Understanding Financial Crises
Series: CLARENDON LECTURES IN FINANCE;
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Product details:
- Publisher OUP Oxford
- Date of Publication 2 April 2009
- ISBN 9780199251421
- Binding Paperback
- No. of pages320 pages
- Size 233x156x18 mm
- Weight 524 g
- Language English
- Illustrations 74 tables and figures 0
Categories
Short description:
What causes a financial crisis? Can crises be anticipated or even avoided? Should governments and international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises and use the latest economic theories to begin to understand the causes and consequences of financial crises.
MoreLong description:
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.
Review from previous edition Allen and Gale have been at the frontier of theoretical thinking about crises for over a decade ... a one-stop-shop for the many important contributions made to the theoretical modelling of financial crises by these two prominent authors
Table of Contents:
History and institutions
Time, uncertainty and liquidity
Intermediation
Asset markets
Financial fragility
Intermediation and markets
Optimal regulation
Money and the prices
Bubbles and crises
Contagion
