Explaining Financial Crises : A Cyclical Approach

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Tác giả: Marc Peter Radke

Ngôn ngữ: eng

Ký hiệu phân loại:

Thông tin xuất bản: Bern : Peter Lang International Academic Publishing Group, 2018

Mô tả vật lý: 1 electronic resource (430 p.)

Bộ sưu tập: Tài liệu truy cập mở

ID: 236670

 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 <
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 cyclical<
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  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 <
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 irrational exuberance<
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 . 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' <
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 Beauty Contest Theory<
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 .
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