图书标签: 金融危机 Finance 金融 宏观经济学
发表于2024-11-22
Liquidity and Crises pdf epub mobi txt 电子书 下载 2024
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.
Franklin 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
Contributors:
Tanju Yorulmazer
Federal Reserve Bank of New York
Viral Acharya
New York University
Elena Carletti
European University Institute
Professor Douglas Gale
New York University
Sudipto Bhattacharya
London School of Economics
Prof. Jan Pieter Krahnen
Goethe University
Marcel Tyrell
Goethe University
Andrea L. Eisfeldt
Northwestern University
Xavier Freixas
Universitat Pompeu Fabra
Cornelia Holthausen
European Central Bank
Bengt Holmstrom
Massachusetts Institute of Technology
Jean Tirole
Toulouse School of Economics
Gary Gorton
Yale University
Lixin Huang
Georgia State University
Mark J. Flannery
University of Florida
Rafael Repullo
The Center for Monetary and Financial Studies
Jean-Charles Rochet
Toulouse School of Economics
Xavier Vives
IESE Business School, University of Navarra
Giovanni Dell'Ariccia
International Monetary Fund
Robert Marquez
Boston University
Doug Diamond
University of Chicago
Raghuram Rajan
University of Chicago
Nobuhiro Kiyotaki
Princeton University
John Moore
The University of Edinburgh
Juan Carlos Cordoba
Rice University
Marla Ripoll
University of Pittsburgh
Guido Lorenzoni
Massachusetts Institute of Technology
Amil Dasgupta
London School of Economics
Christian Upper
Deutsche Bundesbank
Andreas Worms
Deutsche Bundesbank
Dr Philipp Hartmann
European Central Bank
Dr. Stefan Straetmans
Maastricht University
Casper G. de Vries
Erasmus University Rotterdam
Itay Goldstein
University of Pennsylvania
Arvind Krishnamurthy
Northwestern University
Ricardo Caballero
Massachusetts Institute of Technology
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Liquidity and Crises pdf epub mobi txt 电子书 下载 2024