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Liquidity and Crises [Hardcover]

Franklin Allen , Elena Carletti , Jan Pieter Krahnen , Marcel Tyrell

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Book Description

January 21, 2011 0195390709 978-0195390704
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.

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Editorial Reviews

Review


"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


About the Author


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

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