Financial Market Bubbles and Crashes, Second Edition
Features, Causes, and Effects
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Beschreibung
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, and 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 can also be 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.
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, and 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 can also be 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.
Provides wide-ranging and thorough explanations of how and why bubbles and crashes have historically evolved and are tied to money, credit, trust, psychology, risk preferences, behavioral finance, and social mood Covers the role of central banks and the relationship to commercial lending Presents a new descriptive theory and practical empirical approach to the measurement, analysis, and prediction of extreme financial market conditions Serves as a handy scholarly reference for further studies via extensive surveys of previous academic research
Autor*in
Harold L. Vogel
Themen in »Financial Market Bubbles and Crashes, Second Edition«
Market bubbles Market crashes Financial crisis financial asset price bubbles efficient markets capital asset pricing models econometric methods behavioral risk efficient-market hypothesis central banks Financial asset bubble theory financial crises
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“Financial Market Bubbles and Crashes (2nd Edition) is as comprehensive a book on this subject as one could wish ... and the prose makes for breezy reading … Anyone interested in finance should own it.” (Robert R. Prechter, CEO, Elliot Wave International, USA)
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