Using detailed information from the Canadian interbank payments system and liquidity-providing facilities, we find that despite sustained increases in market-rate spreads, the increase in banks’ willingness to pay for liquidity during the 2008–2009 financial crisis was short-lived. Our study suggests that high-frequency distress indicators based on demand for liquidity offered by central banks can be complementary, and perhaps even superior, to market-based indicators, especially during times and in markets where uncertainty in the economic environment may lead to lack of meaningful information in prices due to absence of trading. (JEL E42, E58, G01, G21, G28, H12)

中文翻译：

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加拿大的危机管理：分析金融压力期间的违约风险和流动性需求

使用来自加拿大银行间支付系统和流动性提供工具的详细信息，我们发现尽管市场利差持续增加，但在 2008-2009 年金融危机期间银行支付流动性的意愿增加是短暂的。我们的研究表明，基于中央银行提供的流动性需求的高频困境指标可以补充甚至优于基于市场的指标，尤其是在经济环境的不确定性可能导致缺乏流动性的时期和市场中。由于没有交易，价格中的有意义的信息。(JEL E42, E58, G01, G21, G28, H12)