| Description |
1 online resource (41 pages) |
| Series |
IMF working paper ; WP/13/45 |
|
IMF working paper ; WP/13/45.
|
| Contents |
Cover; Contents; I. Introduction; II. Bubbles through History; III. Rational Models; IV. The New Generation of Rational Models; V. Behavioral Models; A. How are Bubbles Initiated?; B. Why do Bubbles Burst or Deflate?; C. Trading Volume; D. Why are Bubbles not Arbitraged Away?; E. Bubbles in Experimental Settings; VI. The Subprime Mortgage Bubble; VII. Conclusion; References |
| Summary |
"Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature"--Abstract |
| Notes |
Title from PDF title page (IMF Web site, viewed Feb. 25, 2013) |
|
"Institute for Capacity Development." |
|
"February 2013"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references (pages 36-40) |
| Subject |
Financial crises
|
|
Arbitrage.
|
|
BUSINESS & ECONOMICS -- Banks & Banking.
|
|
Arbitrage
|
|
Financial crises
|
| Form |
Electronic book
|
| Author |
International Monetary Fund. Institute for Capacity Development.
|
| ISBN |
9781475541021 |
|
1475541023 |
|
1589065905 |
|
9781589065901 |
|
