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Holmström , Bengt , 1949-....

Tirole , Jean , 1953-....

Inside and outside liquidity , Bengt Holmström, Jean Tirole

Cambridge (Mass.) London , MIT Press -- cop. 2011

1 vol. (VIII-254 p.) : ill. ; 24 cm

978-0-262-01578-3 , rel.

978-0-262-51853-6 , br.

0-262-01578-1 , br.

Bibliogr. p. [243]-250. Notes bibliogr. Index.

In a slight, but important departure from the standard theory of finance, authors 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. In an epilogue, Holmström and Tirole show how their theory can be used to understand some aspects of the recent financial crisis.

Liquidity (Economics)

Liquidité (économie politique)

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