Editors: Esa Jokivuolle and Jouko Vilmunen
A joint publication with the Bank of Finland
On 3 July 2015, SUERF jointly organised its sixth conference with the Bank of Finland in Helsinki on the subject liquidity and market efficiency. The present SUERF Study 2015/3 includes a selection of papers based on the authors’ contributions to the Helsinki conference.
Esa Jokivuolle and Jouko Vilmunen
Opening words: Liquidity and Market Efficiency
On the effects of margin requirements
Liquidity and Lending: Banks versus Shadow Banks
George G. Pennacchi
The Volcker Rule’s Unintended Consequences
What is money and who says so?
Peter R. Fisher
Keywords: Cross-border financing, dollar-denominated funding, exchange rate fluctuations, financial intermediation, financial stability, Gresham’s Law, hoarding, inflation, interest rate policy, international capital movements, liquidity, liquidity illusion, margin requirements, market efficiency, pricing of risk, quantitative easing, risk taking, shadow banks, sovereign debt, Volcker Rule.
JEL-codes: E43, E44, E51, E52, E58, F32, F34, F36, G14, G28