文章基本信息

标题：Liquidity (risk) concepts: definitions and interactions
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作者：Kleopatra Nikolaou
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：We discuss the notion of liquidity and liquidity risk within the nancial system. We distinguish between three di¤erent liquidity types, central bank liquidity, funding and market liquidity and their relevant risks. In order to understand the workings of nancial system liquidity, as well as the role of the central bank, we bring together relevant literature from di¤erent areas and review liquidity linkages among these three types in normal and turbulent times. We stress that the root of liquidity risk lies in information asymmetries and the existence of incomplete markets. The role of central bank liquidity can be important in managing a liquidity crisis, yet it is not a panacea. It can act as an immediate but temporary bu¤er to liquidity shocks, thereby allowing time for supervision and regulation to confront the causes of liquidity risk.
关键词：liquidity; risk; central bank; LLR