NitroFlare Inside and Outside Liquidity

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    Inside and Outside Liquidity by Jean Tirole
    English | Jan. 11, 2013 | ISBN: 0262518538 | 264 Pages | PDF | 944.93 KB

    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 , 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.[​IMG]
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