individuals, to explain bubbles, crises, and endogenous risk in financial markets …

Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast …

We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … years. Systemic risk of banks rises already during a bubble’s build-up phase, and even more so during its bust. The increase …

and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard …

financial index investment in recent years did not cause massive bubbles in agricultural futures prices …

-sales constraints, that this is where the similarity ends. Equity bubbles are loud: price and volume go together as investors speculate … payoff is bounded. Debt bubbles then require an optimism bias among investors. But greater optimism leads to less speculative … trading as investors view the debt as safe and having limited upside. Debt bubbles are hence quiet--high price comes with low …