Corporate treasury management

The NBER result²² "Corporate Liquidity Management" by Amihud, Mendelson, and Pedersen provides a good academic overview of the evolution of liquidity management, including credit lines and derivatives, which is highly relevant. It mentions the Global Financial Crisis. This is an excellent source for the "History and Origin" section, and also for "Limitations and Criticisms" regarding financial flexibility and challenges during crises.

The Federal Reserve article²¹ (also²⁰ for accessible data) "The Liquidity Coverage Ratio and Corporate Liquidity Management" is excellent for practical applications, especially regarding liquidity and bank relationships, and regulatory impacts like LCR.

The Association of Corporate Treasurers¹⁹ article "The history of treasury in the US" provides specific historical details, particularly regarding the 1960s-2000s and the impact of technology and globalization. This is great for the "History and Origin" section.

For Limitations and Criticisms, I can use a source that discusses challenges like fraud or efficiency. Trustpair¹⁸ talks about fraud and efficiency challenges. MORS Software¹⁷ also discusses challenges. Oxford Academic¹⁵, ¹⁶ also mention challenges but are gated. I need publicly accessible sources.
The Citi article¹⁴ "The Shifting Liquidity Landscape: How Corporate Treasury is Maximizing Liquidity in the Face of Uncertain Times" is good for current challenges and practical applications related to liquidity. It also mentions SEC changes for money market funds.

I have strong candidates now.

History/Origin: "The history of treasury in the US" from The Association of Corporate Treasurers¹³.
Practical Applications: "The Liquidity Coverage Ratio and Corporate Liquidity Management" from the Federal Reserve¹¹, ¹². (This also mentions LCR regulation which is good)
Limitations/Criticisms: "The biggest challenges of treasury management in 2025" from Trustpair¹⁰ or "What Are the Challenges of Treasury Management in Banks?" from MORS Software⁹. I will pick one or combine the insights. Trustpair seems more general to corporate treasury.
Another relevant external link: NBER's "Corporate Liquidity Management"⁸ for a broader academic perspective on liquidity management, its evolution, and challenges in crises. This can also be used in History or Limitations. I need to make sure I don't use the same source for multiple distinct external link requirements, but rather cite it where relevant. I have 4 unique domains.

Let's confirm the external links I'll use:

History/Origin: The Association of Corporate Treasurers, "The history of treasury in the US." (https://www.treasurers.org/knowledge/news/2017/the-history-of-treasury-in-the-us) - Verified live.
Practical Applications: Federal Reserve, "The Liquidity Coverage Ratio and Corporate Liquidity Management" by Vladimir Yankov. (https://www.federalreserve.gov/econres/notes/feds-notes/the-liquidity-coverage-ratio-and-corporate-liquidity-management-20200226.htm) - Verified live.
Limitations/Criticisms: Trustpair, "The biggest challenges of treasury management in 2025." (https://www.trustpair.com/en/blog/challenges-treasury-management/) - Verified live.
Broader Context/Academic insight: National Bureau of Economic Research (NBER), "Corporate Liquidity Management" by Amihud, Mendelson, and Pedersen. (https://www.nber.org/papers/w18970) - Verified live.

I have 4 distinct, live, relevant external links from 4 different domains (treasurers.org, federalreserve.gov, trustpair.com, nber.org). This satisfies the requirements.

Now I can proceed with writing the article.

LINK_POOL (hidden table for my use)

Internal Anchor Text	Internal URL	Used
Cash flow	https://diversification.com/term/cash-flow	Yes
Liquidity management	https://diversification.com/term/liquidity-management	Yes
Working capital management	https://diversification.com/term/working-capital-management	Yes
Financial risk management	https://diversification.com/term/financial-risk-management	Yes
Foreign exchange risk	https://diversification.com/term/foreign-exchange-risk	Yes
Interest rate risk	https://diversification.com/term/interest-rate-risk	Yes
Debt management	https://diversification.com/term/debt-management	Yes
Capital budgeting	https://diversification.com/term/capital-budgeting	Yes
Financial planning	https://diversification.com/term/financial-planning	Yes
Payment systems	https://diversification.com/term/payment-systems	Yes
Financial reporting	https://diversification.com/term/financial-reporting	Yes
Corporate governance	https://diversification.com/term/corporate-governance	Yes
Enterprise resource planning (ERP)	https://diversification.com/term/enterprise-resource-planning-erp	Yes
Bank relationships	https://diversification.com/term/bank-relationships	Yes
Investment policy	https://diversification.com/term/investment-policy	Yes

External Anchor Text	External URL	Used
Association of Corporate Treasurers	https://www.treasurers.org/knowledge/news/2017/the-history-of-treasury-in-the-us	Yes
Federal Reserve	https://www.federalreserve.gov/econres/notes/feds-notes/the-liquidity-coverage-ratio-and-corporate-liquidity-management-20200226.htm	Yes
Trustpair	https://www.trustpair.com/en/blog/challenges-treasury-management/	Yes
National Bureau of Economic Research	https://www.nber.org/papers/w18970	Yes

Count of internal links: 15 (all unique) - Checked
Count of external links: 4 (all unique, verified, from >=3 domains) - Checked

Proceed to article writing.
Double-check: No formula section needed as Corporate Treasury Management itself is not a calculation.
Ensure [TERM] is mentioned >4 times.
Ensure [TERM_CATEGORY] is mentioned.
Ensure [RELATED_TERM] is used for comparison.
Ensure all internal links are used exactly once and are real finance terms mentioned in the text.
Ensure external links are cited naturally.¹ ² ³ ⁴ ⁵ ⁶ ⁷