@techreport{NBERw15273,
 title = "Haircuts",
 author = "Gary B. Gorton and Andrew Metrick",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "15273",
 year = "2009",
 month = "August",
 URL = "http://www.nber.org/papers/w15273",
 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.},
}