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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 ecomy. 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 t 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 eugh 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.

Product Identifiers

PublisherOxford University Press Inc

ISBN-100195390709

ISBN-139780195390704

eBay Product ID (ePID)104045320

Product Key Features

Number of Pages720 Pages

Publication NameLiquidity and Crises

LanguageEnglish

Publication Year2011

SubjectEconomics: Professional & General

TypeTextbook

AuthorElena Carletti

Subject AreaBusiness & Economics

FormatHardback

Dimensions

Item Height2 in

Item Weight49 Oz

Item Length7.4 in

Item Width10.1 in

Height259mm

Width188mm

Weight1386g

Additional Product Features

Date of Publication13/01/2011

Intended AudienceScholarly & Professional

Place of PublicationNew York

Spine51mm

GenreEconomics: Professional & General

Country of PublicationUnited States

Edited byJan Pieter Krahnen, Franklin Allen, Elena Carletti, Marcel Tyrell

Author BiographyFranklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania. He has been on the faculty since 1980. He is currently Co-Director of the Wharton Financial Institutions Center. He is a past President of the American Finance Association. Elena Carletti is Professor of Economics at the European University Institute and Joint Chair of the Economics Department and Robert Schuman Center for Advanced Studies. Jan Pieter Krahnen is Chair of Corporate Finance at Johann Wolfgang Goethe-University Frankfurt. Marcel Tyrell is Professor of Entrepreneurship & Finance at Zeppelin University, Friedrichshafen

Content Note59 Line Drawings