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The Role of Financial Markets and Liquidity

In: Who's Afraid of John Maynard Keynes?

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  • Paul Davidson

    (University of Tennessee at Knoxville)

Abstract

The global financial crisis involved the collapse of certain financial markets. A well organized and orderly financial market is a necessary condition to assure relatively stable financial markets. Orderliness in a financial market requires a “market maker” to maintain orderliness in market price movements. This chapter explains how a market maker can maintain orderliness The Securities Exchange Commission has a role in assuring the public if a financial market is orderly. The Federal Reserve’s emergency Quantitative Easing [QE] policy in 2008 was a policy making the Federal Reserve the market maker of last resort to prevent further collapse in financial markets.

Suggested Citation

  • Paul Davidson, 2017. "The Role of Financial Markets and Liquidity," Springer Books, in: Who's Afraid of John Maynard Keynes?, chapter 0, pages 81-96, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-64504-9_7
    DOI: 10.1007/978-3-319-64504-9_7
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