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Author Info
Gary B. Gorton
Andrew Metrick

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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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Find related papers by JEL classification:
G0 - Financial Economics - - General
G1 - Financial Economics - - General Financial Markets
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G3 - Financial Economics - - Corporate Finance and Governance

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This page was last updated on 2009-11-25.

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