Risk and Liquidity

Hardcover | June 27, 2010

byHyun Song Shin

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This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the recent global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets atthe heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamicsthat follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial architecture, financial regulation and monetary policy.This book will be of interest to all serious students of economics and finance who want to delve beneath the outward manifestations to grasp the underlying dynamics of the boom-bust cycle in a modern financial system - a system where banking and capital market developments have becomeinseparable.

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This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the recent global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk managem...

Before joining Princeton in 2006, Hyun Song Shin was Professor of Finance at the London School of Economics. He is a leading exponent of financial booms and crises, and has been a leading figure in the policy debates during the financial crisis. He has written extensively for both an academic and practitioner audience on financial ri...

other books by Hyun Song Shin

When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
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Kobo ebook|Apr 11 2009

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Format:HardcoverDimensions:224 pages, 9.21 × 6.14 × 0.01 inPublished:June 27, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199546363

ISBN - 13:9780199546367

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Table of Contents

1. Nature of Financial Risk2. Value-at-Risk Capital3. Boom and Bust Driven by Value-at-Risk4. Dynamic Hedging5. Asset-Liability Management6. Financial System7. Lending Booms8. The Case of Northern Rock9. Securitisation and the Financial System10. A Fresh Start