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.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
