Understanding Financial Crises

Paperback | April 26, 2009

byFranklin Allen, Douglas Gale

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What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis,many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasinglysophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility,and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.

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What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis,many blamed international institutions, corrupt...

Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania. He has been on the faculty since 1980. He is currently Co-Director of the Wharton Financial Institutions Center. He was formerly Vice Dean and Director of Wharton Doctoral Programs and Executive Ed...

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Format:PaperbackDimensions:320 pages, 9.21 × 6.14 × 0.07 inPublished:April 26, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199251428

ISBN - 13:9780199251421

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Table of Contents

1. History and institutions2. Time, uncertainty and liquidity3. Intermediation4. Asset markets5. Financial fragility6. Intermediation and markets7. Optimal regulation8. Money and the prices9. Bubbles and crises10. Contagion

Editorial Reviews

"This is, for me, the book's real selling point: it is accessible to a graduate level audience - indeed, would make an excellent lecture series - but at the same time easily contains enough state-of-the-art modelling to be of interest to the academic or policymaker." --Andrew G. Haldane