The article looks at how different types of liquidity affect each other. By analyzing data, the researchers found that more money in circulation boosts financial institutions and market liquidity. In turn, the liquidity of financial institutions and markets can also impact the amount of money available. This means that the central bank can influence the amount of money in circulation through its policies, which can then affect financial institutions and market liquidity. It's important to keep financial markets liquid to prevent financial institutions and the money supply from shrinking, which could lead to a financial crisis.