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Haircuts

Andrew Metrick
Yale School of Management; National Bureau of Economic Research (NBER)

Gary B. Gorton
Yale School of Management; National Bureau of Economic Research (NBER)

August 11, 2009

Yale ICF Working Paper No. 09-15

Abstract:
When 'confidence' is lost, 'liquidity dries up.' We investigate the meaning of 'confidence' and 'liquidity' in the context of the current financial crisis. The financial crisis is a manifestation of an age-old problem with private money creation, banking panics. We explain this and provide some evidence with respect to the current crisis.

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Date posted: August 11, 2009 ; Last revised: September 01, 2009

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Metrick, Andrew and Gorton, Gary B., Haircuts (August 11, 2009). Yale ICF Working Paper No. 09-15. Available at SSRN: http://ssrn.com/abstract=1447438

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Gary B. Gorton (Contact Author) Yale School of Management ( email ) 135 Prospect Street P.O. Box 208200 New Haven, CT 06520-8200 United States 203 432-8931 (Fax) HOME PAGE: http://mba.yale.edu/faculty/profiles/gorton.shtml
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States
Andrew Metrick Yale School of Management ( email ) 135 Prospect Street P.O. Box 208200 New Haven, CT 06520-8200 United States (203)-432-3069 (Phone) HOME PAGE: http://mba.yale.edu/faculty/profiles/metrick.shtml
National Bureau of Economic Research (NBER) ( email ) 1050 Massachusetts Avenue Cambridge, MA 02138 United States

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Abstract

References (18)

Date posted: August 11, 2009 ; Last revised: September 01, 2009

Suggested Citation

Contact Information

Gary B. Gorton (Contact Author)

Andrew Metrick