Title
Preference for Liquidity in Markets with Borrowing Restrictions: Foundations of a General Theory of Liquidity,Used
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The global crises suffered by major economies in the last decade have persuaded people that capital markets can be intrinsically unstable after all. However, this is a fact that enters in contradiction with major theorems of classic financial economics theory, which assume that individuals can always borrow funds at a predetermined price. An alternative theoretical setting is proposed in this book that explicitly incorporates the presence of liquidity restrictions. At the core of the approach, an optimal liquidity principle is presented, which is determined in order to minimise the sum of the price of deposit insurance and the opportunity cost of capital. At the corporate level, the principle provides a basis to define capital allocation rules within financial conglomerates. More generally, the model is applied to characterise the preference for liquidity and hence the money demand of the economy. Finally, the principle is also used to describe the response of markets of shortterm loans to capital and investment flows. In this way, the foundations of a general theory of liquidity are established.
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Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.