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Bubbles, Financial Crises, and Systemic RiskMarkus K. BrunnermeierPrinceton University - Department of Economics Martin OehmkeColumbia Business School - Finance and Economics June 6, 2012 Handbook of the Economics of Finance, Volume 2, George M. Constantinides, Milton Harris and Rene M. Stulz, eds., North Holland, October 2012 Economic Theory Center Working Paper No. 47-2012 Abstract: This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and systemic risk, with particular emphasis on amplification and propagation mechanisms during financial crises, and the measurement of systemic risk. Finally, we point toward some questions for future research.
Number of Pages in PDF File: 90 Keywords: Bubbles, Crashes, Financial Crises, Systemic Risk JEL Classification: G00, G01, G20 Date posted: July 11, 2012 ; Last revised: December 21, 2012Suggested CitationContact Information
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