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Central Banks, Liquidity, and the Banking Crisis 1

Philip Turner

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Turner examines the principles underlying central bank liquidity actions taken during the financial crisis. The toolkit of central banks has expanded dramatically. A bigger toolkit seems always ... More


Crises and Self-Fulfilling Expectations

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the basic analytical framework of “second-generation” models of currency crises and their extensions to deal with new characteristics of international financial crises such as ... More


Established Connections and New Opportunities. London as an International Financial Centre, 1914–1958

Philip L. Cottrell

in London and Paris as International Financial Centres in the Twentieth Century

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199269495
eISBN:
9780191710162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199269495.003.0008
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter discusses the effects of the First World War on the City, reviewing opportunities for much greater dealings in foreign exchange and the ‘bill on London's rapid revival’. The war not only ... More


Reconciling the Two Views

Michael Chui and Prasanna Gai

in Private Sector Involvement and International Financial Crises: An Analytical Perspective

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.003.0005
Subject:
Economics and Finance, Financial Economics

Articulates the basics of global games. Applies the global game arguments of Morris and Shin (1998, 2000) to sovereign liquidity crises and shows how the fundamental and sunspot views of crisis can ... More


Systemic Liquidity Crises

Prasanna Gai

in Systemic Risk: The Dynamics of Modern Financial Systems

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199544493
eISBN:
9780191747175
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199544493.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter develops a model of interbank lending in which unsecured claims, repo market activity, and shocks to haircuts applied to collateral assume centre-stage. Systemic liquidity crises of the ... More


The Mechanics of Liquidity Crises

Ulrich Bindseil

in Monetary Policy Operations and the Financial System

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198716907
eISBN:
9780191785559
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198716907.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics

A financial crisis is normally associated with a liquidity crisis, which has typically a funding and a market dimension. This chapter introduces the mechanics and amplifiers of financial crises with ... More


The International Lender of Last Resort: How Large Is Large Enough?

Olivier Jeanne and Charles Wyplosz (eds)

in Managing Currency Crises in Emerging Markets

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226155401
eISBN:
9780226155425
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226155425.003.0006
Subject:
Economics and Finance, International

This chapter examines whether an international lender of last resort (ILOLR) would be a useful addition to the international financial architecture. It analyzes whether an ILOLR can function ... More


Renegotiating the Ties that Bind: The Limits of Privatization in the Czech Republic

Gernot Grabher and David Stark

in Restructuring Networks in Post-Socialism: Legacies, Linkages and Localities

Published in print:
1996
Published Online:
October 2011
ISBN:
9780198290209
eISBN:
9780191684791
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198290209.003.0003
Subject:
Business and Management, Organization Studies, Political Economy

This chapter is concerned with the reconfiguration of Czech industrial manufacturing firms during the period of radical privatization and market liberalization of the late 20th century. It discusses ... More


Ireland and Denmark

Cornelia Woll

in The Power of Inaction: Bank Bailouts in Comparison

Published in print:
2014
Published Online:
August 2016
ISBN:
9780801452352
eISBN:
9780801471155
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801452352.003.0007
Subject:
Political Science, Political Economy

This chapter analyzes small, open economies with important financial markets. The two countries of this type analysed here are Ireland and Denmark. These two countries did not struggle with exactly ... More


Sovereign Debt Workouts

Michael Chui and Prasanna Gai

in Private Sector Involvement and International Financial Crises: An Analytical Perspective

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.003.0009
Subject:
Economics and Finance, Financial Economics

Explains how policymakers must trade the ex-post costs of creditor coordination failure, which can help discipline sovereign debtors, against the ex-ante costs of debtor moral hazard. The threat of a ... More


Lender of Last Resort

Ulrich Bindseil

in Central Banking before 1800: A Rehabilitation

Published in print:
2019
Published Online:
July 2020
ISBN:
9780198849995
eISBN:
9780191884429
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198849995.003.0006
Subject:
Economics and Finance, Economic History

The recent central banking literature often argues that the LOLR function would be the key feature defining a ‘modern’ central bank. This chapter argues that this view may appear too radical (despite ... More


Banking, Capital Flows, and Financial Cycles: Common Threads in the 2007–2009 Crises

Young-Hwa Seok and Hyun Song Shin

in How Finance Is Shaping the Economies of China, Japan, and Korea

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231165266
eISBN:
9780231536462
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231165266.003.0005
Subject:
Economics and Finance, International

This chapter considers the phenomenon of financial globalization. This type of globalization is organized within the role of financial intermediaries, especially banks, in the proliferation of ... More


Illiquid Assets

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0013
Subject:
Economics and Finance, Financial Economics

After taking into account biases induced by infrequent trading and selection, it is unlikely that illiquid asset classes have higher risk-adjusted returns than traditional liquid stock and bond ... More


Crisis Management and Resolution

Yilmaz Akyüz

in Playing with Fire: Deepened Financial Integration and Changing Vulnerabilities of the Global South

Published in print:
2017
Published Online:
July 2017
ISBN:
9780198797173
eISBN:
9780191838668
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198797173.003.0005
Subject:
Economics and Finance, Financial Economics, Development, Growth, and Environmental

This chapter argues that the conventional approach to the management and resolution of external financial crises in emerging economies is inefficient and inequitable and needs to be reformed. Such ... More


Debt, Default, and Interest Rates

Harold L. Cole

in Finance and Financial Intermediation: A Modern Treatment of Money, Credit, and Banking

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190941697
eISBN:
9780190949068
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190941697.003.0017
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter discusses the history of debt crises, such as the Latin American debt crisis of the 1980s and Mexico’s Tequila Crisis of the mid-1990s, as well as the recent EU crisis. It lays out a ... More


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