Liquidity Regulation and Financial Intermediaries
研究流动性覆盖率（LCR）对经纪交易商的影响，发现其带来金融稳定益处（如延长回购期限、积累流动性池），但也减少了流动性转换，并指出LCR未解决的流动性风险。
Abstract The liquidity-coverage ratio (LCR) requires banks to hold enough liquidity to withstand a 30-day run. We study the effects of the LCR on broker-dealers, the financial intermediaries at the epicenter of the 2007–2009 crisis. The LCR brings some financial-stability benefits, including a significant maturity extension of triparty repos backed by lower-quality collateral, as well as the accumulation of larger liquidity pools. However, it also leads to less liquidity transformation by broker-dealers. We also discuss the liquidity risks not addressed by the LCR. Finally, we show that a major source of fire-sale risk was self-corrected before the introduction of postcrisis regulations.