Hidden Collective Factors in Speculative Trading

1. Front Matter

   Pages 1-19

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2. Prologue

   1. Front Matter

      Pages 1-1

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3. PROLOGUE

   1. Introduction

      • Bertrand M. Roehner

      Pages 1-11

   2. Overall view of speculative markets

      • Bertrand M. Roehner

      Pages 13-46

4. Hidden Collective Determinants

   1. Front Matter

      Pages 46-46

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5. HIDDEN COLLECTIVE DETERMINANTS

   1. Rational?

      • Bertrand M. Roehner

      Pages 47-64

   2. Joint crashes

      • Bertrand M. Roehner

      Pages 65-81

   3. Contagion of speculative frenzy

      • Bertrand M. Roehner

      Pages 83-116

6. Regularities in Speculative Episodes

   1. Front Matter

      Pages 116-116

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7. REGULARITIES IN SPECULATIVE EPISODES

   1. Peak amplitude: the price multiplier effect

      • Bertrand M. Roehner

      Pages 117-149

   2. Peak shape: the sharp peak - flat trough pattern

      • Bertrand M. Roehner

      Pages 151-178

   3. Stock market bubbles

      • Bertrand M. Roehner

      Pages 179-195

8. The Triumph of Neoliberalism

   1. Front Matter

      Pages 196-196

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9. THE TRIUMPH OF NEOLIBERALISM

   1. Triumph of neoliberalism in economics

      • Bertrand M. Roehner

      Pages 197-217

   2. Triumph of neoliberalism in society

      • Bertrand M. Roehner

      Pages 219-228

   3. Triumph of neoliberalism in finance

      • Bertrand M. Roehner

      Pages 229-259

   4. Is there a way out?

      • Bertrand M. Roehner

      Pages 261-294

10. Back Matter

    Pages 1-18

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For the present edition four chapters have been added which form the fourth 1 part at the end of the book . Entitled The triumph of neoliberalism , the new partexplains how theimplementation worldwide oftheneoliberal agenda paved the way for the present crisis. As a matter of fact, the evidence provided in chapter 9 suggests that the present crisis already began to build up in the mid-1970s. It is around 1975 that (real) US wages reached a peak-level they would never regain in f- lowing decades. It was also around 1975 that the number of strikes began to fall sharply. The mid-1970s also marked the beginning of a huge in ow of immigrants (in large part of Hispanic origin) into the United States. The in ated supply of labor depressed wages and this had the consequence that consumption could be increased only by an unprecedented development of credit. Perhaps the reader may think that to blame the prevailing economic system for the unfolding depression is a fairly common and all too easy temptation.

• Investment
• Neoliberalism
• Privatization
• Real-Estate Markets
• Social Fragmentation
• Speculation
• Speculative Bubbles
• Speculative Trading
• Spekulation
• Stock Markets
• Stock market
• Trading
• quantitative finance
• combinatorics

From the reviews of the first edition:

"This book promises a lot. … I found myself quite fascinated by the multitude of market events which are tabulated and carefully related to each other. … The book is an excellent example of why the econophysics approach is so very welcome in the finance field. … the book in general is an interesting and satisfying read." (Jessica James, Quantitative Finance, November 2001)

• CNRS, Labo. Physique Théorique et, Université Paris VI, Paris CX 05, France

  Bertrand M. Roehner

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