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Financial Market Bubbles and Crashes, Second Edition

Features, Causes, and Effects

  • Harold L.┬áVogel

Table of contents

  1. Front Matter
    Pages i-xliii
  2. Background

    1. Front Matter
      Pages 1-1
    2. Harold L. Vogel
      Pages 3-45
    3. Harold L. Vogel
      Pages 47-116
    4. Harold L. Vogel
      Pages 117-144
    5. Harold L. Vogel
      Pages 145-185
  3. Part II

    1. Front Matter
      Pages 187-187
    2. Harold L. Vogel
      Pages 189-218
    3. Harold L. Vogel
      Pages 219-269
    4. Harold L. Vogel
      Pages 271-295
  4. Part III

    1. Front Matter
      Pages 297-297
    2. Harold L. Vogel
      Pages 299-336
    3. Harold L. Vogel
      Pages 337-350
    4. Harold L. Vogel
      Pages 351-370
  5. Part IV

    1. Front Matter
      Pages 371-371
    2. Harold L. Vogel
      Pages 373-382
  6. Back Matter
    Pages 383-477

About this book

Introduction

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. 

Keywords

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

Authors and affiliations

  • Harold L.┬áVogel
    • 1
  1. 1.New York, NYUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-71528-5
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2018
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-71527-8
  • Online ISBN 978-3-319-71528-5
  • Buy this book on publisher's site