Explaining Financial Crises
A Cyclical Approach
dc.contributor.author | Radke, Marc Peter | |
dc.date.accessioned | 2019-01-10 23:55 | |
dc.date.accessioned | 2018-12-01 23:55:55 | |
dc.date.accessioned | 2020-01-16 13:11:37 | |
dc.date.accessioned | 2020-04-01T11:26:07Z | |
dc.date.available | 2020-04-01T11:26:07Z | |
dc.date.issued | 2018 | |
dc.identifier | 1003213 | |
dc.identifier | OCN: 1082991290 | en_US |
dc.identifier.uri | http://library.oapen.org/handle/20.500.12657/26832 | |
dc.description.abstract | 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 <I>cyclical</I> 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 <I>irrational exuberance</I>. 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’ <I>Beauty Contest Theory</I>. | |
dc.language | English | |
dc.relation.ispartofseries | Hohenheimer volkswirtschaftliche Schriften | |
dc.subject.classification | bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCA Economic theory & philosophy | |
dc.subject.classification | bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCB Macroeconomics::KCBM Monetary economics | |
dc.subject.other | Approach | |
dc.subject.other | Beauty Contest Theory | |
dc.subject.other | Crises | |
dc.subject.other | Cyclical | |
dc.subject.other | Explaining | |
dc.subject.other | Financial | |
dc.subject.other | Financial Crises | |
dc.subject.other | Financial Stability | |
dc.subject.other | Long-Run Rationality | |
dc.subject.other | Radke | |
dc.subject.other | Theorie | |
dc.subject.other | Währungskrise | |
dc.title | Explaining Financial Crises | |
dc.title.alternative | A Cyclical Approach | |
dc.type | book | |
oapen.identifier.doi | 10.3726/b13957 | |
oapen.relation.isPublishedBy | e927e604-2954-4bf6-826b-d5ecb47c6555 | |
oapen.relation.isbn | 9783631754375 | |
oapen.series.number | 53 | |
oapen.pages | 430 | |
oapen.place.publication | Bern | |
oapen.identifier.ocn | 1082991290 |