TAILIEUCHUNG - WORKING PAPER SERIES NO 1376 / SEPTEMBER 2011: THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS

The 2007–08 boom in food prices and the subsequent period of relatively high and volatile prices reminded many import-dependent countries of their vul- nerability to food insecurity and prompted them to seek opportunities to secure food supplies overseas. Together with the reduced attractiveness of other assets due to the financial crisis, the boom led to a “rediscovery” of the agricultural sector by different types of investors and a wave of interest in land acquisitions in developing countries. With little empirical data about the magnitude of this phenomenon, opinions about its implications are divided. Some see it as an opportunity to reverse long-standing underinvestment in agriculture that could allow land-abundant. | EUROPEAN CENTRAL BANK EUROSYSTEM ECB LAMFALUSSY FELLOWSHIP PROGRAMME WORKING PAPER SERIES NO 1376 I SEPTEMBER 2011 THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS by Falko Fecht Kjell G. Nyborg and Jorg Rocholl EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1376 I SEPTEMBER 2011 ECB LAMFALUSSY FELLOWSHIP PROGRAMME THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS 1 by Falko Fecht 2 Kjell G. Nyborg 3 and Jorg Rocholl 4 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1605084. We wish to thank the Deutsche Bundesbank for supplying data and financial support. Jorg Rocholl s contribution to the paper has been prepared under the Lamfalussy Fellowship Program sponsored by the European Central Bank. We also thank NCCR-FINRISK National Centre of Competence in Research-Financial Valuation and Risk Management for financial support. We would like to thank Viral Acharya the referee Andrea Buraschi Mark Carey Christian Ewerhart Anurag Gupta Fred Ramb Michael Schroeder Bill Schwert the editor Johan Walden and Masahiro Watanabe for helpful comments and suggestions. We have also benefited from presentations at the Deutsche Bundesbank and ZEW Zentrum fur Europaische Wirtschaftsforschung conference on monetary policy and financial markets Mannheim Germany November 2006 the European Central Bank workshop on the analysis of the money markets Frankfurt Germany November 2007 Vienna Graduate School of Finance and NHH Norwegian School of Economics and Business Administration European winter finance summit Hemsedal Norway April 2008

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