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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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Banking and Trading
Boot, Arnoud W.A.; Ratnovski, Lev - International Monetary Fund (IMF) - 2012
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with...
Persistent link: https://www.econbiz.de/10011142044