A Crisis of Confidence: Understanding Money Markets During the Financial Crisis

21 Pages Posted: 12 Nov 2015

See all articles by Mark D. Griffiths

Mark D. Griffiths

Miami University of Ohio - Department of Finance

Vladimir Kotomin

Illinois State University - Department of Finance, Insurance and Law

Drew B. Winters

Texas Tech University

Date Written: November 12, 2015

Abstract

The money markets are at the heart of the recent financial crisis and are the subject of substantial news coverage. However, much of what was reported showed a lack of understanding of money markets in general and, specifically, a lack of understanding as to why the financial crisis unfolded as it did in these markets; the purpose of this paper is to discuss what actually happened and why. Specifically, we discuss: (1) the economic role of the money markets, (2) the institutional features of the money markets central to the financial crisis and, (3) what actually happened in the various money markets.

Suggested Citation

Griffiths, Mark D. and Kotomin, Vladimir and Winters, Drew B., A Crisis of Confidence: Understanding Money Markets During the Financial Crisis (November 12, 2015). Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 22, No. 2, 2012, Available at SSRN: https://ssrn.com/abstract=2689666

Mark D. Griffiths (Contact Author)

Miami University of Ohio - Department of Finance ( email )

Oxford, OH 45056
United States

Vladimir Kotomin

Illinois State University - Department of Finance, Insurance and Law ( email )

Normal, IL 61790
United States

Drew B. Winters

Texas Tech University ( email )

Finance Department
Rawls College of Business
Lubbock, TX 79409
United States
806-742-3350 (Phone)
806-742-3197 (Fax)

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