likvidumo

Likvidumas, in finance and economics, refers to the ease and speed with which an asset can be bought or sold or a liability settled without a significant change in its price. It encompasses both asset liquidity—the ability to convert assets into cash quickly—and funding liquidity, the capacity to obtain cash or financing to meet obligations as they come due. Market liquidity describes how readily assets can be traded in large volumes with minimal price impact, while funding liquidity concerns the availability of cash or credit to cover short-term needs.

Measuring liquidity involves several indicators. Asset liquidity is often assessed via bid-ask spreads, market depth, trading turnover, and the expected price impact of trades. Funding liquidity is evaluated through the size of cash buffers, access to credit lines, financing costs, and the ability to raise funds during stress. Liquidity risk arises when either form of liquidity deteriorates, making it difficult to meet obligations or to unwind positions without substantial losses.

Liquidity is essential for the smooth functioning of financial markets and institutions. Adequate liquidity supports price discovery, reduces transaction costs, and enhances confidence. Conversely, illiquidity can magnify losses during stress, lead to fire sales, and contribute to wider financial instability. Regulators monitor liquidity risk through frameworks such as the Basel III liquidity coverage ratio and related requirements for banks, as well as by encouraging prudent liquidity risk management across the financial system.

Management of liquidity involves holding sufficient liquid assets, maintaining access to credit facilities, and planning for stress scenarios. Individuals, companies, and financial institutions strive to balance liquidity with the opportunity cost of holding non-earning cash, while policymakers aim to ensure that markets can absorb shocks without abrupt dysfunction.