Recent Economic Bubbles And Possible Implications For Economic Policy
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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.
The Post Bubble Us Economy
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2004-09-07
The Post Bubble Us Economy written by P. Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-07 with Business & Economics categories.
The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the impact on financial markets. The risks and long-term prospects for the economy and financial markets are also examined.
The Post Bubble Us Economy
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Author : P. Arestis
language : en
Publisher: Palgrave Macmillan
Release Date : 2004-09-07
The Post Bubble Us Economy written by P. Arestis and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-07 with Business & Economics categories.
The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the impact on financial markets. The risks and long-term prospects for the economy and financial markets are also examined.
Asset Price Bubbles
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Author : G.G. Kaufman
language : en
Publisher: Elsevier
Release Date : 2001-12-13
Asset Price Bubbles written by G.G. Kaufman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-12-13 with Business & Economics categories.
Asset price bubbles have been and continue to be an area of major public policy concern in many countries. While we know that the bursting of such bubbles is painful and destructive to the economy, little is known of their causes. This volume examines aspects of asset price bubbles from the perspective of different times and different countries.
Financial Market Bubbles And Crashes Second Edition
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Author : Harold L. Vogel
language : en
Publisher: Springer
Release Date : 2018-08-16
Financial Market Bubbles And Crashes Second Edition written by Harold L. Vogel and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-16 with Business & Economics categories.
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.
Towards A Better Global Economy
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Author : Franklin Allen
language : en
Publisher: OUP Oxford
Release Date : 2014-09-04
Towards A Better Global Economy written by Franklin Allen and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-04 with Business & Economics categories.
Substantial progress in the fight against extreme poverty was made in the last two decades. But the slowdown in global economic growth and significant increases in income inequality in many developed and developing countries raise serious concerns about the continuation of this trend into the 21st century. The time has come to seriously think about how improvements in official global governance, coupled with and reinforced by rising activism of 'global citizens' can lead to welfare-enhancing and more equitable results for global citizens through better national and international policies. This book examines the factors that are most likely to facilitate the process of beneficial economic growth in low-, middle-, and high-income countries. It examines past, present, and future economic growth; demographic changes; the hyperglobalization of trade; the effect of finance on growth; climate change and resource depletion; and the sense of global citizenship and the need for global governance in order to draw longer-term implications, identify policy options for improving the lives of average citizens around the world, and make the case for the need to confront new challenges with truly global policy responses. The book documents how demographic changes, convergence, and competition are likely to bring about massive shifts in the sectoral and geographical composition of global output and employment, as the center of gravity of the global economy moves toward Asia and emerging economies elsewhere. It shows that the legacies of the 2008-09 crisis-high unemployment levels, massive excess capacities, and high debt levels-are likely to reduce the standard of living of millions of people in many countries over a long period of adjustment and that fluctuations in international trade, financial markets, and commodity prices, as well as the tendency of institutions at both the national and international level to favor the interests of the better-off and more powerful pose substantial risks for citizens of all countries. The chapters and their policy implications are intended to stimulate public interest and facilitate the exchange of ideas and policy dialogue.
The Post Great Recession Us Economy
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Author : P. Arestis
language : en
Publisher: Palgrave Macmillan
Release Date : 2010-06-30
The Post Great Recession Us Economy written by P. Arestis and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-30 with Business & Economics categories.
The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. In this updated edition, Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the impact on financial markets.
The Dot Com Bubble The Bush Deficits And The U S Current Account
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Author : Aart Kraay
language : en
Publisher: World Bank Publications
Release Date : 2005
The Dot Com Bubble The Bush Deficits And The U S Current Account written by Aart Kraay and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Balance of payments categories.
The authors challenge this view here and develop two alternative interpretations. Both are based on the notion that a bubble (the "dot-com" bubble) has been driving the stock market, but differ in their assumptions about the interactions between this bubble and fiscal policy (the "Bush" deficits). The "benevolent" view holds that a change in investor sentiment led to the collapse of the dot-com bubble and the Bush deficits were a welfare-improving policy response to this event. The "cynical" view holds instead that the Bush deficits led to the collapse of the dot-com bubble as the new administration tried to appropriate rents from foreign investors. The authors discuss the implications of each of these views for the future evolution of the U.S. economy and, in particular, its net foreign asset position."
Financial Crises Explanations Types And Implications
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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-30
Financial Crises Explanations Types And Implications written by Mr.Stijn Claessens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-30 with Business & Economics categories.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
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.