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Inside and Outside Liquidity

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Abstract:

The EconLit abstract of the reviewed work begins: Explores the demand for, and supply of, liquid assets from a modern corporate finance perspective. Discusses leverage; a simple model of liquidity demand; aggregate liquidity shortages and liquidity premia; a liquidity asset pricing model; public provision of liquidity in a closed economy; liquidity provision with access to global capital markets; financial muscle and overhoarding of liquidity; and specialized inputs and secondary markets. Holmstrom is Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. Tirole is Scientific Director of the Institut d'Economie Industrielle and Chairman of the Board of the Toulouse School of Economics. Bibliography; index.

Document Type: Book Review

DOI: http://dx.doi.org/10.1257/jel.50.2.513.r10

Publication date: June 1, 2012

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