摘要：We investigate the relationship between liquidity, liquidity risks and volatility in the emerging bond market in the presence of other control variables. For the very largest sample, higher liquidity risk and volatility are positively with greater liquidity. We find that asymmetric information is positively associated with liquidity for this sample. Similarly, we found that the volume is negatively related to liquidity, which explains that if the volume increases, the liquidity of the bond decreases. To explain the role of liquidity risk and volatility in the liquidity crisis, we use a panel data extracted from Datastream data base. Our result shows that liquidity risk and volatility affect positively the liquidity of the bond markets.
关键词：Liquidity; liquidity risk; volatility; bond market
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