Liquidity Risk, Cash Flow Constraints, and Systemic Feedbacks
Chapter in NBER book Quantifying Systemic Risk (2013), Joseph G. Haubrich and Andrew W. Lo, editors (p. 29 - 61)
---- Acknowledgements -----
This research was undertaken when John Elliott, Sujit Kapadia and Gabriel Sterne all worked at the Bank of England, and when Mathias Drehmann worked at the Bank of England and the Bank for International Settlements. The views expressed in this paper are those of the authors, and not necessarily those of the Bank of England, Financial Policy Committee members, or the Bank for International Settlements.
---- Disclosure of Financial Relationships for Matthias Drehmann -----
This research was undertaken, when Mathias worked for the Bank of England and the BIS.
---- Disclosure of Financial Relationships for Gabriel Sterne -----
Funded by the Bank of England, all work on this research was undertaken while I was at the Bank of England. I acknowledge the advice and support of many colleagues in the Bank of England and from the academic and central banking community more broadly.