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出版社： Cambridge University P...

ISBN：9780521199674

商品编码：1105239450

包装：精装

外文名称：Financial Market Bubbl...

出版时间：2009-12-14

页数：358

正文语种：英语

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图书基本信息

Financial Market Bubbles and Crashes
作者： Harold L. Vogel;
ISBN13： 9780521199674
类型：精装(精装书)
语种：英语（English）
出版日期： 2009-12-14
出版社： Cambridge University Press
页数： 358
重量（克）： 675
尺寸： 23.4696 x 16.1544 x 2.7432 cm

商品简介

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.