The DOI matches its Crossref record; 23 of the 23 references it cites were found in a registry or an index.
Collective Risk Management in a Flight to Quality Episode
Open accessAbstract
Severe flight to quality episodes involve uncertainty about the environment, not only risk about asset payoffs. The uncertainty is triggered by unusual events and untested financial innovations that lead agents to question their worldview. We present a model of crises and central bank policy that incorporates Knightian uncertainty. The model explains crisis regularities such as market‐wide capital immobility, agents' disengagement from risk, and liquidity hoarding. We identify a social cost of these behaviors, and a benefit of a lender of last resort facility. The benefit is particularly high because public and private insurance are complements during uncertainty‐driven crises.
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Cites
Bank Runs, Deposit Insurance, and Liquidity
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Equilibrium and welfare in markets with financially constrained arbitrageurs
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Regulation for Conservatives: Behavioral Economics and the Case for "Asymmetric Paternalism" \n
Camerer, C. F., Issacharoff, S., Loewenstein, G. F., O’Donoghue, T., & Rabin, M. (2003) · CaltechAUTHORS (California Institute of Technology) · Cited by 1,105
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Coordination Failures and the Lender of Last Resort: Was Bagehot Right after All?
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Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio
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Cited by
Financial crisis and corporate social responsible mutual fund flows
Parida, S., & Wang, Z. (2018) · International Journal of Financial Studies · doi:10.3390/ijfs6010008 · Cited by 28
Metadata
- Authors
- CABALLERO, R. J., & KRISHNAMURTHY, A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-09-10
- Volume
- 63
- Issue
- 5
- Pages
- 2195-2230
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2890758903
- Cited by
- 747
- References
- 23
- FWCI
- 67.31
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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