十年后的流动性覆盖率：文献综述（英文版）

In the decade since the implementation of the Liquidity Coverage Ratio (LCR), what have we learned about its design, effectiveness and impact? The LCR is a central pillar of the Basel III regulatory reforms and aims to ensure that banks hold sufficient highquality liquid assets to withstand short-term funding stress. Theoretical work, which mostly features fire-sale externalities, concludes that the LCR can raise welfare by mandating banks to hold more liquid assets or rely less on fragile sh