Difference between revisions of "Bubbles, Crises, and Policy"
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m (Protected "Bubbles, Crises, and Policy" ([edit=sysop] (indefinite) [move=sysop] (indefinite))) |
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| − | Link to material: http://finance.wharton.upenn.edu/~allenf/download/Vita/bubbles.pdf | + | '''Link to material:''' http://finance.wharton.upenn.edu/~allenf/download/Vita/bubbles.pdf |
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[[Category:Finance]] | [[Category:Finance]] | ||
Revision as of 08:19, 3 September 2013
In many recent cases financial-liberalization has led to a bubble in asset prices. The bursting of the bubble results in a banking crisis and recession. It is suggested such bubbles are caused by an interaction of the risk-shifting problem arising from agency relationships in intermediaries and uncertainty concerning the expansion of credit.
Link to material: http://finance.wharton.upenn.edu/~allenf/download/Vita/bubbles.pdf
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