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001 ocn659413223;

003 OCoLC;

005 20141212074238.0;

008 100827s2011 maua b 001 0 eng ;

010 a| 2010036616;

016 7 a| 0157101672| Uk;

019 a| 718427295;

020 a| 9780262015783 (hbk. : alk. paper);

020 a| 0262015781 (hbk. : alk. paper);

029 1 a| HEBISb| 22978089X;

029 1 a| AU@b| 000045987405;

029 1 a| NLGGCb| 330774425;

029 1 a| CHRROb| R005708420;

029 1 a| NZ1b| 13611073;

035 a| (Sirsi) 99945636926;

035 a| (OCoLC)659413223;

035 a| 99945636926;

049 a| EREE;

050 00 a| HG178b| .H65 2011;

072 7 a| s1se2| rero;

082 00 a| 338.4/32| 22;

100 1 a| Holmström, Bengt.=| ^A1058610;

245 10 a| Inside and outside liquidity /c| Bengt Holmström and Jean Tirole.;

300 a| viii, 254 pages :b| illustrations ;c| 24 cm;

336 a| text2| rdacontent;

337 a| unmediated2| rdamedia;

338 a| volume2| rdacarrier;

504 a| Includes bibliographical references (p. [243]-250) and index.;

505 0 a| Leverage -- A simple model of liquidity demand -- Aggregate liquidity shortages and liquidity premia -- A liquidity asset pricing model (LAPM) -- Public provision of liquidity in a closed economy -- Liquidity provision with access to global capital markets -- Financial muscle and overhoarding of liquidity -- Specialized inputs and secondary markets -- Epilogue: summary and concluding thoughts on the subprime crisis.;

520 a| "Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmstrom and Jean Tirole offer an original, unified perspective on these questions drawing on insights from modern corporate finance. In a slight, but important departure from the standard theory of finance, they 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, Holmstrom and Tirole show how their theory can be used to understand some aspects of the recent financial crisis"--Book jacket.;

650 0 a| Liquidity (Economics)=| ^A45445;

700 1 a| Tirole, Jean.=| ^A225507;

776 1 c| Electronic resource $z 9780262296274;

856 41 u| http://mitpress-ebooks.mit.edu/product/inside-outside-liquidity;

938 a| YBP Library Servicesb| YANKn| 3579296;

938 a| Blackwell Book Serviceb| BBUSn| 3579296;

938 a| Coutts Information Servicesb| COUTn| 14935638;

938 a| Ingramb| INGRn| 9780262015783;

938 a| Midwest Library Servicesb| MWSTn| 02495572011;

949 a| HG178 .H65 2011h| Joyner48i| 30372013144636o| jjlm;

910 a| PromptCat;

994 a| 92b| ERE;

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999 a| HG178 .H65 2011w| LCc| 1i| 30372013144636d| 1/10/2012e| 12/19/2011l| JGESm| JOYNERr| Ys| Yt| JGESBKu| 12/8/2011x| BOOKz| JSTACKSo| .STAFF. jjlm;

Inside and outside liquidity / Bengt Holmström and Jean Tirole.

Author/creator	Holmström, Bengt
Other author	Tirole, Jean.
Format	Book
Publication Info	Cambridge, Mass. : MIT Press, ©2011.
Description	viii, 254 pages : illustrations ; 24 cm
Supplemental Content	http://mitpress-ebooks.mit.edu/product/inside-outside-liquidity
Subjects	Liquidity (Economics)

Contents	Leverage -- A simple model of liquidity demand -- Aggregate liquidity shortages and liquidity premia -- A liquidity asset pricing model (LAPM) -- Public provision of liquidity in a closed economy -- Liquidity provision with access to global capital markets -- Financial muscle and overhoarding of liquidity -- Specialized inputs and secondary markets -- Epilogue: summary and concluding thoughts on the subprime crisis.
Abstract	"Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmstrom and Jean Tirole offer an original, unified perspective on these questions drawing on insights from modern corporate finance. In a slight, but important departure from the standard theory of finance, they 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, Holmstrom and Tirole show how their theory can be used to understand some aspects of the recent financial crisis"--Book jacket.
Bibliography note	Includes bibliographical references (p. [243]-250) and index.
LCCN	2010036616
ISBN	9780262015783 (hbk. : alk. paper)
ISBN	0262015781 (hbk. : alk. paper)

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Inside and outside liquidity / Bengt Holmström and Jean Tirole.

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