The achievement of financial stability is one of the most pressing
issues today. This timely and innovative book provides an
analytical framework to assess financial (in)stability as an
equilibrium phenomenon compatible with the orderly functioning of a
modern market economy. The authors expertly show how good
regulatory policy can be implemented and that its effects on the
real as well as the nominal side of the economy can be properly
analyzed. The core of their approach is to take realistic account
of the interaction between endogenous default, agent heterogeneity
and money and liquidity, and suggest how a quantifiable metric of
financial fragility could be developed. This insightful book will
serve as a basis for future work on financial stability management
for both academics and policy makers and provide guidance on how to
undertake crisis prevention and resolution.
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