Understanding Financial Crises

By Franklin Allen; Douglas Gale | Go to book overview
Contents
1.History and institutions1
1.1 Introduction1
1.2 Historical crises in Europe and the US2
1.3 Crises and stock market crashes5
1.4 Currency and twin crises9
1.5 Crises in different eras10
1.6 Some recent crises14
1.6.1 The Scandinavian crises14
1.6.2 Japan15
1.6.3 The Asian crisis15
1.6.4 The Russian crisis and long term capital management (LTCM)16
1.6.5 The Argentina crisis of 2001–200217
1.7 The costs of crises18
1.8 Theories of crises19
1.9 Concluding remarks23
2.Time, uncertainty, and liquidity27
2.1 Efficient allocation over time27
2.1.1 Consumption and saving27
2.1.2 Production36
2.2 Uncertainty40
2.2.1 Contingent commodities and risk sharin40
2.2.2 Attitudes toward risk44
2.2.3 Insurance and risk pooling48
2.2.4 Portfolio choice49
2.3 Liquidity52
2.4 Concluding remarks57
3.Intermediation and crises58
3.1 The liquidity problem59
3.2 Market equilibrium60
3.3 The efficient solution64
3.4 The banking solution72
3.5 Bank runs74

-vii-

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Understanding Financial Crises
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • Contents vii
  • 1: History and Institutions 1
  • 2: Time, Uncertainty, and Liquidity 27
  • 3: Intermediation and Crises 58
  • 4: Asset Markets 99
  • 5: Financial Fragility 126
  • 6: Intermediation and Markets 153
  • 7: Optimal Regulation 190
  • 8: Money and Prices 216
  • 9: Bubbles and Crises 235
  • 10: Contagion 260
  • Index 299
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