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Illiquidity And Financial Crisis
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Book Synopsis Liquidity and Crises by : Franklin Allen
Download or read book Liquidity and Crises written by Franklin Allen and published by OUP USA. This book was released on 2011-01-13 with total page 718 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis International Liquidity and the Financial Crisis by : Bill Allen
Download or read book International Liquidity and the Financial Crisis written by Bill Allen and published by Cambridge University Press. This book was released on 2013-01-03 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how the financial crisis spread across the world, how damage was contained and how the monetary world has changed.
Book Synopsis Illiquidity and Financial Crisis by : Alessio M. Pacces
Download or read book Illiquidity and Financial Crisis written by Alessio M. Pacces and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's theory of liquidity and expectations. Conventional expectations allow overcoming uncertainty via the liquidity of secondary markets and, in turn, of banks' liabilities that are accepted as money. However, the failure of existing conventions precipitates the system into uncertainty-driven liquidity spirals, which are the more dangerous the more private money financial intermediaries have managed to create in the first place. Despite limited availability of data that can proxy for Knightian uncertainty, this approach to liquidity problems may explain better than others how a relatively small shock, such as the default of US subprime mortgages, could trigger a worldwide systemic crisis.The policy implications of this understanding of illiquidity are twofold. First, financial crises should be policed by tailoring the lender of last resort function of central banks to the creation of private money. By the same token, banking should be defined and regulated according to this monetary function performed by financial intermediaries, whether banks or non-banks. These institutions should face payout restrictions while being prevented from using retained earnings to increase the quantity of private money they can create through their balance sheet.Second, the corporate governance of banks should allow insulating managers and controlling shareholders from the short-termism of stock markets. Inasmuch as myopic stock markets influence the balance sheet choices of bankers, investor-friendly corporate governance is a major amplifier of liquidity crises. This article thus suggests combining long-term remuneration with the possibility for bank managers to claim a compensation for parting with control. Similar implications are derived for controlling shareholders.
Download or read book Beyond Liquidity written by Brad Pasanek and published by Routledge. This book was released on 2013-08-21 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: ‘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.
Download or read book Market Liquidity written by Yakov Amihud and published by Cambridge University Press. This book was released on 2013 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.
Download or read book Liquidity Lost written by Paul Langley and published by . This book was released on 2015 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interventions of crisis management during the 2007 to 2011 financial crisis were not simply responses to a set of given developments in markets, banking or neo-liberal capitalism. Nor can those interventions be adequately explained as the actions of sovereign state officials and institutions. Instead, Langley argues, processes of crisis governance are shown to have established six principal technical problems to be acted upon: liquidity, toxicity, solvency, risk, regulation, and debt and that the governance of these technical problems, is shown to have been strategically assembled in order to secure the continuation of a particular, financialized way of life that depends upon global financial circulations. Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established the six technical problems to be acted upon, but also shared certain proclivities and preferences. Crisis governance assembled discourses and devices of economy in relation with sovereign monetary, fiscal, and regulatory techniques, and elicited an affective atmosphere of confidence. It also sought to secure the financialized way of life which turns on the opportunities ostensibly afforded by uncertain financial circulations, and gave rise to post-crisis technical fixes designed to advance the resilience of banking and the macro-prudential regulation of financial stability. Thus, the consensus that prevails across economics, political economy, and beyond - wherein sovereign state institutions are cast as coming to the rescue of the markets, banking, or neo-liberal capitalism - conceals a great deal more than it reveals about the governance of the global financial crisis.
Book Synopsis The Global Economic System by : George Chacko
Download or read book The Global Economic System written by George Chacko and published by Pearson Education. This book was released on 2011-06 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first professional-level authoritative guide to today's global financial system: how it works, how its elements fit together, and the vulnerabilities that can cause it to fail. Writing for working financial professionals and other sophisticated readers, 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.
Book Synopsis Bank Liquidity Creation and Financial Crises by : Allen N. Berger
Download or read book Bank Liquidity Creation and Financial Crises written by Allen N. Berger and published by Academic Press. This book was released on 2015-11-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Financial Crises, Liquidity, and the International Monetary System by : Jean Tirole
Download or read book Financial Crises, Liquidity, and the International Monetary System written by Jean Tirole and published by Princeton University Press. This book was released on 2002-07-21 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tirole analyzes the current views on financial crises and on the reform of the international financial architecture. Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policy makers, and students at all levels will find indispensable.
Book Synopsis Bank Liquidity and the Global Financial Crisis by : Laura Chiaramonte
Download or read book Bank Liquidity and the Global Financial Crisis written by Laura Chiaramonte and published by Springer. This book was released on 2018-07-09 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Risk and Liquidity by : Hyun Song Shin
Download or read book Risk and Liquidity written by Hyun Song Shin and published by OUP Oxford. This book was released on 2010-05-27 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamics that follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial architecture, financial regulation and monetary policy. This book will be of interest to all serious students of economics and finance who want to delve beneath the outward manifestations to grasp the underlying dynamics of the boom-bust cycle in a modern financial system - a system where banking and capital market developments have become inseparable.
Book Synopsis Handbook of Financial Econometrics and Statistics by : Cheng-Few Lee
Download or read book Handbook of Financial Econometrics and Statistics written by Cheng-Few Lee and published by Springer. This book was released on 2014-09-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Financial Econometrics and Statistics provides, in four volumes and over 100 chapters, a comprehensive overview of the primary methodologies in econometrics and statistics as applied to financial research. Including overviews of key concepts by the editors and in-depth contributions from leading scholars around the world, the Handbook is the definitive resource for both classic and cutting-edge theories, policies, and analytical techniques in the field. Volume 1 (Parts I and II) covers all of the essential theoretical and empirical approaches. Volumes 2, 3, and 4 feature contributed entries that showcase the application of financial econometrics and statistics to such topics as asset pricing, investment and portfolio research, option pricing, mutual funds, and financial accounting research. Throughout, the Handbook offers illustrative case examples and applications, worked equations, and extensive references, and includes both subject and author indices.
Book Synopsis The Dialectics of Liquidity Crisis by : Chris Jefferis
Download or read book The Dialectics of Liquidity Crisis written by Chris Jefferis and published by Taylor & Francis. This book was released on 2017-02-17 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Macroeconomics in Times of Liquidity Crises by : Guillermo A. Calvo
Download or read book Macroeconomics in Times of Liquidity Crises written by Guillermo A. Calvo and published by MIT Press. This book was released on 2016-10-28 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Stability Risk. Measuring the Illiquidity of Corporate and Sovereign Bonds by : Thorsten Foltz
Download or read book Financial Stability Risk. Measuring the Illiquidity of Corporate and Sovereign Bonds written by Thorsten Foltz and published by GRIN Verlag. This book was released on 2017-03-06 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2016 in the subject Economics - Other, grade: 1,3, University of Siegen, language: English, abstract: Market liquidity is most important for financial markets and thus for the real economy. Market-makers seem to provide less liquidity recently. The reasons of such a behaviour are shown within this work. It exhibits the regulations which have changed, the behaviour of market-makers and how financial markets are able to become illiquid. After this more theoretical framework, which refers to financial stability, several measures of liquidity are introduced and empirically tested on a dataset of about 60,000 corporate and sovereign bonds in 34 countries over a period of eleven years. The result, is that bond markets became less liquid within the last three years than during the financial and the following European debt crisis.
Book Synopsis Fragile Finance by : A. Nesvetailova
Download or read book Fragile Finance written by A. Nesvetailova and published by Springer. This book was released on 2007-10-17 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fragile Finance examines financial crisis in the era of global credit. Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.
Book Synopsis Financial Amplification Mechanisms and the Federal Reserve's Supply of Liquidity During the Crisis by : Asani Sarkar
Download or read book Financial Amplification Mechanisms and the Federal Reserve's Supply of Liquidity During the Crisis written by Asani Sarkar and published by DIANE Publishing. This book was released on 2011 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. The small decline in the value of mortgage-related assets relative to the large total losses assoc. with the financial crisis suggests the presence of financial amplification mechanisms (FAM), which allow relatively small shocks to propagate through the financial system. The Federal Reserve¿s (FR) early-stage liquidity programs worked to dampen the balance sheet FAM arising from the positive feedback between financial constraints and asset prices. The FR¿s later-stage crisis programs takes into account adverse-selection FAM that operate via increases in credit risk and the externality imposed by risky borrowers on safe ones. New evidence suggests that increases in the FR¿s liquidity supply reduce interest rates during periods of high liquidity risk. Illus.
