Template-Type: ReDIF-Paper 1.0 Author-Name: Arthur Akhmetov Author-Email: akhmetovaa@cbr.ru Author-Workplace-Name: Bank of Russia, Russian Federation Author-Name: Anna Burova Author-Email: burovaab@cbr.ru Author-Workplace-Name: Bank of Russia, Russian Federation Author-Name: Natalia Makhankova Author-Email: makhankovana01@cbr.ru Author-Workplace-Name: Bank of Russia, Russian Federation Author-Name: Alexey Ponomarenko Author-Email: ponomarenkoaa@cbr.ru Author-Workplace-Name: Bank of Russia, Russian Federation Title: Measuring Market Liquidity and Liquidity Mismatches across Sectors Abstract: We offer tools for measuring, monitoring and analysing the liquidity of financial markets in the context of various liquidity aspects. The liquidity mismatch concept makes it possible to assess how liquidity risk acceptance varies across economic sectors. We calculate liquidity indices – that is, liquidity mismatch indicators, and conduct a comparative analysis of the degree of liquidity risk acceptance by various sectors of the Russian economy. The values of liquidity indices in the household sector vary significantly across countries, depending on the degree of population involvement in the stock market. We use the proposed tools to assess the development of financial market segments in Russia and conduct cross-country comparisons of the degree of liquidity of capital markets. Higher liquidity of financial markets is associated with a higher development of these markets; however, this is fraught with liquidity risks that may lead to financial losses. Considering the concept of liquidity in various aspects, we expand the discussion of the availability and development of long-term investment financing in Russia. Length: 53 pages Creation-Date: 2021-11 Revision-Date: Publication-Status: File-URL: https://www.cbr.ru/StaticHtml/File/129702/wp_82.pdf File-Format: Application/pdf File-Function: Number:wps82 Classification-JEL: G10, G23, O16. Keywords: market liquidity, liquidity mismatch, liquidity risks, bank-based and market- based financing, financial instruments, balances of financial assets and liabilities Handle:RePEc:bkr:wpaper:wps82