Understanding Financial Crises

FRANKLIN ALLEN
and
DOUGLAS GALE

Oxford University Press

314page

 

 

 

书籍介绍(英文)

What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the recent Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it.
Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.


什么原因导致金融危机？可以预料到金融危机，甚至避免？怎样做才能减轻其影响？如果各国政府和国际机构进行干预？金融危机还是应该留给自生自灭？在最近的亚洲金融危机过后，许多国际机构指责，腐败，政府和有缺陷的宏观和微观经济政策，不仅造成不必要的危机，而且它延长和深化。
基于十几年的研究中，作者以发展金融危机的理论分析方法。开始的金融危机的历史回顾，并提供需要了解的文献，作者构造一个日益复杂的模型系列的基本经济工具的读者。自始至终，作者引导现有的理论和实证文献的读者，同时也对自己的理论方法建设。该文介绍了中介的现代理论，介绍了资产市场和资产价格波动的原因，并讨论了银行和市场的互动关系。这本书更多的专门议题，包括最佳的金融监管，还涉及泡沫和金融危机的蔓延。