Liquidity And Crises

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Liquidity and Crises

Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell
Liquidity and Crises Book PDF

Author : Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell
Publisher : OUP USA
Page : 718 pages
File Size : 43,7 Mb
Release : 2011-01-13
Category : Business & Economics
ISBN : 9780195390704

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Liquidity and Crises by Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell Pdf

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.

Bank Liquidity Creation and Financial Crises

Allen Berger,Christa Bouwman
Bank Liquidity Creation and Financial Crises Book PDF

Author : Allen Berger,Christa Bouwman
Publisher : Academic Press
Page : 294 pages
File Size : 51,6 Mb
Release : 2015-11-24
Category : Business & Economics
ISBN : 9780128005316

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Bank Liquidity Creation and Financial Crises by Allen Berger,Christa Bouwman Pdf

Bank Liquidity Creation and Financial Crises delivers a consistent, logical presentation of bank liquidity creation and addresses questions of research and policy interest that can be easily understood by readers with no advanced or specialized industry knowledge. Authors Allen Berger and Christa Bouwman examine ways to measure bank liquidity creation, how much liquidity banks create in different countries, the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, the effects of bailouts, and much more. They also analyze bank liquidity creation in the US over the past three decades during both normal times and financial crises. Narrowing the gap between the "academic world" (focused on theories) and the "practitioner world" (dedicated to solving real-world problems), this book is a helpful new tool for evaluating a bank’s performance over time and comparing it to its peer group. Explains that bank liquidity creation is a more comprehensive measure of a bank’s output than traditional measures and can also be used to measure bank liquidity Describes how high levels of bank liquidity creation may cause or predict future financial crises Addresses questions of research and policy interest related to bank liquidity creation around the world and provides links to websites with data and other materials to address these questions Includes such hot-button topics as the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, and the effects of bailouts

Bank Liquidity and the Global Financial Crisis

Laura Chiaramonte
Bank Liquidity and the Global Financial Crisis Book PDF

Author : Laura Chiaramonte
Publisher : Springer
Page : 200 pages
File Size : 40,5 Mb
Release : 2018-07-09
Category : Business & Economics
ISBN : 9783319944005

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Bank Liquidity and the Global Financial Crisis by Laura Chiaramonte Pdf

One of the lessons learned from the Global Financial Crisis of 2007–9 is that minimum capital requirements are a necessary but inadequate safeguard for the stability of an intermediary. Despite the high levels of capitalization of many banks before the crisis, they too experienced serious difficulties due to insufficient liquidity buffers. Thus, for the first time, after the GFC regulators realized that liquidity risk can jeopardize the orderly functioning of a bank and, in some cases, its survival. Previously, the risk did not receive the same attention by regulators at the international level as other types of risk including credit, market, and operational risks. The GFC promoted liquidity risk to a significant place in regulatory reform, introducing uniform international rules and best practices. The literature has studied the potential effects of the new liquidity rules on the behaviour of banks, the financial system, and the economy as a whole. This book provides a comprehensive understanding of the bank liquidity crisis that occurred during the GFC, of the liquidity regulatory reform introduced by the Basel Committee with the Basel III Accord, and its implications both at the micro and macroeconomic levels. Università Cattolica del Sacro Cuore contributed to the funding of this research project and its publication.

Understanding Financial Crises

Franklin Allen,Douglas Gale
Understanding Financial Crises Book PDF

Author : Franklin Allen,Douglas Gale
Publisher : OUP Oxford
Page : 320 pages
File Size : 51,5 Mb
Release : 2009-04-02
Category : Business & Economics
ISBN : 9780191622861

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Understanding Financial Crises by Franklin Allen,Douglas Gale Pdf

What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.

The Dialectics of Liquidity Crisis

Chris Jefferis
The Dialectics of Liquidity Crisis Book PDF

Author : Chris Jefferis
Publisher : Routledge
Page : 244 pages
File Size : 44,6 Mb
Release : 2017-02-17
Category : Political Science
ISBN : 9781317536093

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The Dialectics of Liquidity Crisis by Chris Jefferis Pdf

This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky’s Financial Instability Hypothesis (FIH) to the financial crisis of 2007–08. Arguing that most theories of financial crisis, including Minsky’s own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007–08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky’s theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007–08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007–08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007–08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.

International Liquidity and the Financial Crisis

Bill Allen
International Liquidity and the Financial Crisis Book PDF

Author : Bill Allen
Publisher : Cambridge University Press
Page : 271 pages
File Size : 54,9 Mb
Release : 2013-01-03
Category : Business & Economics
ISBN : 9781107030046

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International Liquidity and the Financial Crisis by Bill Allen Pdf

Explains how the financial crisis spread across the world, how damage was contained and how the monetary world has changed.

Beyond Liquidity

Brad Pasanek,Simone Polillo
Beyond Liquidity Book PDF

Author : Brad Pasanek,Simone Polillo
Publisher : Routledge
Page : 187 pages
File Size : 42,9 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9781317979999

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Beyond Liquidity by Brad Pasanek,Simone Polillo Pdf

‘Liquidity’, or rather lack of it, lies at the heart of the ongoing global financial crisis. In this collection of essays, the metaphor of money as liquidity, and the model of crisis it entails, is deliberated by a range of scholars from economics, history, anthropology, literature, and sociology. This volume offers a rhetorical explanation of the social, cultural, and historical contexts in which metaphors of money are produced, circulate, and fail. These essays, first presented at "After the Crash, Beyond Liquidity," a conference on money and metaphors held at the University of Virginia, USA, in October of 2009, were drafted in the wake of global uncertainty, TARP bailouts, the Great Recession, programs of stimulus and austerity, and recurrent threats of sovereign default in the EU. They question the language of liquidity and flows that is characteristic of everyday business, exposing what metaphors of money hide and explaining why the idea of liquidity has proved so durable. This book was originally published as a special issue of the Journal of Cultural Economy.

Market Liquidity

Yakov Amihud,Haim Mendelson,Lasse Heje Pedersen
Market Liquidity Book PDF

Author : Yakov Amihud,Haim Mendelson,Lasse Heje Pedersen
Publisher : Cambridge University Press
Page : 293 pages
File Size : 43,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780521191760

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Market Liquidity by Yakov Amihud,Haim Mendelson,Lasse Heje Pedersen Pdf

This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.

Rational Liquidity Crises in the Sovereign Debt Market

Ms.Enrica Detragiache
Rational Liquidity Crises in the Sovereign Debt Market Book PDF

Author : Ms.Enrica Detragiache
Publisher : International Monetary Fund
Page : 32 pages
File Size : 48,7 Mb
Release : 1996-04-01
Category : Business & Economics
ISBN : 9781451845648

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Rational Liquidity Crises in the Sovereign Debt Market by Ms.Enrica Detragiache Pdf

This paper studies under what circumstances creditworthy sovereign borrowers may be denied liquidity by rational creditors. It is shown that, when the creditor side of the market consists of many small investors there may be multiple rational expectations equilibria. In one equilibrium, creditors’ pessimistic expectations about the borrower’s creditworthiness become self-fulfilling, and the borrower experiences a liquidity crisis. Multiple equilibria can be avoided by marketing the loan appropriately or by developing a reputation for following good policies. Liquidity problems can also arise because of the temporary disruption of international bond markets due to events unrelated to the borrower’s circumstances. Policies responses are discussed.

Liquidity Crises in Emerging Markets

Roberto Chang,Andrés Velasco
Liquidity Crises in Emerging Markets Book PDF

Author : Roberto Chang,Andrés Velasco
Publisher : Unknown
Page : 76 pages
File Size : 52,7 Mb
Release : 1999
Category : Capital movements
ISBN : STANFORD:36105021115931

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Liquidity Crises in Emerging Markets by Roberto Chang,Andrés Velasco Pdf

We build a model of financial sector illiquidity in an open economy. Illiquidity defined as a situation in which a country's consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice can be associated with self fulfilling bank and/or currency crises. We focus on the policy implications of the model, and study the role of capital inflows and the maturity of external debt, the way in which real exchange rate depreciation can transmit and magnify the effects of bank illiquidity, options for financial regulation, the role of debt and deficits, and the implications of adopting different exchange rate regimes.

The Global Economic System

George Chacko,Carolyn L. Evans,Hans Gunawan,Anders Sjoman
The Global Economic System Book PDF

Author : George Chacko,Carolyn L. Evans,Hans Gunawan,Anders Sjoman
Publisher : FT Press
Page : 258 pages
File Size : 54,6 Mb
Release : 2011-06-08
Category : Business & Economics
ISBN : 9780132172981

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The Global Economic System by George Chacko,Carolyn L. Evans,Hans Gunawan,Anders Sjoman Pdf

Written for financial professionals, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

Macroeconomics in Times of Liquidity Crises

Guillermo A. Calvo
Macroeconomics in Times of Liquidity Crises Book PDF

Author : Guillermo A. Calvo
Publisher : MIT Press
Page : 265 pages
File Size : 55,8 Mb
Release : 2016-11-04
Category : Business & Economics
ISBN : 9780262035415

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Macroeconomics in Times of Liquidity Crises by Guillermo A. Calvo Pdf

An examination of Liquidity Crunch in triggering and characterizing financial crises. Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch. Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

Capital Flows and the Twin Crises

Mr.Ilan Goldfajn,Mr.Rodrigo O. Valdes
Capital Flows and the Twin Crises Book PDF

Author : Mr.Ilan Goldfajn,Mr.Rodrigo O. Valdes
Publisher : International Monetary Fund
Page : 33 pages
File Size : 51,7 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451850987

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Capital Flows and the Twin Crises by Mr.Ilan Goldfajn,Mr.Rodrigo O. Valdes Pdf

This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.

Beyond Liquidity

Brad Pasanek,Simone Polillo
Beyond Liquidity Book PDF

Author : Brad Pasanek,Simone Polillo
Publisher : Routledge
Page : 145 pages
File Size : 41,6 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9781317980001

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Beyond Liquidity by Brad Pasanek,Simone Polillo Pdf

‘Liquidity’, or rather lack of it, lies at the heart of the ongoing global financial crisis. In this collection of essays, the metaphor of money as liquidity, and the model of crisis it entails, is deliberated by a range of scholars from economics, history, anthropology, literature, and sociology. This volume offers a rhetorical explanation of the social, cultural, and historical contexts in which metaphors of money are produced, circulate, and fail. These essays, first presented at "After the Crash, Beyond Liquidity," a conference on money and metaphors held at the University of Virginia, USA, in October of 2009, were drafted in the wake of global uncertainty, TARP bailouts, the Great Recession, programs of stimulus and austerity, and recurrent threats of sovereign default in the EU. They question the language of liquidity and flows that is characteristic of everyday business, exposing what metaphors of money hide and explaining why the idea of liquidity has proved so durable. This book was originally published as a special issue of the Journal of Cultural Economy.

Financial Assets, Debt and Liquidity Crises

Matthieu Charpe
Financial Assets Debt and Liquidity Crises Book PDF

Author : Matthieu Charpe
Publisher : Unknown
Page : 458 pages
File Size : 47,8 Mb
Release : 2011
Category : Business cycles
ISBN : 1139103466

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Financial Assets, Debt and Liquidity Crises by Matthieu Charpe Pdf

Shows how the Keynesian approach to business cycles can be used to explain and understand the current financial crisis.