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This important volume presents key contributions to the study of
financial crises from many different areas of economics. 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.
The authors argue that the view that market-based systems are best
is simplistic; a more nuanced approach is necessary. Financial
systems are crucial to the allocation of resources in a modern
economy. They channel household savings to the corporate sector and
allocate investment funds among firms; they allow intertemporal
smoothing of consumption by households and expenditures by firms;
and they enable households and firms to share risks. These
functions are common to the financial systems of most developed
economies. Yet the form of these financial systems varies widely.
In the United States and the United Kingdom competitive markets
dominate the financial landscape, whereas in France, Germany, and
Japan banks have traditionally played the most important role. Why
do different countries have such different financial systems? Is
one system better than all the others? Do different systems merely
represent alternative ways of satisfying similar needs? Is the
current trend toward market-based systems desirable? Franklin Allen
and Douglas Gale argue that the view that market-based systems are
best is simplistic. A more nuanced approach is necessary. For
example, financial markets may be bad for risk sharing; competition
in banking may be inefficient; financial crises can be good as well
as bad; and separation of ownership and control can be optimal.
Financial institutions are not simply veils, disguising the
allocation mechanism without affecting it, but are crucial to
overcoming market imperfections. An optimal financial system relies
on both financial markets and financial intermediaries.
The theory of competition has held a central place in economic
analysis since Adam Smith. This book, written by one of the most
distinguished of contemporary economic theorists, reports on a
major research program to provide strategic foundations for the
theory of perfect competition. Beginning with a concise survey of
how the theory of competition has evolved, Gale makes extensive and
rigorous use of dynamic matching and bargaining models to provide a
more complete description of how a competitive equlibrium is
achieved. Whereas economists have made use of a macroscopic
description of markets in which certain behavioral characteristics,
such as price-taking behavior, are taken for granted, Gale uses
game theory to re-evaluate this assumption, beginning with
individual agents and modelling their strategic interaction. A
strategic foundation for competitive equilibrium shows how such
interaction leads to competitive, price-taking behavior. Essential
reading for graduate courses in game theory and general
equilibrium.
This 1983 book is a wide-ranging study of the macroeconomic side of
monetary theory. Traditional macroeconomics uses simple,
aggregative models to analyse monetary and fiscal policy. Gale
argues that we cannot do without it but also that it rarely attains
the standards of rigour required of modern theory. This book can be
seen as an attempt to do it properly. The early chapters are
critical and reconstructive. They take a fresh look at standard
topics such as wealth effects, money and growth and the long-run
effects of monetary and fiscal policy. Later chapters develop
different themes. The questions raised are drawn from traditional
macroeconomics but there are plenty of surprises. The conventional
view is frequently turned on its head or shown to be unsatisfactory
or not robust. This and other exciting ideas enliven a book which
will continue to be of interest to students and theorists alike.
As the title suggests, this book deals mainly with what can be
described as the general-equilibrium approach to monetary theory.
The author does not attempt an encyclopaedic treatment, but
investigates the central problems and ideas in the development of
contemporary monetary theory. The first part of the book -
technically the easier - deals with questions which will be
recognized as falling within the traditional field of
(macroeconomic) monetary theory, although the treatment is
unflaggingly microeconomic. The second part is less conventional,
dealing with the general equilibrium theory of money in a
fundamental way.
What causes a financial crisis? 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? 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.
The theory of competition has held a central place in economic analysis since the time of Adam Smith. This book, written by one of the most distinguished of contemporary economic theorists, reports on a major research program to provide strategic foundations for the theory of competition. Making use of insights from game theory, search theory and bargaining theory, the author develops a model to explain what actually goes on in markets and how a competitive general equilibrium is achieved. Essential reading for graduate courses in game theory and general equilibrium.
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