Liquidity and Market Efficiency – Alive and well?

Editors: Esa Jokivuolle and Jouko Vilmunen
ISBN: 978-3-902109-78-1

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.

Introduction
Esa Jokivuolle and Jouko Vilmunen

Opening words: Liquidity and Market Efficiency
Erkki Liikanen

On the effects of margin requirements
Petri Jylhä

Liquidity and Lending: Banks versus Shadow Banks 
George G. Pennacchi

The Volcker Rule’s Unintended Consequences
Jussi Keppo

What is money and who says so?
Peter R. Fisher

Aditional Info:
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

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Study 2015/3