Band 53
Explaining Financial Crises A Cyclical Approach
Aus der Reihe
Hohenheimer volkswirtschaftliche Schriften
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- Englisch ausgewählt
Fr. 154.00
inkl. gesetzl. MwSt.,
Beschreibung
Produktdetails
Einband
Taschenbuch
Erscheinungsdatum
24.10.2005
Herausgeber
Harald HagemannVerlag
Peter Lang GmbH, Internationaler Verlag der WissenschaftenSeitenzahl
416
Maße (L/B/H)
21/14.8/2.4 cm
Gewicht
560 g
Auflage
1
Sprache
Englisch
ISBN
978-3-631-54350-4
This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by irrational exuberance. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes’ Beauty Contest Theory.
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