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Journal of Economic Literature - Book Review

JEL Volume. 50, Issue 4 | leftPrevious Review Next Review right

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Book(s) Reviewed

Liquidity and Crises by Franklin Allen, Elena Carletti, Jan Pieter Krahnen and Marcel Tyrell

Published By: Oxford and New York: Oxford University Press
ISBN: 978-0-19-539070-4, cloth; 978-0-19-539071-1, pbk.
Date of Publication: 2011


Book Review Detail

Reviewed by: Goetz von Peter of Bank for International Settlements
Review DOI: 10.1257/jel.50.4.1106.r2
Review Pages: 1109-13

Book Review Abstract

Goetz von Peter of Bank for International Settlements reviews, "Liquidity and Crises" by Franklin Allen, Elena Carletti, Jan Pieter Krahnen and Marcel Tyrell. The JEL annotation of this book begins: "Twenty-five previously published papers examine liquidity and its role in financial crises. Papers discuss preference shocks, liquidity, and central bank policy; endogenous liquidity in asset markets; financial intermediaries and markets; financial fragility, liquidity, and asset prices; interbank market integration under asymmetric information; banks as monitors of other banks-evidence from the overnight federal funds market; private and public supply of liquidity; liquidity, efficiency, and bank bailouts; financial crises, payment system problems, and discount window lending; liquidity, risk taking, and the lender of last resort; coordination failures and the lender of last resort-whether Walter Bagehot was right after all; competition among regulators and credit market integration; money in a theory of banking; liquidity and asset prices; collateral constraints in a monetary economy; inefficient credit booms; financial contagion through capital connections-a model of the origin and spread of bank panics; information contagion and bank herding; cash in-the-market pricing and optimal resolution of bank failures; credit risk transfer and contagion; estimating bilateral exposures in the German interbank market-whether there is a danger of contagion; asset market linkages in crisis periods; strategic complementarities and the twin crises; inefficient foreign borrowing-a dual- and common-agency perspective; and exchange rate volatility and the credit channel in emerging markets-a vertical perspective. Allen is Nippon Life Professor of Finance, Professor of Economics, and the codirector of the Wharton Financial Institutions Center in the Wharton School at the University of Pennsylvania. Carletti is Professor of Economics and Joint Chair of the Economics Department and the Robert Schuman Center for Advanced Studies at the European University Institute. Krahnen is Chair of Corporate Finance at Johann Wolfgang Goethe-University Frankfurt. Tyrell is Professor of Entrepreneurship and Finance at Zeppelin University. Index."


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Book Review Authors

Goetz von Peter of Bank for International Settlements


JEL Classifications

E42: Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
E44: Financial Markets and the Macroeconomy
G01: Financial Crises
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages; Foreclosures


Journal of Economic Literature


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