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Asset Price Bubbles and Systemic Risk
Brunnermeier, Markus K. - 2019
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty …
Persistent link: https://www.econbiz.de/10012479725
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Leverage and Asset Bubbles : Averting Armageddon with Chapter 11?
Miller, Marcus - 2010
An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'
Persistent link: https://www.econbiz.de/10012462797
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Bubbles and Capital Flow Volatility : Causes and Risk Management
Caballero, Ricardo J. - 2005
Emerging market economies are fertile ground for the development of real estate and other financial bubbles. Despite … value in the developed world. Bubbles are beneficial because they provide domestic stores of value and thereby reduce … capital flow reversals. We show that domestic financial underdevelopment not only facilitates the emergence of bubbles, but …
Persistent link: https://www.econbiz.de/10012467059
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Shakeouts and Market Crashes
Barbarino, Alessandro - 2004
Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then … suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two …
Persistent link: https://www.econbiz.de/10012468137
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Monetary Exchange in Over-the-Counter Markets : A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
Lagos, Ricardo - 2015
. The theory predicts that asset prices carry a speculative premium that reflects the asset's marketability and depends on … anomalous. The theory also exhibits rational expectations equilibria with recurring belief driven events that resemble liquidity …
Persistent link: https://www.econbiz.de/10012457141
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Bubbles, Crises, and Heterogeneous Beliefs
Xiong, Wei - 2013
individuals, to explain bubbles, crises, and endogenous risk in financial markets …
Persistent link: https://www.econbiz.de/10012459756
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Was there a bubble in the 1929 Stock Market?
Rappoport, Peter - 1991
Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast …
Persistent link: https://www.econbiz.de/10012475403
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Credit Booms, Financial Crises and Macroprudential Policy
Gertler, Mark - 2020
We develop a model of banking crises which Is consistent with two important features of the data: First, banking crises are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good" booms as well as "bad" booms in the language of Gorton and...
Persistent link: https://www.econbiz.de/10012481336
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Negative Bubbles : What Happens After a Crash
Goetzmann, William N. - 2017
We study crashes using data from 101 global stock markets from 1692 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller declines. This pattern does not appear to be driven by institutional frictions, financial crises,...
Persistent link: https://www.econbiz.de/10012453881
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Theoretical Notes on Bubbles and the Current Crisis
Martin, Alberto - 2010
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10012462257