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沃顿商学院著名金融教授FRANKLIN ALLEN and DOUGLAS GALE
Contents
1. History and institutions 1
1.1 Introduction 1
1.2 Historical crises in Europe and the US 2
1.3 Crises and stock market crashes 5
1.4 Currency and twin crises 9
1.5 Crises in different eras 10
1.6 Some recent crises 14
1.6.1 The Scandinavian crises 14
1.6.2 Japan 15
1.6.3 The Asian crisis 15
1.6.4 The Russian crisis and long term capital
management (LTCM) 16
1.6.5 The Argentina crisis of 2001–2002 17
1.7 The costs of crises 18
1.8 Theories of crises 19
1.9 Concluding remarks 23
2. Time, uncertainty, and liquidity 27
2.1 Efficient allocation over time 27
2.1.1 Consumption and saving 27
2.1.2 Production 36
2.2 Uncertainty 40
2.2.1 Contingent commodities and risk sharing 40
2.2.2 Attitudes toward risk 44
2.2.3 Insurance and risk pooling 48
2.2.4 Portfolio choice 49
2.3 Liquidity 52
2.4 Concluding remarks 57
3. Intermediation and crises 58
3.1 The liquidity problem 59
3.2 Market equilibrium 60
3.3 The efficient solution 64
3.4 The banking solution 72
3.5 Bank runs 74
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