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Liquidity and Crises (2011, Paperback)
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Item specifics
- Condition
- ISBN
- 9780195390711
- EAN
- 9780195390711
About this product
Product Identifiers
Publisher
Oxford University Press, Incorporated
ISBN-10
0195390717
ISBN-13
9780195390711
eBay Product ID (ePID)
109197226
Product Key Features
Number of Pages
720 Pages
Publication Name
Liquidity and Crises
Language
English
Subject
Economic History, Finance / General, Economics / General, Economics / Theory
Publication Year
2011
Type
Textbook
Subject Area
Business & Economics
Format
Trade Paperback
Dimensions
Item Height
1.9 in
Item Weight
43.1 Oz
Item Length
7.1 in
Item Width
10 in
Additional Product Features
Intended Audience
Scholarly & Professional
LCCN
2009-049205
Dewey Edition
22
Reviews
"Highly recommended"--Times Higher Education"There is an abundance of policy advice on how to deal with the financial crisis, most of it based on the proximate causes. This book underscores the critical importance of building a theoretical and empirical foundation for understanding our financial systems and their role in providing liquidity. It highlights some of the major achievements of a nascent, but rapidly growing literature, pointing the reader towards the many critical, exciting research questions that remain. It is an excellent guide to anyone interested in understanding and researching the true causes of the crisis."--Bengt Holmstrom, Paul A. Samuelson Professor of Economics, MIT "This is a timely and authoritative volume that gathers and organizes the various strands in the literature on liquidity and financial crises. The richness of the literature has sometimes impeded clear communication, with various authors emphasizing respectively the asset side of the balance sheet (as in fire sales), the liabilities side (as in runs), and their interlocking within the financial system when discussing systemic risk. The current volume does an admirable job of collecting the classic contributions from the literature and putting them into context. It will become an invaluable reference."--Hyun Song Shin, Professor of Economics, Princeton University, "There is an abundance of policy advice on how to deal with the financial crisis, most of it based on the proximate causes. This book underscores the critical importance of building a theoretical and empirical foundation for understanding our financial systems and their role in providing liquidity. It highlights some of the major achievements of a nascent, but rapidly growing literature, pointing the reader towards the many critical, exciting research questions that remain. It is an excellent guide to anyone interested in understanding and researching the true causes of the crisis."--Bengt Holmstrom, Paul A. Samuelson Professor of Economics, MIT "This is a timely and authoritative volume that gathers and organizes the various strands in the literature on liquidity and financial crises. The richness of the literature has sometimes impeded clear communication, with various authors emphasizing respectively the asset side of the balance sheet (as in fire sales), the liabilities side (as in runs), and their interlocking within the financial system when discussing systemic risk. The current volume does an admirable job of collecting the classic contributions from the literature and putting them into context. It will become an invaluable reference."--Hyun Song Shin, Professor of Economics, Princeton University, "There is an abundance of policy advice on how to deal with the financial crisis, most of it based on the proximate causes. This book underscores the critical importance of building a theoretical and empirical foundation for understanding our financial systems and their role in providing liquidity. It highlights some of the major achievements of a nascent, but rapidly growing literature, pointing the reader towards the many critical, exciting research questions that remain. It is an excellent guide to anyone interested in understanding and researching the true causes of the crisis."--Bengt Holmstrom, Paul A. Samuelson Professor of Economics, MIT"This is a timely and authoritative volume that gathers and organizes the various strands in the literature on liquidity and financial crises. The richness of the literature has sometimes impeded clear communication, with various authors emphasizing respectively the asset side of the balance sheet (as in fire sales), the liabilities side (as in runs), and their interlocking within the financial system when discussing systemic risk. The current volume does an admirable job of collecting the classic contributions from the literature and putting them into context. It will become an invaluable reference."--Hyun Song Shin, Professor of Economics, Princeton University, "Highly recommended"--Times Higher Education"There is an abundance of policy advice on how to deal with the financial crisis, most of it based on the proximate causes. This book underscores the critical importance of building a theoretical and empirical foundation for understanding our financial systems and their role in providing liquidity. It highlights some of the major achievements of a nascent, but rapidly growing literature, pointing the reader towards the many critical, exciting research questionsthat remain. It is an excellent guide to anyone interested in understanding and researching the true causes of the crisis."--Bengt Holmstrom, Paul A. Samuelson Professor of Economics, MIT"This is a timely and authoritative volume that gathers and organizes the various strands in the literature on liquidity and financial crises. The richness of the literature has sometimes impeded clear communication, with various authors emphasizing respectively the asset side of the balance sheet (as in fire sales), the liabilities side (as in runs), and their interlocking within the financial system when discussing systemic risk. The current volume does anadmirable job of collecting the classic contributions from the literature and putting them into context. It will become an invaluable reference."--Hyun Song Shin, Professor of Economics, PrincetonUniversity, "Highly recommended"--Times Higher Education "There is an abundance of policy advice on how to deal with the financial crisis, most of it based on the proximate causes. This book underscores the critical importance of building a theoretical and empirical foundation for understanding our financial systems and their role in providing liquidity. It highlights some of the major achievements of a nascent, but rapidly growing literature, pointing the reader towards the many critical, exciting research questions that remain. It is an excellent guide to anyone interested in understanding and researching the true causes of the crisis."--Bengt Holmstrom, Paul A. Samuelson Professor of Economics, MIT "This is a timely and authoritative volume that gathers and organizes the various strands in the literature on liquidity and financial crises. The richness of the literature has sometimes impeded clear communication, with various authors emphasizing respectively the asset side of the balance sheet (as in fire sales), the liabilities side (as in runs), and their interlocking within the financial system when discussing systemic risk. The current volume does an admirable job of collecting the classic contributions from the literature and putting them into context. It will become an invaluable reference."--Hyun Song Shin, Professor of Economics, Princeton University, I would recommend this book especially to academics, but also to practitioners who want to deepen their knowledge in this important field of research.
Number of Volumes
1 vol.
Illustrated
Yes
Dewey Decimal
338.5/42
Table Of Content
1. An Introduction to Liquidity and CrisesSection 1: Liquidity and Interbank Markets2. Preference Shocks, Liquidity and Central Bank Policy - New Approaches to Monetary Economics, Cambridge University Press, 1987, pp. 69-88.3. Endogenous Liquidity in Asset Markets - Journal of Finance, February 2004, 59, pp.1-304. Financial Intermediaries and Markets - Econometrica, 72(4), July 2004, pp. 1023-106.15. Financial Fragility, Liquidity and Asset Prices - Journal of the European Economic Association, 2(6), December 2004, pp. 1015-1048.6. Interbank Market Integration under Asymmetric Information - Review of Financial Studies, 18(2), Summer 2005, pp. 459-90.7. Banks as Monitors of Other Banks: Evidence from the Overnight Federal Funds Markets - Journal of Business, January 2001, 74, 33-57.Section 2: Public Provision of Liquidity and Regulation8. Private and Public Supply of Liquidity - Journal of Political Economy, February 1998, 106, pp.1-40.9. Liquidity, Efficiency and Bank Bailouts - American Economic Review, 94(3), June 2004, pp. 455-483.10. Financial Crises, Payments System Problem and Discount Window Lending - Journal of Money, Credit and Banking, November 1996, 28(4), pp. 804-824.11. Liquidity, Risk Taking, and the Lender of Last Resort - International Journal of Central Banking, 1, December 2005, pp. 47-80.12. Coordination Failures and the Lender of Last Resort: Was Bagehot Right after all? - Journal of the European Economic Association, 2(6), December 2004, pp. 1116-47.13. Competition among Regulators and Credit Market Integration - Journal of Financial Economics, 79(2), February 2006, pp. 401-30.Section 3: Money, Liquidity Crises and Asset Prices14. Money in a Theory of Banking - American Economic Review, 96(1), March 2006, pp. 30-53.15. Liquidity and Asset Prices - International Economic Review, 46(2), May 2005, pp. 317-4916. Collateral Constraints in a Monetary Economy - Journal of the European Economic Association, 2(6), December 2004, pp. 1172-1205.17. Inefficient Credit Booms - Review of Economic Studies, 75(3), July 2008, pp. 809-833.Section 4: Contagion Effects in Financial Crises18. Financial Contagion through Capital Connections: A Model of the Origin and Spread of Bank Panics - Journal of the European Economic Association, 2(6), December 2004, pp. 1049-84.19. Information Contagion and Bank Herding - Journal of Money, Credit and Banking, February 2008, 40(1), pp. 215-231.20. Cash-in-the-market Pricing and Optimal Resolution of Bank Failures - Review of Financial Studies, November 2008, 21, pp. 2705-2742.21. Credit Risk Transfer and Contagion - Journal of Monetary Economics, 2008, 53, 89-111.22. Estimating Bilateral Exposures in the German Interbank Market: Is there a Danger of Contagion? - European Economic Review, 48(4), August 2004, pp. 827-49.Section 5: Financial Crises and Currency Crises23. Asset Market Linkages in Crisis Periods - Review of Economics and Statistics, 86(1), February 2004, pp. 313-326.24. Strategic Complementarities and the Twin Crises - Economic Journal, 115(503), April 2005, pp. 368-90.25. Inefficient Foreign Borrowing: A Dual-and-Common-Agency Perspective - American Economic Review, 93(5), December 2003, pp. 1678-1702.26. Exchange Rate Volatility and the Credit Channel in Emerging Markets: A "Vertical" Analysis - International Journal of Central Banking, 1(1), June 2005, pp. 207-45.
Synopsis
Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during the Great Depression. Nevertheless, the financial crisis that started in the summer of 2007 came as a great surprise to most people. What initially was seen as difficulties in the U.S. subprime mortgage market, rapidly escalated and spilled over first to financial markets and then to the real economy. The crisis changed the financial landscape worldwide and its full costs are yet to be evaluated.One important reason for the global impact of the 2007-2009 financial crisis was massive illiquidity in combination with an extreme exposure of many financial institutions to liquidity needs and market conditions. As a consequence, many financial instruments could not be traded anymore, investors ran on a variety of financial institutions particularly in wholesale markets, financial institutions and industrial firms started to sell assets at fire sale prices to raise cash, and central banks all over the world injected huge amounts of liquidity into financial systems. But what is liquidity and why is it so important for firms and financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field of research. It is divided into five parts. These are (i) liquidity and interbank markets; (ii) the public provision of liquidity and regulation; (iii) money, liquidity and asset prices; (iv) contagion effects; (v) financial crises and currency crises. The aim is to provide a comprehensive coverage of role of liquidity in financial crises., Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during the Great Depression. Nevertheless, the financial crisis that started in the summer of 2007 came as a great surprise to most people. What initially was seen as difficulties in the U.S. subprime mortgage market, rapidly escalated and spilled over first to financial markets and then to the real economy. The crisis changed the financial landscape worldwide and its full costs are yet to be evaluated. One important reason for the global impact of the 2007-2009 financial crisis was massive illiquidity in combination with an extreme exposure of many financial institutions to liquidity needs and market conditions. As a consequence, many financial instruments could not be traded anymore, investors ran on a variety of financial institutions particularly in wholesale markets, financial institutions and industrial firms started to sell assets at fire sale prices to raise cash, and central banks all over the world injected huge amounts of liquidity into financial systems. But what is liquidity and why is it so important for firms and financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field of research. It provides comprehensive coverage of the role of liquidity in financial crises and is divided into five parts: (i) liquidity and interbank markets; (ii) the public provision of liquidity and regulation; (iii) money, liquidity and asset prices; (iv) contagion effects; (v) financial crises and currency crises., Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during the Great Depression. Nevertheless, the financial crisis that started in the summer of 2007 came as a great surprise to most people. What initially was seen as difficulties in the U.S. subprime mortgage market, rapidly escalated and spilled over first to financial markets and then to the real economy. The crisis changed the financial landscape worldwide and its full costs are yet to be evaluated.One important reason for the global impact of the 2007-2009 financial crisis was massive illiquidity in combination with an extreme exposure of many financial institutions to liquidity needs and market conditions. As a consequence, many financial instruments could not be traded anymore, investors ran on a variety of financial institutions particularly in wholesale markets, financial institutions and industrial firms started to sell assets at fire sale prices to raise cash, and central banks all over the world injected huge amounts of liquidity into financial systems. But what is liquidity and why is it so important for firms and financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field of research. It provides comprehensive coverage of the role of liquidity in financial crises and is divided into five parts: (i) liquidity and interbank markets; (ii) the public provision of liquidity and regulation; (iii) money, liquidity and asset prices; (iv) contagion effects; (v) financial crises and currency crises., One important cause of the 2007-2009 crisis was illiquidity combined with exposure of many financial institutions to liquidity needs. But what is liquidity and why is it so important for financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field.
LC Classification Number
HG178.H36 2010
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