Asset Bubbles

In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence-such as limits to learning, frictional limits to arbitrage, and behavioral errors-seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of the sho

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Year of publication:	2015
Authors:	Jones, Bradley
Publisher:	Washington : International Monetary Fund
Subject:	Spekulationsblase \| Bubbles \| Börsenkurs \| Share price \| Finanzkrise \| Financial crisis \| Finanzmarkt \| Financial market \| Theorie \| Theory

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Extent:	Online-Ressource (60 p)
Series:	IMF Working Papers ; v.Working Paper No. 15/27
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover; Abstract; Contents; I. Introduction; Figures; Figure 1. Worldwide Financial Assets and Institutional Assets; Figure 2. Bank Assets vs. Investment Firm Assets under Management; II. The 'Clean vs. Lean' Debate: A Survey; Tables; Table 1. Dimensions of the Traditional 'Clean vs. Lean' Debate; III. Theories of (In)Efficient Markets and Speculative Bubbles; A. Bubbles and the (In)Efficiency of Markets - A Review; B. Competing Models of Bubble Formation and Persistence; Table 2. Stylized Summary of Asset Pricing/Bubble Models; Figure 3. Benchmark Decomposition of Hedge Fund Returns Figure 4. Subjective vs. Objective Expected ReturnsIV. Policy Implications; Table 3. Mapping Policy Responses to Bubble Models; Figure 5. Relative 10-year Annualized Outperformance of Fundamental-based Indices; V. Concluding Remarks and Future Research
ISBN:	978-1-4983-0415-3 ; 978-1-4755-7620-7
Source:	ECONIS - Online Catalogue of the ZBW

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