Explaining Financial Crises : A Cyclical Approach

Name: Explaining Financial Crises
Brand: Peter Lang GmbH
SKU: 9783631543504
Price: 16550 KES
Availability: OutOfStock
ISBN: 9783631543504

by Marc Peter Radke

Book Details

Format Paperback / softback

Book Series Hohenheimer Volkswirtschaftliche Schriften

ISBN-10 3631543506

ISBN-13 9783631543504

Publisher Peter Lang GmbH

Imprint Peter Lang GmbH

Country of Manufacture DE

Country of Publication GB

Publication Date Oct 24th, 2005

Print length 430 Pages

Weight 560 grams

Dimensions 15.00 x 21.00 x 2.40 cms

Product Classification: Economic theory & philosophy Economic theory and philosophy Monetary economics

KSh 16,550.00

Currently unavailable 0 in stock

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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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