226:
74:
140:
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.
197:(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,
161:, 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
87:, 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.
216:
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
110:
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:
139:
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
48:
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
82:
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,
90:
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
143:
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
209:, 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
95:
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.
188:
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
77:
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
148:
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).
1270:
106:
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.
217:
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.
257:, 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.
119:. Contingent liquidity risk is the risk associated with finding additional funds or replacing maturing liabilities under potential, future-stressed market conditions. When a
111:
whole portfolios are subject to market risk. Financial institutions and asset managers that oversee portfolios are subject to what is called "structural" and "contingent"
172:, 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
184:
In banking, liquidity is the ability to meet obligations when they come due without incurring unacceptable losses. Managing liquidity is a daily process requiring
1505:
574:
2040:
2025:
2002:
498:
2105:
1987:
1926:
1889:
1723:
295:
2047:
1586:
539:
1971:
1831:
1730:
651:
1838:
1681:
1314:
1995:
1912:
1882:
1765:
1758:
1702:
1695:
1563:
1252:
115:. Structural liquidity risk, sometimes called funding liquidity risk, is the risk associated with funding asset portfolios in the
2069:
1688:
941:
862:
580:
1875:
1779:
1744:
1601:
1439:
934:
1556:
1469:
1218:
1210:
193:(in the sense that the bank is meant to give back all client deposits on demand), whereas reserves and loans are its primary
602:
1904:
1173:
595:
Market
Liquidity: An empirical analysis of the impact of the financial crisis, ownership structures and insider trading.
1933:
2062:
1868:
1520:
1387:
1137:
438:
Viral
Acharya and Lasse Heje Pedersen, "Asset pricing with liquidity risk", Journal of Financial Economics 77, 2005.
1307:
919:
190:
1709:
1483:
970:
429:
Yakov Amihud and Haim
Mendelson, "Asset Pricing and the Bid-Ask Spread", Journal of Financial Economics 17, 1986.
1897:
1861:
1772:
1674:
644:
2098:
2033:
1737:
1608:
1549:
1402:
1800:
1644:
1637:
1594:
1542:
1476:
1074:
229:
Stock exchanges promote liquidity by accepting competitive bids from buyers. (Toronto Stock
Exchange, 1910)
609:
Abudy, Menachem Meni; Raviv, Alon (2016). "How much can illiquidity affect corporate debt yield spread?".
448:
1956:
1948:
1622:
1615:
1535:
1462:
1454:
1446:
1424:
823:
116:
2127:
1940:
1845:
1651:
1329:
1092:
20:
2055:
1979:
1751:
1234:
637:
507:
447:
See a review in Amihud, Mendelson, and
Pedersen, Market Liquidity, Cambridge University Press, 2013.
1226:
1716:
1379:
1351:
1188:
198:
92:
366:
303:
2091:
2009:
1513:
1416:
1017:
2084:
1786:
1181:
1032:
1025:
977:
963:
679:
564:
531:
206:
583:
by
Richard Heckinger, David Marshall, and Robert Steigerwald (Federal Reserve Bank of Chicago)
2016:
1409:
1263:
926:
908:
835:
814:
571:, 5 September 2007 (available for download as an audio or video file, as well as a text file)
128:
1963:
1793:
1337:
949:
854:
846:
758:
8:
1919:
1629:
1527:
1432:
1292:
1144:
1062:
896:
721:
330:
325:
802:
412:
73:
62:
225:
61:
itself, which can be considered the most liquid asset because it can be exchanged for
888:
871:
772:
598:
416:
266:
238:
49:
relatively illiquid market, an asset must be discounted in order to sell quickly. A
44:
is a market's feature whereby an individual or firm can quickly purchase or sell an
1853:
1368:
1363:
751:
728:
660:
618:
473:
404:
254:
1813:
1663:
1498:
1344:
1300:
1199:
700:
568:
173:
158:
1578:
1490:
1395:
765:
744:
246:
242:
112:
622:
408:
2121:
1241:
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1159:
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1130:
1114:
1106:
1099:
1085:
1055:
1048:
1041:
999:
992:
985:
956:
795:
788:
714:
686:
271:
162:
1570:
1321:
1122:
693:
202:
124:
120:
107:
103:
84:
577:
by David
Marshall and Robert Steigerwald (Federal Reserve Bank of Chicago)
1824:
1281:
880:
737:
707:
389:
145:
99:
449:
http://www.cambridge.org/bus/catalogue/catalogue.asp?isbn=9780521139656
37:
581:
Financial market utilities and the challenge of just-in-time liquidity
250:
169:
33:
249:
is one indicator of a stock's liquidity. For liquid stocks, such as
672:
629:
477:
210:
29:
461:
185:
462:"The Flight‐to‐Liquidity Premium in U.S. Treasury Bond Prices"
390:"The Performance of Liquidity in the Subprime Mortgage Crisis"
234:
194:
45:
58:
54:
575:
The role of time-critical liquidity in financial markets
358:
978:
Post-Napoleonic Irish grain price and land use shocks
506:
2119:
296:"Liquidity - Dictionary Definition of Liquidity"
2106:List of stock market crashes and bear markets
645:
565:"Liquidity: Finance in motion or evaporation"
289:
287:
57:within a relatively short period of time, or
652:
638:
608:
284:
1927:2015–2016 Chinese stock market turbulence
459:
134:
293:
224:
72:
53:is an asset which can be converted into
387:
2120:
1832:Venezuelan banking crisis of 2009–2010
1602:South American economic crisis of 2002
1499:Black Wednesday (1992 Sterling crisis)
499:"Mifid ushers in a new era of trading"
381:
1883:2013 Chinese banking liquidity crisis
1839:2010–2014 Portuguese financial crisis
1315:Secondary banking crisis of 1973–1975
633:
369:from the original on 26 December 2017
245:and the level of buyer interest. The
127:) of money, this process is known as
1913:Russian financial crisis (2014–2016)
1766:2008–2011 Icelandic financial crisis
1759:2008–2009 Ukrainian financial crisis
1724:2000s U.S. housing market correction
1564:1998–2002 Argentine great depression
659:
2070:2023–2024 Egyptian financial crisis
1905:Puerto Rican government-debt crisis
1898:2014–2016 Brazilian economic crisis
1271:1963–1965 Indonesian hyperinflation
1174:Shanghai rubber stock market crisis
863:Dutch Republic stock market crashes
532:"Understanding Financial Liquidity"
529:
13:
1876:2012–2013 Cypriot financial crisis
1780:2008–2014 Spanish financial crisis
1752:2008–2009 Russian financial crisis
1745:2008–2009 Belgian financial crisis
1440:1988–1992 Norwegian banking crisis
935:British credit crisis of 1772–1773
587:
324:
123:tries to influence the liquidity (
14:
2139:
2063:2023 United States banking crisis
1869:2011 Bangladesh share market scam
1557:1998–1999 Ecuador economic crisis
1521:Venezuelan banking crisis of 1994
1447:Japanese asset price bubble crash
1388:Souk Al-Manakh stock market crash
1138:Australian banking crisis of 1893
942:Dutch Republic financial collapse
567:, lecture by Michael Mainelli at
920:Amsterdam banking crisis of 1763
1645:2007 Chinese stock bubble crash
971:Danish state bankruptcy of 1813
542:from the original on 3 May 2018
523:
491:
472:(3) (77(3) ed.): 511–526.
388:Langley, Paul (30 March 2010).
348:, published on 15 December 2012
220:
2026:Chinese property sector crisis
1934:2015–2016 stock market selloff
1862:August 2011 stock markets fall
1773:2008–2011 Irish banking crisis
1470:1990s Swedish financial crisis
1219:Weimar Republic hyperinflation
611:Journal of Financial Stability
453:
441:
432:
423:
351:
338:
318:
1:
2099:List of sovereign debt crises
2041:2022 Russian financial crisis
1738:2008 Latvian financial crisis
1731:U.S. bear market of 2007–2009
1609:Stock market downturn of 2002
1550:1998 Russian financial crisis
1403:1983 Israel bank stock crisis
460:Longstaff, Francis A (2004).
277:
1801:Greek government-debt crisis
1638:2004 Argentine energy crisis
1595:2001 Turkish economic crisis
1484:1990s Armenian energy crisis
1477:1990s Finnish banking crisis
1338:1976 British currency crisis
1308:1973–1974 stock market crash
16:Finance property of an asset
7:
1957:2017 Sri Lankan fuel crisis
1623:2003 Myanmar banking crisis
1616:2002 Uruguay banking crisis
1536:1997 Asian financial crisis
1463:1991 Indian economic crisis
1455:Rhode Island banking crisis
1425:Cameroonian economic crisis
1211:Early Soviet hyperinflation
824:Crisis of the Third Century
260:
68:
10:
2146:
1988:Sri Lankan economic crisis
1846:Energy crisis in Venezuela
1825:2009 Dubai debt standstill
1675:2007–2008 financial crisis
1330:Latin American debt crisis
1093:Paris Bourse crash of 1882
558:
334:. Vol. 2. p. 67.
199:borrowing from other banks
179:
152:
21:Liquidity (disambiguation)
18:
2079:
2056:2022 stock market decline
2048:Pakistani economic crisis
2034:2021–2023 inflation surge
1980:Lebanese liquidity crisis
1949:Venezuelan hyperinflation
1941:Brexit stock market crash
1890:Venezuela economic crisis
1812:
1662:
1652:Zimbabwean hyperinflation
1362:
1280:
1251:
1235:Wall Street Crash of 1929
1198:
1075:2nd Industrial Revolution
1073:
1009:
909:1st Industrial Revolution
907:
834:
812:
667:
623:10.1016/j.jfs.2016.06.011
409:10.1080/13563460903553624
237:depends on whether it is
117:normal course of business
65:instantly at face value.
1717:Subprime mortgage crisis
1380:Brazilian hyperinflation
1352:Brazilian hyperinflation
1189:Financial crisis of 1914
897:Mississippi bubble crash
346:Financial ratio analysis
233:The market liquidity of
93:subprime mortgage crisis
2092:List of economic crises
2010:2020 stock market crash
2003:Financial market impact
1972:Turkish economic crisis
1587:9/11 stock market crash
1543:October 1997 mini-crash
1514:1994 bond market crisis
1506:Yugoslav hyperinflation
1417:Savings and loan crisis
1018:European potato failure
466:The Journal of Business
207:US Federal Reserve bank
2085:List of banking crises
1854:Syrian economic crisis
1787:Blue Monday Crash 2009
1396:Chilean crisis of 1982
1227:Shōwa financial crisis
1033:Highland Potato Famine
889:South Sea bubble crash
680:Commodity price shocks
230:
135:Effect on asset values
129:open market operations
79:
1410:Black Saturday (1983)
1264:Kennedy Slide of 1962
836:Commercial revolution
397:New Political Economy
228:
76:
1964:Ghana banking crisis
1794:European debt crisis
1579:Dot-com bubble crash
1491:Cuban Special Period
950:Copper Panic of 1789
855:The Great Debasement
847:Great Bullion Famine
597:1. Auflage. Shaker,
593:Christoph G. Rösch:
326:Keynes, John Maynard
19:For other uses, see
1920:2015 Nepal blockade
1630:2000s energy crisis
1528:Mexican peso crisis
1433:Black Monday (1987)
1293:1970s energy crisis
1253:Post–WWII expansion
927:Bengal bubble crash
722:Financial contagion
538:. Investopedia US.
511:on 10 December 2022
331:A Treatise on Money
300:About.com Education
201:, borrowing from a
1182:Panic of 1910–1911
1026:Great Irish Famine
964:Panic of 1796–1797
803:Stock market crash
231:
80:
63:goods and services
2128:Financial markets
2115:
2114:
1996:COVID-19 pandemic
881:Tulip mania crash
872:Kipper und Wipper
849:(c. 1400–c. 1500)
267:Funding liquidity
2135:
2108:
2101:
2094:
2087:
2072:
2065:
2058:
2051:
2043:
2036:
2029:
2019:
2012:
2005:
1998:
1991:
1983:
1975:
1967:
1959:
1952:
1944:
1936:
1929:
1922:
1915:
1908:
1900:
1893:
1885:
1878:
1871:
1864:
1857:
1849:
1841:
1834:
1827:
1803:
1796:
1789:
1782:
1775:
1768:
1761:
1754:
1747:
1740:
1733:
1726:
1719:
1712:
1705:
1698:
1691:
1684:
1677:
1655:
1647:
1640:
1633:
1625:
1618:
1611:
1604:
1597:
1590:
1582:
1574:
1566:
1559:
1552:
1545:
1538:
1531:
1523:
1516:
1509:
1501:
1494:
1486:
1479:
1472:
1465:
1458:
1450:
1442:
1435:
1428:
1420:
1412:
1405:
1398:
1391:
1383:
1369:Great Regression
1364:Great Moderation
1355:
1347:
1340:
1333:
1325:
1317:
1310:
1303:
1296:
1273:
1266:
1244:
1237:
1230:
1222:
1214:
1191:
1184:
1177:
1169:
1162:
1155:
1148:
1140:
1133:
1126:
1118:
1110:
1102:
1095:
1088:
1066:
1058:
1051:
1044:
1035:
1028:
1021:
1002:
995:
988:
981:
973:
966:
959:
952:
945:
937:
930:
922:
900:
892:
884:
876:
866:
858:
850:
827:
805:
798:
791:
782:
775:
768:
761:
754:
752:Liquidity crisis
747:
740:
731:
729:Social contagion
724:
717:
710:
703:
696:
689:
682:
675:
661:Financial crises
654:
647:
640:
631:
630:
626:
603:978-3844-01237-8
552:
551:
549:
547:
536:Investopedia.com
527:
521:
520:
518:
516:
510:
505:. Archived from
495:
489:
488:
486:
484:
457:
451:
445:
439:
436:
430:
427:
421:
420:
394:
385:
379:
378:
376:
374:
355:
349:
342:
336:
335:
322:
316:
315:
313:
311:
306:on 17 April 2015
302:. Archived from
291:
255:General Electric
42:market liquidity
2145:
2144:
2138:
2137:
2136:
2134:
2133:
2132:
2118:
2117:
2116:
2111:
2104:
2097:
2090:
2083:
2075:
2068:
2061:
2054:
2046:
2039:
2032:
2024:
2015:
2008:
2001:
1994:
1986:
1978:
1970:
1962:
1955:
1947:
1939:
1932:
1925:
1918:
1911:
1903:
1896:
1888:
1881:
1874:
1867:
1860:
1852:
1844:
1837:
1830:
1823:
1816:
1814:Information Age
1808:
1799:
1792:
1785:
1778:
1771:
1764:
1757:
1750:
1743:
1736:
1729:
1722:
1715:
1708:
1701:
1694:
1687:
1680:
1673:
1666:
1664:Great Recession
1658:
1650:
1643:
1636:
1628:
1621:
1614:
1607:
1600:
1593:
1585:
1577:
1569:
1562:
1555:
1548:
1541:
1534:
1526:
1519:
1512:
1504:
1497:
1489:
1482:
1475:
1468:
1461:
1453:
1445:
1438:
1431:
1423:
1415:
1408:
1401:
1394:
1386:
1378:
1371:
1367:
1358:
1350:
1345:1979 oil crisis
1343:
1336:
1328:
1320:
1313:
1306:
1301:1973 oil crisis
1299:
1291:
1284:
1282:Great Inflation
1276:
1269:
1262:
1255:
1247:
1240:
1233:
1225:
1217:
1209:
1202:
1200:Interwar period
1194:
1187:
1180:
1172:
1165:
1158:
1151:
1143:
1136:
1129:
1121:
1113:
1105:
1098:
1091:
1084:
1077:
1069:
1061:
1054:
1047:
1040:
1031:
1024:
1016:
1005:
998:
991:
984:
976:
969:
962:
955:
948:
940:
933:
925:
918:
911:
903:
895:
887:
879:
869:
861:
853:
845:
838:
830:
822:
808:
801:
794:
787:
778:
771:
764:
757:
750:
743:
736:
727:
720:
713:
706:
701:Currency crisis
699:
692:
685:
678:
671:
663:
658:
590:
588:Further reading
569:Gresham College
561:
556:
555:
545:
543:
528:
524:
514:
512:
503:Financial Times
497:
496:
492:
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480:
458:
454:
446:
442:
437:
433:
428:
424:
392:
386:
382:
372:
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357:
356:
352:
343:
339:
323:
319:
309:
307:
292:
285:
280:
263:
223:
182:
174:price discovery
159:futures markets
155:
137:
71:
24:
17:
12:
11:
5:
2143:
2142:
2131:
2130:
2113:
2112:
2110:
2109:
2102:
2095:
2088:
2080:
2077:
2076:
2074:
2073:
2066:
2059:
2052:
2050:(2022–present)
2044:
2037:
2030:
2028:(2020–present)
2022:
2021:
2020:
2013:
2006:
1992:
1990:(2019–present)
1984:
1982:(2019–present)
1976:
1974:(2018–present)
1968:
1960:
1953:
1945:
1937:
1930:
1923:
1916:
1909:
1901:
1894:
1892:(2013–present)
1886:
1879:
1872:
1865:
1858:
1856:(2011–present)
1850:
1848:(2010–present)
1842:
1835:
1828:
1820:
1818:
1817:(2009–present)
1810:
1809:
1807:
1806:
1805:
1804:
1797:
1790:
1783:
1776:
1769:
1762:
1755:
1748:
1741:
1734:
1727:
1720:
1713:
1706:
1699:
1692:
1685:
1682:September 2008
1670:
1668:
1660:
1659:
1657:
1656:
1654:(2007–present)
1648:
1641:
1634:
1626:
1619:
1612:
1605:
1598:
1591:
1583:
1575:
1567:
1560:
1553:
1546:
1539:
1532:
1524:
1517:
1510:
1502:
1495:
1487:
1480:
1473:
1466:
1459:
1451:
1443:
1436:
1429:
1421:
1413:
1406:
1399:
1392:
1384:
1375:
1373:
1360:
1359:
1357:
1356:
1348:
1341:
1334:
1326:
1318:
1311:
1304:
1297:
1288:
1286:
1278:
1277:
1275:
1274:
1267:
1259:
1257:
1249:
1248:
1246:
1245:
1238:
1231:
1223:
1215:
1206:
1204:
1196:
1195:
1193:
1192:
1185:
1178:
1170:
1163:
1156:
1149:
1141:
1134:
1127:
1119:
1111:
1103:
1096:
1089:
1081:
1079:
1071:
1070:
1068:
1067:
1059:
1052:
1045:
1038:
1037:
1036:
1029:
1013:
1011:
1007:
1006:
1004:
1003:
996:
989:
982:
974:
967:
960:
953:
946:
944:(c. 1780–1795)
938:
931:
923:
915:
913:
905:
904:
902:
901:
893:
885:
877:
867:
865:(c. 1600–1760)
859:
851:
842:
840:
832:
831:
829:
828:
819:
817:
810:
809:
807:
806:
799:
792:
785:
784:
783:
776:
769:
762:
748:
745:Hyperinflation
741:
734:
733:
732:
718:
711:
704:
697:
690:
683:
676:
668:
665:
664:
657:
656:
649:
642:
634:
628:
627:
606:
589:
586:
585:
584:
578:
572:
560:
557:
554:
553:
530:Mueller, Jim.
522:
490:
478:10.1086/386528
452:
440:
431:
422:
380:
350:
344:Drake, P. P.,
337:
317:
294:Mike Moffatt.
282:
281:
279:
276:
275:
274:
269:
262:
259:
247:bid/ask spread
222:
219:
205:, such as the
181:
178:
170:dark liquidity
168:There is also
154:
151:
136:
133:
113:liquidity risk
70:
67:
15:
9:
6:
4:
3:
2:
2141:
2140:
2129:
2126:
2125:
2123:
2107:
2103:
2100:
2096:
2093:
2089:
2086:
2082:
2081:
2078:
2071:
2067:
2064:
2060:
2057:
2053:
2049:
2045:
2042:
2038:
2035:
2031:
2027:
2023:
2018:
2014:
2011:
2007:
2004:
2000:
1999:
1997:
1993:
1989:
1985:
1981:
1977:
1973:
1969:
1965:
1961:
1958:
1954:
1950:
1946:
1942:
1938:
1935:
1931:
1928:
1924:
1921:
1917:
1914:
1910:
1906:
1902:
1899:
1895:
1891:
1887:
1884:
1880:
1877:
1873:
1870:
1866:
1863:
1859:
1855:
1851:
1847:
1843:
1840:
1836:
1833:
1829:
1826:
1822:
1821:
1819:
1815:
1811:
1802:
1798:
1795:
1791:
1788:
1784:
1781:
1777:
1774:
1770:
1767:
1763:
1760:
1756:
1753:
1749:
1746:
1742:
1739:
1735:
1732:
1728:
1725:
1721:
1718:
1714:
1711:
1707:
1704:
1703:December 2008
1700:
1697:
1696:November 2008
1693:
1690:
1686:
1683:
1679:
1678:
1676:
1672:
1671:
1669:
1665:
1661:
1653:
1649:
1646:
1642:
1639:
1635:
1631:
1627:
1624:
1620:
1617:
1613:
1610:
1606:
1603:
1599:
1596:
1592:
1588:
1584:
1580:
1576:
1572:
1568:
1565:
1561:
1558:
1554:
1551:
1547:
1544:
1540:
1537:
1533:
1529:
1525:
1522:
1518:
1515:
1511:
1507:
1503:
1500:
1496:
1492:
1488:
1485:
1481:
1478:
1474:
1471:
1467:
1464:
1460:
1456:
1452:
1448:
1444:
1441:
1437:
1434:
1430:
1426:
1422:
1418:
1414:
1411:
1407:
1404:
1400:
1397:
1393:
1389:
1385:
1381:
1377:
1376:
1374:
1370:
1365:
1361:
1353:
1349:
1346:
1342:
1339:
1335:
1331:
1327:
1323:
1319:
1316:
1312:
1309:
1305:
1302:
1298:
1294:
1290:
1289:
1287:
1283:
1279:
1272:
1268:
1265:
1261:
1260:
1258:
1254:
1250:
1243:
1242:Panic of 1930
1239:
1236:
1232:
1228:
1224:
1220:
1216:
1212:
1208:
1207:
1205:
1201:
1197:
1190:
1186:
1183:
1179:
1175:
1171:
1168:
1167:Panic of 1907
1164:
1161:
1160:Panic of 1901
1157:
1154:
1153:Panic of 1896
1150:
1146:
1142:
1139:
1135:
1132:
1131:Panic of 1893
1128:
1124:
1120:
1116:
1115:Baring crisis
1112:
1108:
1107:Arendal crash
1104:
1101:
1100:Panic of 1884
1097:
1094:
1090:
1087:
1086:Panic of 1873
1083:
1082:
1080:
1076:
1072:
1064:
1060:
1057:
1056:Panic of 1866
1053:
1050:
1049:Panic of 1857
1046:
1043:
1042:Panic of 1847
1039:
1034:
1030:
1027:
1023:
1022:
1019:
1015:
1014:
1012:
1008:
1001:
1000:Panic of 1837
997:
994:
993:Panic of 1825
990:
987:
986:Panic of 1819
983:
979:
975:
972:
968:
965:
961:
958:
957:Panic of 1792
954:
951:
947:
943:
939:
936:
932:
928:
924:
921:
917:
916:
914:
910:
906:
898:
894:
890:
886:
882:
878:
874:
873:
868:
864:
860:
856:
852:
848:
844:
843:
841:
837:
833:
825:
821:
820:
818:
816:
811:
804:
800:
797:
796:Social crisis
793:
790:
789:Minsky moment
786:
781:
777:
774:
770:
767:
763:
760:
756:
755:
753:
749:
746:
742:
739:
735:
730:
726:
725:
723:
719:
716:
715:Energy crisis
712:
709:
705:
702:
698:
695:
691:
688:
687:Credit crunch
684:
681:
677:
674:
670:
669:
666:
662:
655:
650:
648:
643:
641:
636:
635:
632:
624:
620:
616:
612:
607:
604:
600:
596:
592:
591:
582:
579:
576:
573:
570:
566:
563:
562:
541:
537:
533:
526:
509:
504:
500:
494:
479:
475:
471:
467:
463:
456:
450:
444:
435:
426:
418:
414:
410:
406:
402:
398:
391:
384:
368:
364:
360:
354:
347:
341:
333:
332:
327:
321:
305:
301:
297:
290:
288:
283:
273:
272:Market impact
270:
268:
265:
264:
258:
256:
252:
248:
244:
240:
236:
227:
218:
214:
212:
208:
204:
200:
196:
192:
187:
177:
175:
171:
166:
164:
163:open interest
160:
150:
147:
141:
132:
130:
126:
122:
118:
114:
109:
108:Market makers
105:
104:market makers
101:
97:
94:
88:
86:
75:
66:
64:
60:
56:
52:
47:
43:
39:
35:
31:
26:
22:
1689:October 2008
1571:Samba effect
1427:(1987–2000s)
1322:Steel crisis
1145:Black Monday
1123:Encilhamento
1063:Black Friday
870:
826:(235–284 CE)
779:
694:Credit cycle
614:
610:
594:
544:. Retrieved
535:
525:
513:. Retrieved
508:the original
502:
493:
483:26 September
481:. Retrieved
469:
465:
455:
443:
434:
425:
403:(1): 71-89.
400:
396:
383:
371:. Retrieved
363:TradeLive.in
362:
353:
345:
340:
329:
320:
308:. Retrieved
304:the original
299:
232:
221:Stock market
215:
203:central bank
183:
167:
156:
142:
138:
121:central bank
98:
89:
85:market depth
81:
51:liquid asset
50:
41:
27:
25:
1966:(2017–2018)
1951:(2016–2022)
1907:(2014–2022)
1667:(2007–2009)
1632:(2003–2008)
1581:(2000–2004)
1530:(1994–1996)
1508:(1992–1994)
1493:(1991–2000)
1457:(1990–1992)
1449:(1990–1992)
1419:(1986–1995)
1382:(1982–1994)
1372:(1982–2007)
1354:(1980–1982)
1332:(1975–1982)
1324:(1973–1982)
1295:(1973–1980)
1285:(1973–1982)
1256:(1945–1973)
1221:(1921–1923)
1213:(1917–1924)
1203:(1918–1939)
1125:(1890–1893)
1078:(1870–1914)
1020:(1845–1856)
980:(1815–1816)
929:(1769–1784)
912:(1760–1840)
875:(1621–1623)
857:(1544–1551)
839:(1000–1760)
738:Flash crash
708:Debt crisis
359:"TradeLive"
191:liabilities
146:off the run
100:Speculators
759:Accounting
278:References
38:investment
2017:Recession
1010:1840–1870
617:: 58–69.
546:11 August
417:153899413
251:Microsoft
34:economics
2122:Category
673:Bank run
540:Archived
367:Archived
261:See also
243:exchange
211:bank run
69:Overview
30:business
773:Funding
766:Capital
559:Sources
186:bankers
180:Banking
157:In the
153:Futures
1943:(2016)
1589:(2001)
1573:(1999)
1390:(1982)
1229:(1927)
1176:(1910)
1147:(1894)
1117:(1890)
1109:(1886)
1065:(1869)
899:(1720)
891:(1720)
883:(1637)
780:Market
601:
515:27 May
415:
373:27 May
310:27 May
241:on an
239:listed
195:assets
125:supply
78:price.
413:S2CID
393:(PDF)
235:stock
46:asset
1710:2009
815:1000
813:Pre-
599:ISBN
548:2014
517:2015
485:2022
375:2015
312:2015
102:and
59:cash
55:cash
619:doi
474:doi
405:doi
253:or
36:or
28:In
2124::
615:25
613:.
534:.
501:.
470:77
468:.
464:.
411:.
401:15
399:.
395:.
365:.
361:.
328:.
298:.
286:^
213:.
176:.
165:.
131:.
40:,
32:,
1366:/
653:e
646:t
639:v
625:.
621::
605:.
550:.
519:.
487:.
476::
419:.
407::
377:.
314:.
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
