“When confidence is lost, liquidity dries up.” The authors investigate the meaning of “confidence” and “liquidity” in the context of the recent financial crisis, which they maintain is a manifestation of an age-old problem with private money creation: banking panics. The authors explain this problem and provide some evidence with respect to the recent crisis.
Volume (Year): (2010)
Issue (Month): Nov ()
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86-9, Federal Reserve Bank of Philadelphia.
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