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Books > Business & Economics > Finance & accounting > Finance > Banking
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Liquidity and Crises (Hardcover)
Loot Price: R2,664
Discovery Miles 26 640
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Liquidity and Crises (Hardcover)
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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 is divided into five parts. These are (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 aim is to
provide a comprehensive coverage of role of liquidity in financial
crises.
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