2  Notably R. La Porta, F. López-de-Silanes, A. Shleifer and R. Vishny (1997), “Legal Determinants of External Finance”, Journal of Finance, 52, pp. 1131-1150, and R. La Porta, F. López-de-Silanes, A. Shleifer and R. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106, pp.
1113-1155, find that countries with well-defined and adequately enforced investor rights have more liquid bond and primary equity markets. BIS Review 154/2008  1  recourse to the regular deposit facility offered by the Eurosystem. Trading with central banks has thus to a large extent replaced interbank trading.