On The Possibility Of Price Decreasing Bubbles
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On The Possibility Of Price Decreasing Bubbles
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Author : Philippe Weil
language : en
Publisher:
Release Date : 1989
On The Possibility Of Price Decreasing Bubbles written by Philippe Weil and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Prices categories.
It is often argued that a rational bubble, because it is positive, must increase the price of a stock. This argument is not valid in general: as soon as bubbles affect interest rates, the fundamental value of a stock depends on whether or not a bubble is present. The existence of a rational bubble then might, by raising equilibrium interest rates, depress the fundamental to such an extent that the sum of the positive bubble and decreased fundamental falls short of the fundamental, no-bubble price. Under conditions made precise below, there can therefore be price decreasing bubbles, and an asset can be "undervalued."
On The Possibility Of Price Decreasing Bubbles
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Author :
language : en
Publisher:
Release Date : 1989
On The Possibility Of Price Decreasing Bubbles written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
On The Possibility Of Price Decreasing Bubbles
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Author : Philippe Weil
language : en
Publisher:
Release Date : 1989
On The Possibility Of Price Decreasing Bubbles written by Philippe Weil and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Prices categories.
On The Posibility Of Price Decreasing Bubbles
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Author : Philippe Weil
language : es
Publisher:
Release Date : 1989
On The Posibility Of Price Decreasing Bubbles written by Philippe Weil and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Recent Economic Bubbles And Possible Implications For Economic Policy
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Author : Sophia Kuehnlenz
language : en
Publisher: GRIN Verlag
Release Date : 2013-11-15
Recent Economic Bubbles And Possible Implications For Economic Policy written by Sophia Kuehnlenz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-15 with Political Science categories.
Master's Thesis from the year 2013 in the subject Business economics - Economic Policy, grade: 1,3, University of Bamberg, course: Volkswirtschaftslehre Dynamische Wirtschaftspolitik, language: English, abstract: Repeatedly bubbles occur during times of “extended investments in infrastructure such as canals or railroads”(Charles P. Kindleberger, “Manias, Panics and Crashes“, p. 10) or around technological inventions that are made available for the general public such as cars, electricity, phone – lines and the internet. They go hand in hand with financial inventions, financial liberalization and excess leverage. Examples are, among many others, the Japanese Asset Price bubble of the late 1980ies and early 1990ies, the Dot-Com bubble 1997–2000, as well as the recent Financial Crisis 2007-2008. Frequently these bubbles are fueled by the overoptimistic outlook not only of the so-called experts or gurus but also by the extremely positive perception of the general public resulting in a “this – time – is - different – feeling”, “new – era – talks” or the “it –won’t happen – to – us – believe”(See for example Shiller, Kindleberger, Reinhart and Rogoff, Galbraith). Most of the time these bubbles are self – feeding processes. Business expansion leads to economic growth and greater income. Public spending increases which leads to the need of expanding production. Credit is needed for investment and during times of a boom it is easily made available. Often new financial instruments come into play as well as the deregulation of financial markets to meet the demand for credit. Businesses can expand further which results in ever increasing income and greater expectations about the future. Creditors become less risk averse and grant loans to individuals or firms that would have not met the necessary requirements before. People feel richer since their wealth is re – classified so that their assets and property are all of the sudden worth more for no realistic reason (renovate a home for example which would account for an increase in value). In combination with low interest rates, more and more investments and purchases are financed through excess leverage creating a vicious cycle of easy credit, money illusion and the adjustment of fundamental values. Great hikes in the markets are considered as a result of the new economy that has been created. Historical levels of the markets and where the level of fundamentals should really be are completely ignored. Currently we can only assess bubbles in retrospective, psychological factors which may help to explain the unexplainable are hardly considered in basic economic models.The only thing that is certain is that bubbles always burst.
Economic Uncertainty Instabilities And Asset Bubbles Selected Essays
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Author : Anastasios G Malliaris
language : en
Publisher: World Scientific
Release Date : 2005-10-03
Economic Uncertainty Instabilities And Asset Bubbles Selected Essays written by Anastasios G Malliaris and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-10-03 with Business & Economics categories.
The compendium of papers in this volume focuses on aspects of economic uncertainty, financial instabilities and asset bubbles.Economic uncertainty is modeled in continuous time using the mathematical techniques of stochastic calculus. A detailed treatment of important topics is provided, including the existence and uniqueness of asymptotic economic growth, the modeling of inflation and interest rates, the decomposition of inflation and its volatility, and the extension of the quantity theory of money to allow for randomness.The reader is also introduced to the methods of chaotic dynamics, and this methodology is applied to asset pricing, the European equity markets, and the multi-fractality in foreign currency markets.Since the techniques of stochastic calculus and chaotic dynamics do not readily accommodate the presence of stochastic bubbles, several papers discuss in depth the presence of financial bubbles in asset prices, and econometric work is performed to link such bubbles to monetary policy.Finally, since bubbles often burst rather than deflate slowly, the last section of the book studies the crash of October 1987 as well as other crashes of national equity markets due to the Persian gulf crisis.
Anatomy Of Stock Market Bubbles
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Author : György Komáromi
language : en
Publisher: ICFAI Books
Release Date : 2006-11-14
Anatomy Of Stock Market Bubbles written by György Komáromi and has been published by ICFAI Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-14 with Business enterprises categories.
This book presents one of the most controversial happenings in economics stock market bubbles. The author discusses this topic threadbare and provides a critical analysis of related literature from different economic schools. This book also presents analy
Asset Price Bubbles
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Author : William Curt Hunter
language : en
Publisher: MIT Press
Release Date : 2005
Asset Price Bubbles written by William Curt Hunter and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
A study of asset price bubbles and the implications for preventing financial instability.
Bubbleology
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Author : Kevin Hassett
language : en
Publisher: Currency
Release Date : 2002-07-23
Bubbleology written by Kevin Hassett and has been published by Currency this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-23 with Business & Economics categories.
There are only two types of stocks: those safe from bubbles and those that are not. This is a fact of investing many discovered as they saw their fabulous gains whittled away by the extreme calamity of the Internet sector. But what about the future? Is there a way for investors to capture the enormous potential for profit that exists at the frontier of the economy, the place where innovation and genius operate, without placing their fortunes in jeopardy? Is there a way to evaluate price increases—and declines—and identify whether they are happening for good or bad reasons? Bubbleology makes it possible to separate the winners from the losers. It is a brilliant, practical, and original analysis of the stock market that bashes the conventional wisdom about bubbles, showing that such famous examples as Tulipomania were not, in fact, bubbles at all. Bubbleology shows that the traditional way of evaluating risk—equating it with volatility—is inherently flawed and incomplete. If a stock fluctuates a lot in price it is regarded as risky. If the price is stable, then it is not. What this simplistic way of thinking leaves out is the simple fact that companies trying something completely new that may fundamentally alter the economic landscape are operating at the frontier. The stock of such a company swims in a sea of ambiguity, its circumstances uncertain, since there is little to provide guidance about the future. But when nobody knows for sure what will happen, pundits tell us again about Tulipomania, the South Seas Bubble, and now the debacle of the Internet to scare investors away from potentially enormous profits. To realize those profits, however, investors have to understand the role that uncertainty and ambiguity—the absence of reliable information about future events—play in the modern stock market. Those who equate ambiguity with bubbles will miss the great opportunities of the future. Bubbleology provides a new way to observe what is really going on in the market, enabling you to understand whether a stock or a sector is suspicious—whether it is in a bubble and therefore something to be avoided. Finding bubbles requires knowing where to look and what to look for. Bubbleology will help you avoid both streaming into speculative manias and shying away from perfectly good business opportunities. It tells you why you need to avoid both pontificating pundits and overconfident stock analysts. With this unique and forward-thinking book, you can inspect suspicious stocks, accurately discern risk, and diagnose a blossoming bubble before it vanishes along with your money.
Boom And Bust
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Author : William Quinn
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-06
Boom And Bust written by William Quinn and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-06 with Business & Economics categories.
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.