Inside and Outside Liquidity
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Inside and Outside Liquidity
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Inside and Outside Liquidity by Jean Tirole
Two leading economists develop a theory explaining the demand for and supply of liquid assets.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 Holmstr m 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.Jean Tirole is the chairman of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, the scientific director of Toulouse's Industrial Economics Institute, and an annual visiting professor of economics at the Massachusetts Institute of Technology. He was awarded the Nobel Prize in Economics in 2014. Financial Crises, Liquidity, and the International Monetary System (Princeton), The Theory of Industrial Organization, Game Theory (with Drew Fudenberg), and A Theory of Incentives in Procurement and Regulation (with Jean-Jacques Laffont) are only a few of his publications.
| SKU | Unavailable |
| ISBN 13 | 9780262518536 |
| ISBN 10 | 0262518538 |
| Title | Inside and Outside Liquidity |
| Author | Jean Tirole |
| Series | The Mit Press |
| Condition | Unavailable |
| Binding Type | Paperback |
| Publisher | The Mit Press |
| Year published | 2013-01-11 |
| Number of pages | 264 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |