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1、ThispageintentionallyleftblankUNDERSTANDINGFINANCIALCRISESUnderstandingFinancialCrisesFRANKLINALLENandDOUGLASGALE13GreatClarendonStreet,OxfordOX26DPOxfordUniversityPressisadepartmentoftheUniversityofOxford.ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,sc
2、holarship,andeducationbypublishingworldwideinOxfordNewYorkAucklandCapeTownDaresSalaamHongKongKarachiKualaLumpurMadridMelbourneMexicoCityNairobiNewDelhiShanghaiTaipeiTorontoWithofficesinArgentinaAustriaBrazilChileCzechRepublicFranceGreeceGuatemalaHungaryItalyJapanPol
3、andPortugalSingaporeSouthKoreaSwitzerlandThailandTurkeyUkraineVietnamOxfordisaregisteredtrademarkofOxfordUniversityPressintheUKandincertainothercountriesPublishedintheUnitedStatesbyOxfordUniversityPressInc.,NewYork©FranklinAllenandDouglasGale,2007Themoralrightsofth
4、eauthorshavebeenassertedDatabaserightOxfordUniversityPress(maker)Firstpublished2007Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthepriorpermissioninwritingofOxfordUniversityPress,orasex
5、presslypermittedbylaw,orundertermsagreedwiththeappropriatereprographicsrightsorganization.EnquiriesconcerningreproductionoutsidethescopeoftheaboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,attheaddressaboveYoumustnotcirculatethisbookinanyotherbindingor
6、coverandyoumustimposethesameconditiononanyacquirerBritishLibraryCataloguinginPublicationDataDataavailableLibraryofCongressCataloginginPublicationDataDataavailableTypesetbyNewgenImagingSystems(P)Ltd.,Chennai,IndiaPrintedinGreatBritainonacid-freepaperbyBiddlesLtd.,Ki
7、ng’sLynn,NorfolkISBN978–0–19–925141–413579108642PrefaceThisbookhasgrownoutofaseriesofpaperswrittenoveranumberofyears.Ourpaper“LiquidityPreference,MarketParticipation,andAssetPriceVolatility”wasactuallybegunbyoneofusin1988,althoughitappearedin1994.Ourinterestinbankr
8、unsandfinancialcrisesbeganwith“OptimalFinancialCrises,”andthisledtofurtherstudiesonthewelfareeconomicsofcrises.Eachpaperseemedtoleavequestionsunan