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Journal Article

Liquidity and Risk Management

Bengt Holmström and Jean Tirole
Journal of Money, Credit and Banking
Vol. 32, No. 3, Part 1 (Aug., 2000), pp. 295-319
DOI: 10.2307/2601167
Stable URL: http://www.jstor.org/stable/2601167
Page Count: 25
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Liquidity and Risk Management
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Abstract

Firms and financial institutions are best viewed as ongoing entities, whose project completion may require renewed injections of liquidity. This paper proposes a contract-theoretic framework integrating three dimensions of corporate financing and prudential regulation: (1) liquidity management, (b) risk management, and (c) capital structure. It concludes with a preliminary assessment of recent regulatory approaches to the treatment of market risk.

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