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σ–μNŽi Ž (“Œ–k‘εŠw)

Title: Financial Expertise and Liquidity (abstract)

This paper presents a model to study how the expertise acquisition by financial firms influence liquidity. When pledgeability increases, a demand for financial expertise arises, which allows a financial firm to strengthen a bargaining position with its counterparties. The benefit of financial expertise can boost funding liquidity but then, liquidity can evaporate. Financial regulation that imposes bonus caps can be effective to stabilize the economy.