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1、UNDERSTANDINGFINANCIALCRISESThispageintentionallyleftblankUnderstandingFinancialCrisesFRANKLINALLENandDOUGLASGALE13GreatClarendonStreet,OxfordOX26DPOxfordUniversityPressisadepartmentoftheUniversityofOxford.ItfurtherstheUniversity’sobjectiveofexcellenceinrese
2、arch,scholarship,andeducationbypublishingworldwideinOxfordNewYorkAucklandCapeTownDaresSalaamHongKongKarachiKualaLumpurMadridMelbourneMexicoCityNairobiNewDelhiShanghaiTaipeiTorontoWithofficesinArgentinaAustriaBrazilChileCzechRepublicFranceGreeceGuatemalaHungar
3、yItalyJapanPolandPortugalSingaporeSouthKoreaSwitzerlandThailandTurkeyUkraineVietnamOxfordisaregisteredtrademarkofOxfordUniversityPressintheUKandincertainothercountriesPublishedintheUnitedStatesbyOxfordUniversityPressInc.,NewYork©FranklinAllenandDouglasGale,2
4、007ThemoralrightsoftheauthorshavebeenassertedDatabaserightOxfordUniversityPress(maker)Firstpublished2007Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthepriorpermissioninwritingof
5、OxfordUniversityPress,orasexpresslypermittedbylaw,orundertermsagreedwiththeappropriatereprographicsrightsorganization.EnquiriesconcerningreproductionoutsidethescopeoftheaboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,attheaddressaboveYoumustnotc
6、irculatethisbookinanyotherbindingorcoverandyoumustimposethesameconditiononanyacquirerBritishLibraryCataloguinginPublicationDataDataavailableLibraryofCongressCataloginginPublicationDataDataavailableTypesetbyNewgenImagingSystems(P)Ltd.,Chennai,IndiaPrintedinGr
7、eatBritainonacid-freepaperbyBiddlesLtd.,King’sLynn,NorfolkISBN978–0–19–925141–413579108642PrefaceThisbookhasgrownoutofaseriesofpaperswrittenoveranumberofyears.Ourpaper“LiquidityPreference,MarketParticipation,andAssetPriceVolatility”wasactuallybegunbyoneofusi
8、n1988,althoughitappearedin1994.Ourinterestinbankrunsandfinancialcrisesbeganwith“OptimalFinancialCrises,”andthisledtofurtherstudiesonthewelfareeconomicsofcrises.Eachpaperseemedtoleavequestionsunan
