Illiquidity and All Its Friends. A Discussion by Franklin Allen

This discussion by Franklin Allen was published as an appendix to Jean Tirole's paper "Illiquidity and all its Friends" when the paper was originally published as FEEM Nota di Lavoro 78.2010, prior to its publication in the Journal of Economic Literature in 2011, where the appendix no longer appears. Links to FEEM Nota di Lavoro 78.2010 and to all the other papers published by Jean Tirole in our working papers series are provided in the Links section at the bottom of the page, including an interview published in FEEM's journal "Equilibri" and the FEEM lecture "New Finance, New Rules" delivered by Jean Tirole in 2009