Explaining Financial Crises : A Cyclical Approach
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 & philosophyEconomic theory and philosophyMonetary economics
Ksh 16,550.00
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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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