Journal Article
Haircuts
Abstract: ?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.
Keywords: Financial crises; Bank liquidity;
Access Documents
File(s): File format is application/pdf https://files.stlouisfed.org/files/htdocs/publications/review/10/11/Gorton.pdf
Authors
Bibliographic Information
Provider: Federal Reserve Bank of St. Louis
Part of Series: Review
Publication Date: 2010
Volume: 92
Issue: Nov
Pages: 507-520