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In the aftermath of the global financial turmoil the negative market   sentiment and the challenging macroeconomic environment in Greece have   severely affected the banking sector, which faces funding and liquidity   challenges, deteriorating asset quality, and weakening profitability. This   paper aims to investigate how banks’ liquidity interacted with solvency and   the business cycle during the period 2004-2010. To this end a panel of 17   Greek banks is utilized which, in conjunction with cointegrating techniques   and one-way static and dynamic panel models, explores the presence and the   strength of the relationship between banks’ liquidity and the business cycle,   while allowing for the role of banks’ solvency. Addressing the liquidity risk   of the Greek banking sector and the liquidity-solvency nexus remains largely   an uncharted area. The results generated provide clear-cut evidence on the   linkages between banks’ market liquidity and the business cycle, as reflected   in the real GDP and the effective exchange rate. Yet the results display a   transmission channel that runs from banks’ solvency to liquidity and from   country risk to bank risk

Liquidity and the business cycle: Empirical evidence from the Greek banking sector