Explaining Financial Crises A Cyclical Approach
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 <I>cyclical</I> approach is consistent with the following three stylized facts. Firstly, systemic financi...
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| Autor principal: | |
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| Formato: | Recurso Electrónico Capítulo de Livro |
| Idioma: | inglês |
| Publicado em: |
Bern
Peter Lang International Academic Publishing Group
2018
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| Colecção: | Hohenheimer volkswirtschaftliche Schriften
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| Assuntos: | |
| Acesso em linha: | DOAB: download the publication DOAB: description of the publication |
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| Resumo: | 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 <I>cyclical</I> 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 <I>irrational exuberance</I>. 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' <I>Beauty Contest Theory</I>. |
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| Descrição Física: | 1 electronic resource (430 p.) |
| ISBN: | b13957 9783631754375 |
| Acesso: | Open Access |