The book "Preference for Liquidity in Markets with Borrowing Restrictions" by Fernando Mierzejewski offers an in-depth analysis of the instability of capital markets, particularly in the context of the global crises of the past decade. It presents an alternative theoretical model that takes into account the effects of liquidity constraints on financial markets. The author develops an optimal liquidity principle aimed at minimizing the overall costs of deposit insurance and the opportunity costs of capital. This principle not only defines capital allocation rules within financial conglomerates but also characterizes liquidity preferences and money demand in the economy. Furthermore, the model is used to describe the reactions of short-term loan markets to capital and investment flows. Thus, the book lays the groundwork for a general theory of liquidity and provides valuable insights for professionals and students in economics.