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" Financial market bubbles and crashes / "
Harold L. Vogel
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BL
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| Record Number
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658630
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| Doc. No
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dltt
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| Main Entry
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Vogel, Harold L.,1946-
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| Title & Author
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Financial market bubbles and crashes /\ Harold L. Vogel
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| Publication Statement
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New York :: Cambridge University Press,, 2010
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| Page. NO
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xxvi, 358 p. :: ill. ;; 25 cm
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| ISBN
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9780521199674 (hardback)
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: 0521199670 (hardback)
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| Bibliographies/Indexes
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Includes bibliographical references and index
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| Contents
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Machine generated contents note: Part I. Background for Analysis: 1. Introduction; 2. Bubble stories; 3. Random walks; 4. Bubble theories; 5. Framework for investigation; Part II. Empirical Features and Results: 6. Bubble basics; 7. Bubble dynamics; 8. Money and credit features; 9. Behavioral risk features; 10. Crashes, panics, and chaos; 11. Financial asset bubble theory
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| Abstract
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"Despite the thousands of articles and the millions of times that the word 'bubble' has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study 'bubble' and 'crash' conditions. This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher
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"One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word "bubble" has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study "bubble" and "crash" conditions. This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher
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| Subject
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Capital market
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Financial crises
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Commercial crimes
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| Dewey Classification
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338.5/42
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| LC Classification
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HG4523.V64 2010
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