237:
151:
higher its market liquidity, the higher its price and the lower is its expected return. In addition, risk-averse investors require higher expected return if the asset's market-liquidity risk is greater. This risk involves the exposure of the asset return to shocks in overall market liquidity, the exposure of the asset's own liquidity to shocks in market liquidity and the effect of market return on the asset's own liquidity. Here too, the higher the liquidity risk, the higher the expected return on the asset or the lower is its price.
85:
208:(in the sense that these loans are owed to the bank, not by the bank). The investment portfolio represents a smaller portion of assets, and serves as the primary source of liquidity. Investment securities can be liquidated to satisfy deposit withdrawals and increased loan demand. Banks have several additional options for generating liquidity, such as selling loans,
172:, there is no assurance that a liquid market may exist for offsetting a commodity contract at all times. Some future contracts and specific delivery months tend to have increasingly more trading activity and have higher liquidity than others. The most useful indicators of liquidity for these contracts are the trading volume and
98:, which relates to the trade-off between quantity being sold and the price it can be sold for, rather than the liquidity trade-off between speed of sale and the price it can be sold for. A market may be considered both deep and liquid if there are ready and willing buyers and sellers in large quantities.
227:
Banks can generally maintain as much liquidity as desired because bank deposits are insured by governments in most developed countries. A lack of liquidity can be remedied by raising deposit rates and effectively marketing deposit products. However, an important measure of a bank's value and success
121:
seek to profit by charging for the immediacy of execution: either implicitly by earning a bid/ask spread or explicitly by charging execution commissions. By doing this, they provide the capital needed to facilitate the liquidity. The risk of illiquidity does not apply only to individual investments:
150:
The market liquidity of assets affects their prices and expected returns. Theory and empirical evidence suggest that investors require higher return on assets with lower market liquidity to compensate them for the higher cost of trading these assets. That is, for an asset with given cash flow, the
59:
without causing a drastic change in the asset's price. Liquidity involves the trade-off between the price at which an asset can be sold, and how quickly it can be sold. In a liquid market, the trade-off is mild: one can sell quickly without having to accept a significantly lower price. In a
93:
A liquid asset has some or all of the following features: it can be sold rapidly, with minimal loss of value, anytime within market hours. The essential characteristic of a liquid market is that there are always ready and willing buyers and sellers. It is similar to, but distinct from,
101:
An illiquid asset is an asset which is not readily salable (without a drastic price reduction, and sometimes not at any price) due to uncertainty about its value or the lack of a market in which it is regularly traded. The mortgage-related assets which resulted in the
154:
One example of this is a comparison of assets with and without a liquid secondary market. The liquidity discount is the reduced promised yield or expected return for such assets, like the difference between newly issued U.S. Treasury bonds compared to
220:, and raising additional capital. In a worst-case scenario, depositors may demand their funds when the bank is unable to generate adequate cash without incurring substantial financial losses. In severe cases, this may result in a
106:
are examples of illiquid assets, as their value was not readily determinable despite being secured by real property. Before the crisis, they had moderate liquidity because it was believed that their value was generally known.
199:
to monitor and project cash flows to ensure adequate liquidity is maintained. Maintaining a balance between short-term assets and short-term liabilities is critical. For an individual bank, clients' deposits are its primary
88:
This old building for sale in
Cheshire, England, has relatively low liquidity. It could be sold in a matter of days at a low price, but it could take several years to find a buyer who is willing to pay a reasonable
159:
treasuries with the same term to maturity. Initial buyers know that other investors are less willing to buy off-the-run treasuries, so the newly issued bonds have a higher price (and hence lower yield).
117:
are key contributors to the liquidity of a market or asset. Speculators are individuals or institutions that seek to profit from anticipated increases or decreases in a particular market price.
228:
is the cost of liquidity. A bank can attract significant liquid funds. Lower costs generate stronger profits, more stability, and more confidence among depositors, investors, and regulators.
268:, the spread is often just a few pennies – much less than 1% of the price. For illiquid stocks, the spread can be much larger, amounting to a few percent of the trading price.
1516:
130:. Contingent liquidity risk is the risk associated with finding additional funds or replacing maturing liabilities under potential, future-stressed market conditions. When a
2051:
122:
whole portfolios are subject to market risk. Financial institutions and asset managers that oversee portfolios are subject to what is called "structural" and "contingent"
2036:
183:, referring to transactions that occur off-exchange and are therefore not visible to investors until after the transaction is complete. It does not contribute to public
2013:
195:
In banking, liquidity is the ability to meet obligations when they come due without incurring unacceptable losses. Managing liquidity is a daily process requiring
1998:
1937:
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126:. Structural liquidity risk, sometimes called funding liquidity risk, is the risk associated with funding asset portfolios in the
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204:(in the sense that the bank is meant to give back all client deposits on demand), whereas reserves and loans are its primary
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1413:
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Market
Liquidity: An empirical analysis of the impact of the financial crisis, ownership structures and insider trading.
1967:
1959:
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1473:
1465:
1457:
1435:
834:
127:
449:
Viral
Acharya and Lasse Heje Pedersen, "Asset pricing with liquidity risk", Journal of Financial Economics 77, 2005.
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1103:
31:
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Yakov Amihud and Haim
Mendelson, "Asset Pricing and the Bid-Ask Spread", Journal of Financial Economics 17, 1986.
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103:
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2020:
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Stock exchanges promote liquidity by accepting competitive bids from buyers. (Toronto Stock
Exchange, 1910)
2095:
1797:
1043:
1036:
988:
690:
620:
Abudy, Menachem Meni; Raviv, Alon (2016). "How much can illiquidity affect corporate debt yield spread?".
459:
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84:
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919:
846:
825:
236:
139:
1974:
1804:
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518:
458:
See a review in Amihud, Mendelson, and
Pedersen, Market Liquidity, Cambridge University Press, 2013.
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609:
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by
Richard Heckinger, David Marshall, and Robert Steigerwald (Federal Reserve Bank of Chicago)
277:
249:
582:, 5 September 2007 (available for download as an audio or video file, as well as a text file)
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itself, which can be considered the most liquid asset because it can be exchanged for
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relatively illiquid market, an asset must be discounted in order to sell quickly. A
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is a market's feature whereby an individual or firm can quickly purchase or sell an
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1835:
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110:
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48:
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44:
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by David
Marshall and Robert Steigerwald (Federal Reserve Bank of Chicago)
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400:
221:
40:
17:
460:
http://www.cambridge.org/bus/catalogue/catalogue.asp?isbn=9780521139656
196:
592:
Financial market utilities and the challenge of just-in-time liquidity
260:
is one indicator of a stock's liquidity. For liquid stocks, such as
640:
488:
245:
235:
205:
56:
472:
69:
65:
644:
473:"The Flight‐to‐Liquidity Premium in U.S. Treasury Bond Prices"
401:"The Performance of Liquidity in the Subprime Mortgage Crisis"
586:
The role of time-critical liquidity in financial markets
369:
989:
Post-Napoleonic Irish grain price and land use shocks
1823:
1673:
1373:
1291:
1262:
1209:
1084:
1020:
918:
845:
823:
517:
307:"Liquidity - Dictionary Definition of Liquidity"
2117:List of stock market crashes and bear markets
656:
576:"Liquidity: Finance in motion or evaporation"
300:
298:
68:within a relatively short period of time, or
8:
663:
649:
641:
1938:2015–2016 Chinese stock market turbulence
83:
64:is an asset which can be converted into
294:
1843:Venezuelan banking crisis of 2009–2010
1613:South American economic crisis of 2002
1510:Black Wednesday (1992 Sterling crisis)
510:"Mifid ushers in a new era of trading"
1894:2013 Chinese banking liquidity crisis
1850:2010–2014 Portuguese financial crisis
1326:Secondary banking crisis of 1973–1975
380:from the original on 26 December 2017
256:and the level of buyer interest. The
138:) of money, this process is known as
7:
1924:Russian financial crisis (2014–2016)
1777:2008–2011 Icelandic financial crisis
1770:2008–2009 Ukrainian financial crisis
1735:2000s U.S. housing market correction
1575:1998–2002 Argentine great depression
2081:2023–2024 Egyptian financial crisis
1916:Puerto Rican government-debt crisis
1909:2014–2016 Brazilian economic crisis
1282:1963–1965 Indonesian hyperinflation
1185:Shanghai rubber stock market crisis
874:Dutch Republic stock market crashes
543:"Understanding Financial Liquidity"
1887:2012–2013 Cypriot financial crisis
1791:2008–2014 Spanish financial crisis
1763:2008–2009 Russian financial crisis
1756:2008–2009 Belgian financial crisis
1451:1988–1992 Norwegian banking crisis
946:British credit crisis of 1772–1773
134:tries to influence the liquidity (
25:
2074:2023 United States banking crisis
1880:2011 Bangladesh share market scam
1568:1998–1999 Ecuador economic crisis
1532:Venezuelan banking crisis of 1994
1458:Japanese asset price bubble crash
1399:Souk Al-Manakh stock market crash
1149:Australian banking crisis of 1893
953:Dutch Republic financial collapse
578:, lecture by Michael Mainelli at
931:Amsterdam banking crisis of 1763
1656:2007 Chinese stock bubble crash
982:Danish state bankruptcy of 1813
553:from the original on 3 May 2018
483:(3) (77(3) ed.): 511–526.
399:Langley, Paul (30 March 2010).
359:, published on 15 December 2012
2037:Chinese property sector crisis
1945:2015–2016 stock market selloff
1873:August 2011 stock markets fall
1784:2008–2011 Irish banking crisis
1481:1990s Swedish financial crisis
1230:Weimar Republic hyperinflation
622:Journal of Financial Stability
1:
2110:List of sovereign debt crises
2052:2022 Russian financial crisis
1749:2008 Latvian financial crisis
1742:U.S. bear market of 2007–2009
1620:Stock market downturn of 2002
1561:1998 Russian financial crisis
1414:1983 Israel bank stock crisis
471:Longstaff, Francis A (2004).
1812:Greek government-debt crisis
1649:2004 Argentine energy crisis
1606:2001 Turkish economic crisis
1495:1990s Armenian energy crisis
1488:1990s Finnish banking crisis
1349:1976 British currency crisis
1319:1973–1974 stock market crash
27:Finance property of an asset
1968:2017 Sri Lankan fuel crisis
1634:2003 Myanmar banking crisis
1627:2002 Uruguay banking crisis
1547:1997 Asian financial crisis
1474:1991 Indian economic crisis
1466:Rhode Island banking crisis
1436:Cameroonian economic crisis
1222:Early Soviet hyperinflation
835:Crisis of the Third Century
2155:
1999:Sri Lankan economic crisis
1857:Energy crisis in Venezuela
1836:2009 Dubai debt standstill
1686:2007–2008 financial crisis
1341:Latin American debt crisis
1104:Paris Bourse crash of 1882
345:. Vol. 2. p. 67.
210:borrowing from other banks
32:Liquidity (disambiguation)
29:
2090:
2067:2022 stock market decline
2059:Pakistani economic crisis
2045:2021–2023 inflation surge
1991:Lebanese liquidity crisis
1960:Venezuelan hyperinflation
1952:Brexit stock market crash
1901:Venezuela economic crisis
1663:Zimbabwean hyperinflation
1246:Wall Street Crash of 1929
1086:2nd Industrial Revolution
920:1st Industrial Revolution
678:
634:10.1016/j.jfs.2016.06.011
420:10.1080/13563460903553624
248:depends on whether it is
128:normal course of business
76:instantly at face value.
1728:Subprime mortgage crisis
1391:Brazilian hyperinflation
1363:Brazilian hyperinflation
1200:Financial crisis of 1914
908:Mississippi bubble crash
357:Financial ratio analysis
244:The market liquidity of
104:subprime mortgage crisis
2103:List of economic crises
2021:2020 stock market crash
2014:Financial market impact
1983:Turkish economic crisis
1598:9/11 stock market crash
1554:October 1997 mini-crash
1525:1994 bond market crisis
1517:Yugoslav hyperinflation
1428:Savings and loan crisis
1029:European potato failure
477:The Journal of Business
218:US Federal Reserve bank
2096:List of banking crises
1865:Syrian economic crisis
1798:Blue Monday Crash 2009
1407:Chilean crisis of 1982
1238:Shōwa financial crisis
1044:Highland Potato Famine
900:South Sea bubble crash
691:Commodity price shocks
241:
146:Effect on asset values
140:open market operations
90:
1421:Black Saturday (1983)
1275:Kennedy Slide of 1962
847:Commercial revolution
408:New Political Economy
239:
87:
1975:Ghana banking crisis
1805:European debt crisis
1590:Dot-com bubble crash
1502:Cuban Special Period
961:Copper Panic of 1789
866:The Great Debasement
858:Great Bullion Famine
608:1. Auflage. Shaker,
604:Christoph G. Rösch:
337:Keynes, John Maynard
30:For other uses, see
1931:2015 Nepal blockade
1641:2000s energy crisis
1539:Mexican peso crisis
1444:Black Monday (1987)
1304:1970s energy crisis
1264:Post–WWII expansion
938:Bengal bubble crash
733:Financial contagion
549:. Investopedia US.
522:on 10 December 2022
342:A Treatise on Money
311:About.com Education
212:, borrowing from a
1193:Panic of 1910–1911
1037:Great Irish Famine
975:Panic of 1796–1797
814:Stock market crash
242:
91:
74:goods and services
2139:Financial markets
2126:
2125:
2007:COVID-19 pandemic
892:Tulip mania crash
883:Kipper und Wipper
860:(c. 1400–c. 1500)
278:Funding liquidity
16:(Redirected from
2146:
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2112:
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1394:
1380:Great Regression
1375:Great Moderation
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1344:
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1328:
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895:
887:
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869:
861:
838:
816:
809:
802:
793:
786:
779:
772:
765:
763:Liquidity crisis
758:
751:
742:
740:Social contagion
735:
728:
721:
714:
707:
700:
693:
686:
672:Financial crises
665:
658:
651:
642:
637:
614:978-3844-01237-8
563:
562:
560:
558:
547:Investopedia.com
538:
532:
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529:
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516:. Archived from
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405:
396:
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366:
360:
353:
347:
346:
333:
327:
326:
324:
322:
317:on 17 April 2015
313:. Archived from
302:
266:General Electric
53:market liquidity
21:
2154:
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2149:
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2026:
2019:
2012:
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1825:Information Age
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1675:Great Recession
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1397:
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1382:
1378:
1369:
1361:
1356:1979 oil crisis
1354:
1347:
1339:
1331:
1324:
1317:
1312:1973 oil crisis
1310:
1302:
1295:
1293:Great Inflation
1287:
1280:
1273:
1266:
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1244:
1236:
1228:
1220:
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1211:Interwar period
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712:Currency crisis
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599:Further reading
580:Gresham College
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514:Financial Times
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185:price discovery
170:futures markets
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2061:(2022–present)
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2039:(2020–present)
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2017:
2003:
2001:(2019–present)
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1993:(2019–present)
1987:
1985:(2018–present)
1979:
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1956:
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1934:
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1903:(2013–present)
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1867:(2011–present)
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1859:(2010–present)
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1828:(2009–present)
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1234:
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1022:
1018:
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1015:
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1000:
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985:
978:
971:
964:
957:
955:(c. 1780–1795)
949:
942:
934:
926:
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916:
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913:
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904:
896:
888:
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876:(c. 1600–1760)
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828:
821:
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756:Hyperinflation
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541:Mueller, Jim.
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489:10.1086/386528
463:
451:
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361:
355:Drake, P. P.,
348:
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305:Mike Moffatt.
293:
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286:
285:
280:
273:
270:
258:bid/ask spread
233:
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216:, such as the
192:
189:
181:dark liquidity
179:There is also
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162:
147:
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124:liquidity risk
81:
78:
26:
24:
14:
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10:
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1714:December 2008
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1707:November 2008
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1253:Panic of 1930
1250:
1247:
1243:
1239:
1235:
1231:
1227:
1223:
1219:
1218:
1216:
1212:
1208:
1201:
1197:
1194:
1190:
1186:
1182:
1179:
1178:Panic of 1907
1175:
1172:
1171:Panic of 1901
1168:
1165:
1164:Panic of 1896
1161:
1157:
1153:
1150:
1146:
1143:
1142:Panic of 1893
1139:
1135:
1131:
1127:
1126:Baring crisis
1123:
1119:
1118:Arendal crash
1115:
1112:
1111:Panic of 1884
1108:
1105:
1101:
1098:
1097:Panic of 1873
1094:
1093:
1091:
1087:
1083:
1075:
1071:
1068:
1067:Panic of 1866
1064:
1061:
1060:Panic of 1857
1057:
1054:
1053:Panic of 1847
1050:
1045:
1041:
1038:
1034:
1033:
1030:
1026:
1025:
1023:
1019:
1012:
1011:Panic of 1837
1008:
1005:
1004:Panic of 1825
1001:
998:
997:Panic of 1819
994:
990:
986:
983:
979:
976:
972:
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968:Panic of 1792
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836:
832:
831:
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815:
811:
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807:Social crisis
804:
801:
800:Minsky moment
797:
792:
788:
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766:
764:
760:
757:
753:
750:
746:
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736:
734:
730:
727:
726:Energy crisis
723:
720:
716:
713:
709:
706:
702:
699:
698:Credit crunch
695:
692:
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284:
283:Market impact
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175:
174:open interest
171:
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119:Market makers
116:
115:market makers
112:
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71:
67:
63:
58:
54:
50:
46:
42:
37:
33:
19:
1700:October 2008
1582:Samba effect
1438:(1987–2000s)
1333:Steel crisis
1156:Black Monday
1134:Encilhamento
1074:Black Friday
881:
837:(235–284 CE)
790:
705:Credit cycle
625:
621:
605:
555:. Retrieved
546:
536:
524:. Retrieved
519:the original
513:
504:
494:26 September
492:. Retrieved
480:
476:
466:
454:
445:
436:
414:(1): 71-89.
411:
407:
394:
382:. Retrieved
374:TradeLive.in
373:
364:
356:
351:
340:
331:
319:. Retrieved
315:the original
310:
243:
232:Stock market
226:
214:central bank
194:
178:
167:
153:
149:
132:central bank
109:
100:
96:market depth
92:
62:liquid asset
61:
52:
38:
36:
1977:(2017–2018)
1962:(2016–2022)
1918:(2014–2022)
1678:(2007–2009)
1643:(2003–2008)
1592:(2000–2004)
1541:(1994–1996)
1519:(1992–1994)
1504:(1991–2000)
1468:(1990–1992)
1460:(1990–1992)
1430:(1986–1995)
1393:(1982–1994)
1383:(1982–2007)
1365:(1980–1982)
1343:(1975–1982)
1335:(1973–1982)
1306:(1973–1980)
1296:(1973–1982)
1267:(1945–1973)
1232:(1921–1923)
1224:(1917–1924)
1214:(1918–1939)
1136:(1890–1893)
1089:(1870–1914)
1031:(1845–1856)
991:(1815–1816)
940:(1769–1784)
923:(1760–1840)
886:(1621–1623)
868:(1544–1551)
850:(1000–1760)
749:Flash crash
719:Debt crisis
370:"TradeLive"
202:liabilities
157:off the run
111:Speculators
770:Accounting
289:References
49:investment
2028:Recession
1021:1840–1870
628:: 58–69.
557:11 August
428:153899413
262:Microsoft
45:economics
2133:Category
684:Bank run
551:Archived
378:Archived
272:See also
254:exchange
222:bank run
80:Overview
41:business
18:Illiquid
784:Funding
777:Capital
570:Sources
197:bankers
191:Banking
168:In the
164:Futures
1954:(2016)
1600:(2001)
1584:(1999)
1401:(1982)
1240:(1927)
1187:(1910)
1158:(1894)
1128:(1890)
1120:(1886)
1076:(1869)
910:(1720)
902:(1720)
894:(1637)
791:Market
612:
526:27 May
426:
384:27 May
321:27 May
252:on an
250:listed
206:assets
136:supply
89:price.
424:S2CID
404:(PDF)
246:stock
57:asset
1721:2009
826:1000
824:Pre-
610:ISBN
559:2014
528:2015
496:2022
386:2015
323:2015
113:and
70:cash
66:cash
630:doi
485:doi
416:doi
264:or
47:or
39:In
2135::
626:25
624:.
545:.
512:.
481:77
479:.
475:.
422:.
412:15
410:.
406:.
376:.
372:.
339:.
309:.
297:^
224:.
187:.
176:.
142:.
51:,
43:,
1377:/
664:e
657:t
650:v
636:.
632::
616:.
561:.
530:.
498:.
487::
430:.
418::
388:.
325:.
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
