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Asset Price Bubbles; A Selective Survey
Scherbina, Anna - International Monetary Fund (IMF) - 2013
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model...
Persistent link: https://www.econbiz.de/10011242201
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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis; Causes, Impacts, and Challenges
Papaioannou, Michael G; Park, Joonkyu; Pihlman, Jukka; … - International Monetary Fund (IMF) - 2013
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the … implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such … procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective …
Persistent link: https://www.econbiz.de/10011242388
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The Spillover Effects of a Downturn in China’s Real Estate Investment
Ahuja, Ashvin; Myrvoda, Alla - International Monetary Fund (IMF) - 2012
Real estate investment accounts for a quarter of total fixed asset investment (FAI) in China. The real estate sectorâ … estate investment in China—though a low-probability event—would be sizable, with large spillovers to a number of Chinaâ … and the rest of the G20 economies, we find that a 1-percent decline in China’s real estate investment would shave about …
Persistent link: https://www.econbiz.de/10011142057