TY  - JOUR
AU  - Gorton,Gary B.
AU  - Metrick,Andrew
TI  - Haircuts
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15273
PY  - 2009
Y2  - August 2009
UR  - http://www.nber.org/papers/w15273
L1  - http://www.nber.org/papers/w15273.pdf
N1  - Author contact info:
Gary B. Gorton
Yale School of Management
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
Fax: 203/432-8931
E-Mail: Gary.Gorton@yale.edu

Andrew Metrick
Yale School of Management
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520
Tel: 203/432-3069
E-Mail: metrick@yale.edu
AB  - 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.
ER  -