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1、ThispageintentionallyleftblankUNDERSTANDINGFINANCIALCRISESUnderstandingFinancialCrisesFRANKLINALLENandDOUGLASGALE13GreatClarendonStreet,OxfordOX26DPOxfordUniversityPressisadepartmentoftheUniversityofOxford.ItfurtherstheUniversity’sobjectiveofexcellenceinresearc
2、h,scholarship,andeducationbypublishingworldwideinOxfordNewYorkAucklandCapeTownDaresSalaamHongKongKarachiKualaLumpurMadridMelbourneMexicoCityNairobiNewDelhiShanghaiTaipeiTorontoWithof?cesinArgentinaAustriaBrazilChileCzechRepublicFranceGreeceGuatemalaHungaryItaly
3、JapanPolandPortugalSingaporeSouthKoreaSwitzerlandThailandTurkeyUkraineVietnamOxfordisaregisteredtrademarkofOxfordUniversityPressintheUKandincertainothercountriesPublishedintheUnitedStatesbyOxfordUniversityPressInc.,NewYork?FranklinAllenandDouglasGale,2007Themor
4、alrightsoftheauthorshavebeenassertedDatabaserightOxfordUniversityPress(maker)Firstpublished2007Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthepriorpermissioninwritingofOxfordUniver
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7、reepaperbyBiddlesLtd.,King’sLynn,NorfolkISBN978–0–19–925141–413579108642PrefaceThisbookhasgrownoutofaseriesofpaperswrittenoveranumberofyears.Ourpaper“LiquidityPreference,MarketParticipation,andAssetPriceVolatility”wasactuallybegunbyoneofusin1988,althoughitappea
8、redin1994.Ourinterestinbankrunsand?nancialcrisesbeganwith“OptimalFinancialCrises,”andthisledtofurtherstudiesonthewelfareeconomicsofcrises.Eachpaperseemedtoleavequestionsunan
