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Books > Business & Economics > Finance & accounting > Finance > Investment & securities
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New Perspectives on Asset Price Bubbles (Hardcover)
Loot Price: R5,373
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New Perspectives on Asset Price Bubbles (Hardcover)
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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 Greenspan-Bernanke
Federal Reserve has followed an asymmetric approach to bubble
management. This method advocates no monetary policy action during
the bubble formation and growth, but a speedy response with a
reduction in market rates when a bubble bursts to reduce the
potential loss of output and employment. It was supported by
academic research and seemed to work well until September 2008 when
the financial system came close to a complete collapse. The
realities of the recent financial crisis have intensified
theoretical modeling, empirical methodologies, and debate on policy
issues surrounding asset price bubbles and their potentially
considerable adverse economic impact if poorly managed. Choosing to
take a novel approach, the editors of this book have selected 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 by the editors highlights the lessons learned and
experiences gained since the crisis.
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