Inside and Outside Liquidity

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9780262015783: Inside and Outside Liquidity

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 Holmstrom and Jean Tirole offer an original, unified perspective on these questions drawing on insights from modern corporate finance. 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. In an epilogue, Holmstrom and Tirole show how their theory can be used to understand some aspects of the recent financial crisis.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Revue de presse :

"This is a very insightful book on a difficult and poorly understood topic at the center of the current financial crisis. It benefits from a unified approach, based on incentive theory, that delivers a coherent perspective on the elusive concept of liquidity." --Xavier Vives, IESE Business School, Barcelona

"In this excellent book, Holmstrom and Tirole put together a unified theory of liquidity, with applications ranging from the impact of liquidity on asset prices to the liquidity enhancing role of government debt, and the importance of international liquidity. In addition to academics and students of economics, it will appeal to people who work at central banks and international organizations. It is an important contribution." --Franklin Allen, Nippon Life Professor of Finance and Professor of Economics, The Wharton School, University of Pennsylvania

"The policy discussions surrounding the recent financial turmoil highlight our crucial need for a unified theoretical framework within which to analyze the asset price impact of liquidity, its macroeconomic consequences, and the role of government intervention. This book simultaneously answers these three questions and is a landmark contribution. It is likely to inspire much subsequent research in both macroeconomics and finance." --Pierre-Olivier Weill, UCLA. "The Holmstrom-Tirole view of liquidity creation, pricing, and management has had a profound impact on a wide variety of fields, ranging from macroeconomics to corporate finance. This book is assured to become an instant classic." --Ricardo Caballero, Ford International Professor of Economics, MIT

Biographie de l'auteur :

Bengt Holmstrom is Paul A. Samuelson Professor of Economics at MIT, where he was Head of the Economics Department from 2003 to 2006. Jean Tirole is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

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Bengt Holmstrom; Jean Tirole
Edité par MIT Press Ltd, United States (2011)
ISBN 10 : 0262015781 ISBN 13 : 9780262015783
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Description du livre MIT Press Ltd, United States, 2011. Hardback. État : New. 231 x 155 mm. Language: English . Brand New Book. 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 Holmstrom 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. N° de réf. du libraire AAZ9780262015783

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Bengt Holmstrom; Jean Tirole
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Description du livre MIT Press Ltd, United States, 2011. Hardback. État : New. 231 x 155 mm. Language: English . Brand New Book. 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 Holmstrom 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. N° de réf. du libraire AAZ9780262015783

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Description du livre The MIT Press, 2011. État : New. Two leading economists develop a theory explaining the demand for and supply of liquid assets. Num Pages: 264 pages, 22 figures. BIC Classification: KCD; KFF. Category: (P) Professional & Vocational. Dimension: 229 x 152 x 12. Weight in Grams: 494. . 2011. Hardcover. . . . . . N° de réf. du libraire V9780262015783

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Description du livre MIT Press, 2011. Hardcover. État : New. Brand New Book. Shipping: Once your order has been confirmed and payment received, your order will then be processed. The book will be located by our staff, packaged and despatched to you as quickly as possible. From time to time, items get mislaid en route. If your item fails to arrive, please contact us first. We will endeavour to trace the item for you and where necessary, replace or refund the item. Please do not leave negative feedback without contacting us first. All orders will be dispatched within two working days. If you have any quesions please contact us. N° de réf. du libraire V9780262015783

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Description du livre MIT Press Ltd. Hardback. État : new. BRAND NEW, Inside and Outside Liquidity, Bengt Holmstrom, Jean Tirole, 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 Holmstrm 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. N° de réf. du libraire B9780262015783

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Description du livre The MIT Press. État : New. Two leading economists develop a theory explaining the demand for and supply of liquid assets. Num Pages: 264 pages, 22 figures. BIC Classification: KCD; KFF. Category: (P) Professional & Vocational. Dimension: 229 x 152 x 12. Weight in Grams: 494. . 2011. Hardcover. . . . . Books ship from the US and Ireland. N° de réf. du libraire V9780262015783

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Description du livre The MIT Press, 2011. État : New. Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: "In this excellent book, Holmstrom and Tirole put together a unified theory ofliquidity, with applications ranging from the impact of liquidity on asset prices to the liquidityenhancing role of government debt, and the importance of international liquidity. In addition toacademics and students of economics, it will appeal to people who work at central banks andinternational organizations. It is an important contribution." Franklin Allen ,Nippon Life Professor of Finance and Professor of Economics, The Wharton School, University ofPennsylvania. N° de réf. du libraire ABE_book_new_0262015781

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Description du livre MIT Press. État : New. Brand New. N° de réf. du libraire 0262015781

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