Gregory Caldwell

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The market turmoil that began in late 2007 underscored the importance of liquidity to the functioning of financial markets and the banking sector. Prior to the turmoil, asset markets were buoyant, and low-cost funding was readily available. The reversal in market conditions illustrated how quickly liquidity can evaporate, and that illiquidity can last for(More)
The financial system and all of its various components (institutions, markets, and clearing and settlement systems) are supported by a set of arrangements, including government policies, that influence its structure and facilitate its operation. Taken together, these arrangements form the financial system's infrastructure. Experience has demonstrated that a(More)
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