This has the effect of providing more liquidity to the markets and correcting pricing imperfections faster than they used to get fixed.

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That a reasonably significant cohort of the European high-yield market is coming up for its first-call this year has some effect on secondary market liquidity.

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Movements then in the liquidity or cost of breach can effect the manner in which changes in the money supply eventually come to change all prices proportionally.

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We also indicated that we acknowledged the role performed by central banks of different countries, and more particularly, in the recent past, the role of the European Central Bank, the role performed to the effect of ultimately preventing a liquidity crisis of substantial proportions, which would thus affect all countries adversely.

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Now that the U.S. has already been flooded with liquidity, more easing is unlikely to have much positive effect.

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Some economists argue that quantitative easing had little effect, because the policy of injecting lots of liquidity into the financial system did not succeed in its stated goal of persuading banks to lend more.

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The already booming housing market was, in effect, shot up with steroids as lending standards were lowered to put all the excess liquidity to work.

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Since the program went into effect in July, dealers have complained about its bureaucracy and that the delay in reimbursements is causing liquidity problems for the dealers.

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