International Liquidity and the Financial Crisis

by William A. Allen

Subject categories
ISBNs
  • 9781107030046
  • 9781139848442
  • 9781139854351
In the ongoing financial crisis, policy makers have for the most part appeared to be reactive, formulating emergency solutions as events unfold. However, in contrast to their performance during the Great Depression, central banks around the world, led by the Federal Reserve, acted decisively following the collapse of Lehman Brothers and provided huge injections of liquidity into the financial markets, thereby preventing a far worse outcome. International Liquidity and the Financial Crisis compares the 2008 crisis with the disaster of 1931 and explores the similarities and differences. It considers the lasting effects of the crisis on international liquidity, the possibilities for an international lender of last resort, and the enlargement of the International Monetary Fund after the crisis. It shows that there is no clear demarcation between monetary and macro-prudential policies, and discusses how central banks need to adapt to a new environment in which global liquidity is much scarcer.

  • Cambridge University Press; January 2013
  • ISBN: 9781139848442
  • Read online, or download in secure PDF or secure ePub format
  • Title: International Liquidity and the Financial Crisis
  • Author: William A. Allen
  • Imprint: Cambridge University Press
Subject categories
ISBNs
  • 9781107030046
  • 9781139848442
  • 9781139854351

In The Press

'The financial crisis that began in 2007 is a terrifying event, comparable only with the Great Depression between the world wars. Few expected it. Its effects spread almost everywhere. But it could have been so much worse. Allen's powerful new book moves from where, how and why it began, to describe and analyse the numerous things that central banks and governments around the world did to try to contain it. This volume is a well documented, highly readable must-read for everyone interested in the largely untold story of how it was that official reactions would help to prevent a really nasty crisis turning into an absolute disaster.' Peter Sinclair, University of Birmingham

Subject categories
ISBNs
  • 9781107030046
  • 9781139848442
  • 9781139854351