financial crisis
    Author: Gonçalves, Adalto Barbaceia; Schiozer, Rafael Felipe; Sheng, Hsia Hua
    Published: [2018]
    Publisher:  Université Libre de Bruxelles - Solvay Brussels School of Economics and Management, Centre Emile Bernheim, Brussels, Belgium

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 311 (2018,4)
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    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/263593
    Series: CEB working paper ; no 18, 004 (January 2018)
    Subjects: trade credit; financial crisis; market power; monopoly rents; liquidity provision
    Scope: 1 Online-Ressource (circa 40 Seiten)
  11. Paraguay
    informe del personal técnico sobre la consulta del Artículo IV correspondiente a 2020
    Published: abril de 2021
    Publisher:  International Monetary Fund, Washington, D.C.

    In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    In the past two decades, Paraguay has seen strong growth and a sharp reduction in poverty. Strong GDP growth was the result of sound macro policies (with low inflation and low fiscal deficits and debt) and an agricultural commodity price boom which spilled over to the non-tradable sector. Growth was not just high but also volatile, as bad weather shocks led to poor harvests, which spill over to the broader economy. In early 2020, Paraguay was rebounding strongly from another weather shock, and full-year growth was forecast at over 4 percent. In 2019, bad weather had reduced the harvest, and GDP growth had come to a near standstill. A recovery started in the second half of 2019 and gathered strength in early 2020-in February economic activity was 7 percent higher than a year earlier. The Covid-19 epidemic halted the recovery. An early lockdown-which kept the death toll among the lowest in the region-led to a sharp contraction in economic activity, with April activity levels at 20 percent below those in February. Women, informal sector workers, and workers in the service sector were particularly hard hit; while children were severely affected by the closing of the schools until the end of 2020

     
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    Source: Staatsbibliothek zu Berlin
    Language: Spanish
    Media type: Ebook
    Format: Online
    ISBN: 9781513576954
    Other identifier:
    Series: Informe país del FMI ; no. 21, 45
    Subjects: ISCR; CR; investment spending; supply and demand demand shock; emergency spending; compilation method; liquidity provision
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  12. Bank reserves and broad money in the global financial crisis
    a quantitative evaluation
    Author: Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, Tobias
    Published: [2020]
    Publisher:  National Institute of Economic and Social Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 538
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NIESR discussion paper ; (no. 519 11 November 2020)
    Subjects: non-conventional monetary policy; quantitative easing; liquidity provision
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  13. Constrained liquidity provision in currency markets
    Author: Huang, Wenqian; Ranaldo, Angelo; Schrimpf, Andreas; Somogyi, Fabricius
    Published: 22 January 2024
    Publisher:  Centre for Economic Policy Research, London

    We devise a simple model of liquidity demand and supply to deepen the understanding of dealers’ liquidity provision in currency markets. Drawing on a globally representative data set on currency trading volumes, we show that at times when dealers'... more

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    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We devise a simple model of liquidity demand and supply to deepen the understanding of dealers’ liquidity provision in currency markets. Drawing on a globally representative data set on currency trading volumes, we show that at times when dealers' intermediation capacity is constrained the cost of liquidity provision increases disproportionately relative to dealer-intermediated volume. Thus, the otherwise strong and positive relation between liquidity costs and trading volume effectively shrinks to zero when dealers are more constrained. Using various econometric approaches, we show that this result primarily stems from a reduction in the elasticity of liquidity supply, rather than changes in liquidity demand.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18776
    Subjects: Currency markets; dealer constraints; market liquidity; FX; liquidity provision; Currency markets; dealer constraints; market liquidity; FX; liquidity provision
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen