Financial Market Bubbles and Crashes, Second Edition

Features, Causes, and Effects

Business & Finance, Economics, Econometrics, Economic History, Finance & Investing, Finance
Cover of the book Financial Market Bubbles and Crashes, Second Edition by Harold L. Vogel, Springer International Publishing
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Author: Harold L. Vogel ISBN: 9783319715285
Publisher: Springer International Publishing Publication: August 16, 2018
Imprint: Palgrave Macmillan Language: English
Author: Harold L. Vogel
ISBN: 9783319715285
Publisher: Springer International Publishing
Publication: August 16, 2018
Imprint: Palgrave Macmillan
Language: English

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. 

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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. 

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