Liquidity and crises

One important cause of the 2007-2009 crisis was illiquidity combined with exposure of many financial institutions to liquidity needs. But what is liquidityand 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. INDICE: 1.: An Introduction to Liquidity and Crises; Franklin Allen, Elena Carletti, Jan Pieter Krahnen, and Marcel Tyrell; Section 1: Liquidity and Interbank Markets; 2.: Preference Shocks, Liquidity and Central Bank Policy; Sudipto Bhattacharya/Douglas Gale (London School of Economics/New York University); W. Barnett and K. Singleton, eds., New Approaches to Monetary Economics, Cambridge University Press, 1987, pp. 69-88.; 3.: Endogenous Liquidity in Asset Markets; Andrea Eisfeldt (Northwestern University); Journal of Finance, February 2004, 59, pp.1-30; 4.: Financial Intermediaries and Markets; Franklin Allen/Douglas Gale (The Wharton School, University of Pennsylvania/New York University); Econometrica, 72(4), July 2004, pp. 1023-106.1; 5.: Financial Fragility, Liquidity and Asset Prices; Franklin Allen/Douglas Gale (The Wharton School, University of Pennsylvania/New York University); Journal of the European Economic Association, 2(6), December 2004, pp. 1015-1048.; 6.: Interbank Market Integration under Asymmetric Information; Xavier Freixas/Cornelia Holthausen (Universitat Pompeu Fabra, Barcelona/European Central Bank, Frankfurt); Review of Financial Studies, 18(2), Summer 2005, pp. 459-90.; 7.: Banks as Monitors ofOther Banks: Evidence from the Overnight Federal Funds Markets; Craig Furfine(Federal Reserve Bank of Chicago); Journal of Business, January 2001, 74, 33-57.; Section 2: Public Provision of Liquidity and Regulation; 8.: Private and Public Supply of Liquidity; Bengt Holmstrom/Jean Tirole (MIT/ Universite Sciences Sociales, Toulouse); Journal of Political Economy, February 1998, 106, pp.1-40.; 9.: Liquidity, Efficiency and Bank Bailouts; Gary Gorton/Lixin Huang (The Wharton School, University of Pennsylvania/Georgia State University); American Economic Review, 94(3), June 2004, pp. 455-483.; 10.: Financial Crises, Payments System Problem and Discount Window Lending; Mark Flannery (University of Florida); Journal of Money, Credit and Banking, November 1996, 28(4), pp. 804-824.; 11.: Liquidity, Risk Taking, and the Lender of Last Resort; Rafael Repullo (CEMFI); 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?; Jean-Charles Rochet/Xavier Vives (University Sciences Sociales, Toulouse/IESE, University of Navarra); Journal of the European Economic Association, 2(6), December 2004, pp. 1116-47.; 13.: Competition among Regulators and Credit Market Integration; Giovanni Dell'Ariccia/Robert Marquez (IMF/Arizona State University); Journal of Financial Economics, 79(2), February 2006, pp. 401-30.; Section 3: Money, Liquidity Crises and Asset Prices; 14.: Money in a Theory of Banking; Douglas Diamond/Raghuram Rajan (University of Chicago);American Economic Review, 96(1), March 2006, pp. 30-53.; 15.: Liquidity and Asset Prices; Nobuhiro Kiyotaki/John Moore (Princeton University/University of Edinburgh); International Economic Re

• ISBN: 978-0-19-539070-4
• Editorial: Oxford University
• Encuadernacion: Cartoné
• Páginas: 672
• Fecha Publicación: 13/01/2011
• Nº Volúmenes: 1
• Idioma: Inglés