Bubbles, Financial Crises, and Systemic Risk

90 Pages Posted: 15 Sep 2012

See all articles by Markus K. Brunnermeier

Markus K. Brunnermeier

Princeton University - Department of Economics

Martin Oehmke

London School of Economics & Political Science (LSE) - Department of Finance

Multiple version iconThere are 3 versions of this paper

Date Written: September 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.

Suggested Citation

Brunnermeier, Markus Konrad and Oehmke, Martin, Bubbles, Financial Crises, and Systemic Risk (September 2012). NBER Working Paper No. w18398. Available at SSRN: https://ssrn.com/abstract=2147108

Markus Konrad Brunnermeier (Contact Author)

Princeton University - Department of Economics ( email )

Bendheim Center for Finance
Princeton, NJ
United States
609-258-4050 (Phone)
609-258-0771 (Fax)

HOME PAGE: http://www.princeton.edu/¡­markus

Martin Oehmke

London School of Economics & Political Science (LSE) - Department of Finance ( email )

United Kingdom

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