TY - JOUR
AU - Bolton, Patrick
AB - LIQUIDITY AND FINANCIAL INSTABILITY: AN INTRODUCTION Franklin Allen Patrick Bolton Wharton School Princeton University . University of Pennsylvania What are the causes of economic crises? Why do financial markets crash? Why are there banking panics? What causes currency crises? These are all fascinating and important questions that have received a great deal of attention. All of these crises have been linked in one way or another to liquidity issues and have much in common. Yet, more often than not, each type of crisis has been studied in isolation and has given rise to its own specialized literature. This special issue aims to bring together some of the latest research on liquidity and financial fragility, whether viewed as a banking issue, a macroeconomic phenomenon, or an international finance issue. By putting side-by-side these different types of approaches, this issue aims to highlight the common themes and the interconnections between the various types of crises. Liquidity is a multifaceted concept that may encompass several different meanings. If an institution is liquid it means that it has ready access to cash. It may be liquid because it holds cash directly or because it holds liquid assets. An asset is generally described as 
TI - Liquidity and Financial Instability: An Introduction
JO - Journal of the European Economic Association
DO - 10.1162/1542476042813878
DA - 2004-12-01
UR - https://www.deepdyve.com/lp/oxford-university-press/liquidity-and-financial-instability-an-introduction-gf5EciM311
SP - 925
EP - 928
VL - 2
IS - 6
DP - DeepDyve
ER -