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  • Gary B. Gorton
  • Andrew Metrick

Abstract

When "confidence" is lost, "liquidity dries up." We investigate the meaning of "confidence" and "liquidity" in the context of the current financial crisis. The financial crisis is a manifestation of an age-old problem with private money creation, banking panics. We explain this and provide some evidence with respect to the current crisis.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15273.

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Date of creation: Aug 2009
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Handle: RePEc:nbr:nberwo:15273

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  1. Simon Kwan, 1996. "On the relation between stocks and bonds, part I," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Jun 28.
  2. Kwan, Simon H., 1996. "Firm-specific information and the correlation between individual stocks and bonds," Journal of Financial Economics, Elsevier, vol. 40(1), pages 63-80, January.
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  1. Economists' 'Inside Job' problem requires more than just disclosure
    by Richard in trust your instincts on 2012-01-17 18:43:00

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