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Author : William Curt Hunter,George G. Kaufman,Michael Pomerleano
Publisher : MIT Press
Page : 650 pages
File Size : 47,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 0262582538
A study of asset price bubbles and the implications for preventing financial instability.
Author : William Quinn,John D. Turner
Publisher : Cambridge University Press
Page : 297 pages
File Size : 53,7 Mb
Release : 2020-08-06
Category : Business & Economics
ISBN : 9781108421256
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? Boom and Bust reveals why bubbles happen, and why some bubbles have catastrophic economic, social and political consequences, whilst others have actually benefited society.
Author : Harold L. Vogel
Publisher : Springer Nature
Page : 619 pages
File Size : 44,6 Mb
Release : 2021-12-17
Category : Business & Economics
ISBN : 9783030791827
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Author : Ms.Anna Scherbina
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,6 Mb
Release : 2013-02-21
Category : Business & Economics
ISBN : 9781475515299
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature.
Author : IntroBooks Team
Publisher : IntroBooks
Page : 128 pages
File Size : 49,7 Mb
Release : 2024-06-23
Category : Business & Economics
ISBN : 8210379456XXX
An element of asset bubble develops when the value of an asset, like real estate, commodities, stocks, or bonds, increases at a brisk rate without intrinsic factors, such as equivalent ever-increasing demand, to validate the spike in prices. An asset bubble is triggered when assets such as gold, stocks, or housing rapidly experience a dramatic price hike over a short period that is not sustained by the value of the commodity. The characteristic of a bubble is unreasonable optimism: a tendency when everyone is buying up a specific asset. When investors rush towards a category of assets, like real estate, it results in a rise in both price and demand. Investors carry on bidding up an asset’s price well beyond sustainable and real value in the course of a bubble. Inevitably, when prices are in a collision, the bubble "bursts, and subsequently, demand disintegrates, and the result is often significantly lowered domestic spending and dismal business and the economy's possible future downturn. Knowing the historical trends and causes of asset bubbles will prevent one from responding and falling prey to a future debacle. Illogical exuberance is a crucial indicator of a continuing asset bubble.
Author : Nina Biljanovska,Lucyna Gornicka,Alexandros Vardoulakis
Publisher : International Monetary Fund
Page : 51 pages
File Size : 47,8 Mb
Release : 2019-08-30
Category : Business & Economics
ISBN : 9781513512662
An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.
Author : Michael C. Fu,Robert A. Jarrow,Ju-Yi Yen,Robert J Elliott
Publisher : Springer Science & Business Media
Page : 336 pages
File Size : 52,9 Mb
Release : 2007-06-22
Category : Business & Economics
ISBN : 9780817645458
This self-contained volume brings together a collection of chapters by some of the most distinguished researchers and practitioners in the field of mathematical finance and financial engineering. Presenting state-of-the-art developments in theory and practice, the book has real-world applications to fixed income models, credit risk models, CDO pricing, tax rebates, tax arbitrage, and tax equilibrium. It is a valuable resource for graduate students, researchers, and practitioners in mathematical finance and financial engineering.
Author : Douglas D. Evanoff,George G. Kaufman,A. G. Malliaris
Publisher : Oxford University Press
Page : 480 pages
File Size : 49,5 Mb
Release : 2012-02-08
Category : Business & Economics
ISBN : 9780199939404
This volume critically re-examines the profession's understanding of asset bubbles in light of the global financial crisis of 2007-09. It is well known that bubbles have occurred in the past, with the October 1929 crash as the most demonstrative example. However, the remarkably well-behaved performance of the US economy from 1945 to 2006, and, in particular during the Great Moderation period of 1984 to 2006, assured the economics profession and monetary policymakers that asset bubbles could be effectively managed with little or no real economic impact. The recent financial crisis has now triggered a debate about the emergence of a sequence of repeated bubbles in the Nasdaq market, housing market, credit market, and commodity markets. The realities of the crisis have intensified theoretical modeling, empirical methodologies, and debate on policy issues surrounding asset price bubbles and their potentially adverse economic impact if poorly managed. Taking a novel approach, the editors of this book present five classic papers that represent accepted thinking about asset bubbles prior to the financial crisis. They also include original papers challenging orthodox thinking and presenting new insights. A summary essay highlights the lessons learned and experiences gained since the crisis.
Author : José A. Scheinkman
Publisher : Columbia University Press
Page : 137 pages
File Size : 52,7 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9780231537636
As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by looking at factors that contribute to bubbles—such as excessive leverage, overconfidence, mania, and panic in speculative markets—and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.
Author : Peter M. Garber
Publisher : MIT Press
Page : 180 pages
File Size : 46,8 Mb
Release : 2001-08-24
Category : Business & Economics
ISBN : 0262571536
The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event. In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.
Author : Donald Rapp
Publisher : Springer
Page : 374 pages
File Size : 54,5 Mb
Release : 2014-11-14
Category : Business & Economics
ISBN : 9781493910922
This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.
Author : Markus Konrad Brunnermeier
Publisher : Oxford University Press, USA
Page : 264 pages
File Size : 52,8 Mb
Release : 2001
Category : Business & Economics
ISBN : 0198296983
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
Author : Garett Jones
Publisher : Springer
Page : 350 pages
File Size : 40,8 Mb
Release : 2016-01-26
Category : Business & Economics
ISBN : 9781137553799
Why do banks collapse? Are financial systems more fragile in recent decades? Can policies to fix the banking system do more harm than good? What's the history of banking crises? With dozens of brief, non-technical articles by economists and other researchers, Banking Crises offers answers from diverse scholarly viewpoints.
Author : Erik F. Gerding
Publisher : Routledge
Page : 560 pages
File Size : 52,9 Mb
Release : 2013-12-04
Category : Business & Economics
ISBN : 9781134642694
Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.
Author : John Eatwell,Murray Milgate,Peter Newman
Publisher : Springer
Page : 766 pages
File Size : 48,8 Mb
Release : 1991-05-13
Category : Business & Economics
ISBN : 9781349213153
What are the central questions of economics and how do economists tackle them? This book aims to answer these questions in 100 essays, written by economists and selected from "The New Palgrave: A Dictionary of Economics". It shows how economists deal with issues ranging from trade to taxation.