Inside and Outside Liquidity PDF
By:Bengt Holmström,Jean Tirole
Published on 2011-01-07 by MIT Press
Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.
This Book was ranked at 10 by Google Books for keyword Economie.
Book ID of Inside and Outside Liquidity's Books is G6snGzHJx40C, Book which was written byBengt Holmström,Jean Tirolehave ETAG "rPGeTj/pWNI"
Book which was published by MIT Press since 2011-01-07 have ISBNs, ISBN 13 Code is 9780262294782 and ISBN 10 Code is 0262294788
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Book which have "264 Pages" is Printed at BOOK under CategoryBusiness and Economics
Book was written in en
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