Nevertheless, the financial crisis that started in the summer of came as a great surprise to most people. What initially was seen as difficulties in the U. 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 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.
The book offers an economic history of financial crises, empirical studies of crises in the modern era and classic works on the theory of banking crises. It also covers specialized topics, with sections on currency crises and financial contagion. Undergraduate students of money, banking, macroeconomics and financial crises alike will find this collection to be an invaluable overview of a critical area of study. 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?
Looking at China’s financial and banking sector
In the aftermath of the recent 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. Taking a strong unifying theoretical perspective it provides a unique comparative survey of financial systems in the UK, Germany, France, Italy, Scandinavia and the USA. The book also reviews the economic foundations of macroprudential policy.
Conventional macroeconomics is based on assumptions that may work for the analysis of price stability and the conduct of monetary policy, but which more or less rules out the possibility of financial crises. This book introduces an alternative macroeconomics where crises can flourish, identifying the market failures which justify interventions to stabilize the system.
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Such a compendium is overdue. Since the publication of the The Microeconomics of Banking by Xavier Freixas and Jean Charles Rochet, work in empirical banking has further blossomed, not only in sheer volume but also in the variety of questions being tackled, datasets becoming available, and methodologies being introduced. Each chapter in Microeconometrics of Banking contains a modest introduction where possible and appropriate , a concise methodology section with one or more relevant methodologies, and several illustrative applications.
Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability. The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability.
The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other.
Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. You must be logged in to Tag Records. Broken link? Structure of the banking system 2. Legal and regulatory environment 3. Exit mechanisms in banking 4. Role of the state 5. Foreign banks in China 6. Financial intermediation 7. Non-performing loans 8.
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