Authors:
Provides wide-ranging and thorough examples and explanations of how and why bubbles and crashes have historically developed and are tied to money, credit, trust, psychology, risk preferences, behavioral and structural aspects, and social mood
Covers the role of central banks and the relationship to commercial lending
Presents a new descriptive theory and practical empirical approach to the measurement, analysis, and prediction of extreme financial market conditions
Serves as a handy scholarly reference for further studies via extensive surveys of previous academic research and history and updates through the 2020 virus-related crash and remarkable rebound
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Table of contents (12 chapters)
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Front Matter
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Background
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Front Matter
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Theories Past
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Front Matter
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Theories Present and Future
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Front Matter
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Round Up
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Front Matter
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Back Matter
About this book
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Reviews
“Financial Market Bubbles and Crashes (2nd Edition) is as comprehensive a book on this subject as one could wish ... and the prose makes for breezy reading … Anyone interested in finance should own it.” (Robert R. Prechter, CEO, Elliot Wave International, USA)
Authors and Affiliations
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New York, USA
Harold L. Vogel
About the author
Bibliographic Information
Book Title: Financial Market Bubbles and Crashes
Book Subtitle: Features, Causes, and Effects
Authors: Harold L. Vogel
DOI: https://doi.org/10.1007/978-3-030-79182-7
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Hardcover ISBN: 978-3-030-79181-0Published: 18 December 2021
Softcover ISBN: 978-3-030-79184-1Published: 19 December 2022
eBook ISBN: 978-3-030-79182-7Published: 17 December 2021
Edition Number: 3
Number of Pages: LIV, 579
Number of Illustrations: 49 b/w illustrations, 30 illustrations in colour
Topics: Macroeconomics/Monetary Economics//Financial Economics, Financial History