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This cutting-edge volume brings together a range of leading academics and market practitioners to help you define, understand and measure liquidity risk and "liquidity black holes". Fully explains "liquidity black holes" as episodes where, across markets where liquidity is normally healthy, buyers disappear, and price declines do not help to bring them back - such as in the recent "Long Term Capital Management crisis". Presents evidence that smaller liquidity holes are appearing more routinely in a range of markets. Specifically written in order to help practitioners and policy makers identify and thus avoid markets prone to damaging liquidity black holes. Additionally covers trends and issues in market liquidity, liquidity risk and disclosing positions, liquidity public policy, liquidity in relation to credit and currency markets, and many other issues.

Liquidity means being able to get the cash you need when you need it, but it also means that others must perceive you can do this so that cash remains available to you. In many banks, liquidity is taken for granted until some crisis makes it a focal point for bankers, regulators, and the public. Too often liquidity plans and policies are put in place in response to such events with little consideration of the real questions bankers need to address. This manual gives you the guidance and the tools you need to take control of your bank's liquidity risk. No other resource takes you from the general principles of liquidity management to the specifics of what your bank needs to do, and gives you the tools you need to do it. · Specific recommendations for liquidity management help you determine the actions you need to take. · Bank-specific case studies and examples (including actual balance sheet data) make it easy to apply the methods and techniques to your bank. · A sample liquidity policy and contingency plan give you a proven model to follow. · Worksheets, ratios, formulas, and checklists help you save time and get the numbers right.

Paperback. Interdisciplinary studies that combine the current of materialist thinking with discussions of ecologies and environmentalization. Placed at the intersection of art, media, and cultural studies as well as economic theory, Liquidity, Flows, Circulation investigates the cultural logic of environmentalization. As flows, circulations, and liquidity resurface in all aspects of recent culture and contemporary art, this volume investigates the hypothesis of a genuine cultural logic of environmentalization through these three concepts. It thus brings together two areas of research that have been largely separate. On the one hand, this volume takes up discussions about ecologies with and without nature and environmentalization as a contemporary form of power and capital. On the other hand, it takes its cue from Fredric Jamesons notion that each stage of capitalism is accompanied by a genuine cultural logic. The volume introduces this current of materialist thinking into the ongoing discussions of ecologies and environmentalization. By analyzing contemporary art, architecture, theater, films, and literature, the fifteen contributions by scholars and artists explore different fields where liquid forms, semantics flow, or processes of circulation emerge as a contemporary cultural logic. Shipping may be from multiple locations in the US or from the UK, depending on stock availability.

Neu Neuware, verlagsfrisch; new item Besorgungsartikel, mit längerer Auslieferungszeit. -It has become a truism that capital circulates, that data, populations and materials flow, that money offers liquidity. Placed at the intersection of art, media and cultural studies as well as economic theory, the volume investigates the Cultural Logic of Environmentalization. As flows, circulations and liquidity resurface in all aspects of recent culture and contemporary art, this volume investigates the hypothesis of a genuine cultural logic of environmentalization through these three concepts.It thus brings together two areas of research which have been largely separate. On the one hand, the volume takes up discussions about ecologies with and without nature and environmentalization as a contemporary form of power and capital. On the other hand, the volume takes its cue from Fredric Jameson's notion that each stage of capitalism is accompanied by a genuine cultural logic. The volume introduces this current of materialist thinking into the ongoing discussions of ecologies and environmentalization. By analyzing contemporary art, architecture, theater, films, and literature, the 15 contributions by scholars and artists explore different fields where liquid forms, semantics of flow, or processes of circulation emerge as a contemporary cultural logic. With contributions by: Ursula Biemann, Martin Doll, Katerina Genidogan, Sebastian Kirsch, Esther Leslie, Annie McClanahan, Maryse Ouellet, Malte Fabian Rauch, Hannah Schmedes, Yannick Schütte, Christian Schwinghammer, Jacob Soule, Yvonne Volkart, Beny Wagner, Stefan Yong. 360 pp. Englisch

Title: Liquidity Risk Measurement and Management( Base L III and Beyond) Binding: Paperback Author: LeonardMatz Publisher: XlibrisCorporation

Liquidity means being able to get the cash you need when you need it, but it also means that others must perceive you can do this so that cash remains available to you. In many banks, liquidity is taken for granted until some crisis makes it a focal point for bankers, regulators, and the public. Too often liquidity plans and policies are put in place in response to such events with little consideration of the real questions bankers need to address. This manual gives you the guidance and the tools you need to take control of your bank's liquidity risk. No other resource takes you from the general principles of liquidity management to the specifics of what your bank needs to do, and gives you the tools you need to do it. · Specific recommendations for liquidity management help you determine the actions you need to take. · Bank-specific case studies and examples (including actual balance sheet data) make it easy to apply the methods and techniques to your bank. · A sample liquidity policy and contingency plan give you a proven model to follow. · Worksheets, ratios, formulas, and checklists help you save time and get the numbers right.

Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well–springs of such liquidity and the transmission mechanisms through which it impacts asset prices. This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so.  Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.

Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well–springs of such liquidity and the transmission mechanisms through which it impacts asset prices. This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so.  Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.

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A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated.In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationships among liquidity, asset prices, monetary policy; and the different measures of liquidity in over-the-counter markets.The second edition has been revised to reflect recent progress in the New Monetarist approach to payments and liquidity. Rocheteau and Nosal have added three new chapters: on unemployment and payments, on asset price dynamics and bubbles, and on crashes and recoveries in over-the-counter markets. The chapter on the role of money has been entirely rewritten, adopting a mechanism design approach. Other chapters have been revised and updated, with new material on credit economies under limited commitment, open-market operations and liquidity traps, and the limited pledgeability of assets under informational frictions.

An examination of Liquidity Crunch in triggering and characterizing financial crises.Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts. Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable.

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This book is among the first to present the mathematical models most commonly used to solve optimal execution problems and market making problems in finance. The Financial Mathematics of Market Liquidity: From Optimal Execution to Market Making presents a general modeling framework for optimal execution problems–inspired from the Almgren-Chriss approach–and then demonstrates the use of that framework across a wide range of areas.The book introduces the classical tools of optimal execution and market making, along with their practical use. It also demonstrates how the tools used in the optimal execution literature can be used to solve classical and new issues where accounting for liquidity is important. In particular, it presents cutting-edge research on the pricing of block trades, the pricing and hedging of options when liquidity matters, and the management of complex share buy-back contracts.What sets this book apart from others is that it focuses on specific topics that are rarely, or only briefly, tackled in books dealing with market microstructure. It goes far beyond existing books in terms of mathematical modeling–bridging the gap between optimal execution and other fields of Quantitative Finance.The book includes two appendices dedicated to the mathematical notions used throughout the book. Appendix A recalls classical concepts of mathematical economics. Appendix B recalls classical tools of convex analysis and optimization, along with central ideas and results of the calculus of variations.This self-contained book is accessible to anyone with a minimal background in mathematical analysis, dynamic optimization, and stochastic calculus. Covering post-electronification financial markets and liquidity issues for pricing, this book is an ideal resource to help investment banks and asset managers optimize trading strategies and improve overall risk management.

This book is among the first to present the mathematical models most commonly used to solve optimal execution problems and market making problems in finance. The Financial Mathematics of Market Liquidity: From Optimal Execution to Market Making presents a general modeling framework for optimal execution problems–inspired from the Almgren-Chriss approach–and then demonstrates the use of that framework across a wide range of areas.The book introduces the classical tools of optimal execution and market making, along with their practical use. It also demonstrates how the tools used in the optimal execution literature can be used to solve classical and new issues where accounting for liquidity is important. In particular, it presents cutting-edge research on the pricing of block trades, the pricing and hedging of options when liquidity matters, and the management of complex share buy-back contracts.What sets this book apart from others is that it focuses on specific topics that are rarely, or only briefly, tackled in books dealing with market microstructure. It goes far beyond existing books in terms of mathematical modeling–bridging the gap between optimal execution and other fields of Quantitative Finance.The book includes two appendices dedicated to the mathematical notions used throughout the book. Appendix A recalls classical concepts of mathematical economics. Appendix B recalls classical tools of convex analysis and optimization, along with central ideas and results of the calculus of variations.This self-contained book is accessible to anyone with a minimal background in mathematical analysis, dynamic optimization, and stochastic calculus. Covering post-electronification financial markets and liquidity issues for pricing, this book is an ideal resource to help investment banks and asset managers optimize trading strategies and improve overall risk management.

Market microstructure, the study of financial market frictions at a micro level, helps us refine our understanding of what may be driving market liquidity and provides tools to investors of all stripes to profit from this knowledge. In Stock Market Liquidity, editors and financial experts Francois-Serge Lhabitant and Greg Gregoriou bring together the best minds in the business to address this issue and discuss their thoughts on other innovative topics associated with liquidity in today’s markets.

Two leading economists develop a theory explaining the demand for and supply of liquid assets.Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one.In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

Topics include: · Planning and preparation for forecasting cash flow· The importance of liquidity in financial management· Establishing baseline forecasting models· Sample exercises