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Risk and Liquidity

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Author Info

  • Shin, Hyun Song

    (Hughes-Rogers Professor of Economics at Princeton University.)

Abstract

This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin's work has shed light on the recent global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamics that follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial architecture, financial regulation and monetary policy. This book will be of interest to all serious students of economics and finance who want to delve beneath the outward manifestations to grasp the underlying dynamics of the boom-bust cycle in a modern financial system - a system where banking and capital market developments have become inseparable.

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Bibliographic Info

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This book is provided by Oxford University Press in its series OUP Catalogue with number 9780199546367 and published in 2010.

ISBN: 9780199546367
Order: http://ukcatalogue.oup.com/product/9780199546367.do
Handle: RePEc:oxp:obooks:9780199546367

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Citations

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Cited by:
  1. Eichberger, Jürgen & Rheinberger, Klaus & Summer, Martin, 2012. "Credit risk in general equilibrium," Working Paper Series 1445, European Central Bank.
  2. Hyun Song Shin, 2012. "Adapting Macroprudential Policies to Global Liquidity Conditions," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 15(2), pages 33-65, August.
  3. Jin Cao & Lorán Chollete, 2013. "Central Banking and Financial Stability in the Long Run," CESifo Working Paper Series 4272, CESifo Group Munich.
  4. Chollete, Loran, 2011. "A Model of Endogenous Extreme Events," UiS Working Papers in Economics and Finance 2012/2, University of Stavanger.
  5. repec:onb:oenbwp:y::i:172:b:1 is not listed on IDEAS
  6. Paul Embrechts & Giovanni Puccetti & Ludger Rüschendorf & Ruodu Wang & Antonela Beleraj, 2014. "An Academic Response to Basel 3.5," Risks, MDPI, Open Access Journal, vol. 2(1), pages 25-48, February.
  7. Dirk Mevis, 2012. "The Determinants of Short Term Funding in Luxembourgish Banks," BCL working papers 80, Central Bank of Luxembourg.
  8. Pyo, Dong-Jin, 2014. "A Multi-Factor Model of Heterogeneous Traders in a Dynamic Stock Market," Staff General Research Papers 37358, Iowa State University, Department of Economics.
  9. Olivier Jeanne, 2014. "Macroprudential Policies in a Global Perspective," IMES Discussion Paper Series 14-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
  10. Rama Cont & Lakshithe Wagalath, 2013. "Fire sales forensics: measuring endogenous risk," Working Papers 2014-ACF-01, IESEG School of Management.
  11. Edward Sandoyan & Gagik Grigoryan, 2013. "Regulatory Problems of Commercial Banks in the Context of the European Sovereign Crisis," Transition Studies Review, Springer, vol. 19(3), pages 339-346, February.
  12. Lakshithe Wagalath, 2013. "Modeling the rebalancing slippage of Leveraged Exchange-Traded Funds," Working Papers 2014-ACF-02, IESEG School of Management.
  13. Charles D. Brummitt & Rajiv Sethi & Duncan J. Watts, 2014. "Inside Money, Procyclical Leverage, and Banking Catastrophes," Papers 1403.1637, arXiv.org.
  14. Hahm, Joon-Ho & Mishkin, Frederic S. & Shin, Hyun Song & Shin, Kwanho, 2011. "Macroprudential policies in open emerging economies," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 63-114.
  15. Liang Peng & Rainer Schulz, 2013. "Does the Diversification Potential of Securitized Real Estate Vary Over Time and Should Investors Care?," The Journal of Real Estate Finance and Economics, Springer, vol. 47(2), pages 310-340, August.
  16. Se-Jik Kim & Hyun Song Shin, 2013. "Working Capital, Trade and Macro Fluctuations," Working Papers 1465, Princeton University, Department of Economics, Center for Economic Policy Studies..

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