Bubbles, Crises, and Policy
AbstractIn many recent cases financial liberalization has led to a bubble in asset prices. The bursting of the bubble results in a banking crisis and recession. It is suggested such bubbles are caused by an interaction of the risk-shifting problem arising from agency relationships in intermediaries and uncertainty concerning the expansion of credit. Two important policy objectives are identified. The first is the prevention of bubbles in asset prices. The second is minimizing the impact of spillovers on to the real economy during post-bubble banking crises. The different policy approaches taken in Norway and Japan are compared. Copyright 1999 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 15 (1999)
Issue (Month): 3 (Autumn)
Contact details of provider:
Web page: http://oxrep.oupjournals.org/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Miguel Segoviano, 2006. "Conditional Probabilty of Default Methodolgy," FMG Discussion Papers dp558, Financial Markets Group.
- Neil Crosby & Cathy Hughes, 2011. "The Basis of Valuations for Secured Commercial Property Lending in the UK," Real Estate & Planning Working Papers rep-wp2011-02, Henley Business School, Reading University.
- Kambhampati, Uma S., 2006.
"Financial liberalisation, corporate governance and the efficiency of firms in Indian manufacturing,"
Structural Change and Economic Dynamics,
Elsevier, vol. 17(1), pages 46-69, January.
- Uma Kambhampati, 2006. "Financial liberalisation, corporate governance and the efficiency if firms in Indian manufacturing," Economics & Management Discussion Papers em-dp2006-33, Henley Business School, Reading University.
- repec:hal:journl:halshs-00112535 is not listed on IDEAS
- Hansen, Jan, 2003. "Financial Cycles and Bankruptcies in the Nordic Countries," Working Paper Series 149, Sveriges Riksbank (Central Bank of Sweden).
- Heeho Kim & SaeWoon Park & Sun Hye Lee, 2012. "House Price and Bank Lending in a Premium Submarket in Korea," International Real Estate Review, Asian Real Estate Society, vol. 15(1), pages 1-42.
- Grossi, Michele & Tamborini, Roberto, 2011.
"Stock prices and monetary policy: Re-examining the issue in a New Keynesian model with endogenous investment,"
Economics Discussion Papers
2011-54, Kiel Institute for the World Economy.
- Grossi, Michele & Tamborini, Roberto, 2012. "Stock prices and monetary policy: Re-examining the issue in a New Keynesian model with endogenous investment," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(14), pages 1-47.
- Masaharu Hanazaki & Akiyoshi Horiuchi, 2001. "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?," CIRJE F-Series CIRJE-F-130, CIRJE, Faculty of Economics, University of Tokyo.
- Kleimeier, Stefanie & Versteeg, Roald, 2009.
"Project Finance as a Driver of Economic Growth in Low-Income Countries,"
011, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Kleimeier, Stefanie & Versteeg, Roald, 2010. "Project finance as a driver of economic growth in low-income countries," Review of Financial Economics, Elsevier, vol. 19(2), pages 49-59, April.
- Mioara CHIRITA & Daniela SARPE, 2011. "Usefulness of Artificial Neural Networks for Predicting Financial and Economic Crisis," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 44-48.
- Takashi Kamihigashi, 2008.
"The spirit of capitalism, stock market bubbles and output fluctuations,"
International Journal of Economic Theory,
The International Society for Economic Theory, vol. 4(1), pages 3-28.
- Takashi Kamihigashi, 2007. "The Spirit of Capitalism, Stock Market Bubbles, and Output Fluctuations," Discussion Paper Series 205, Research Institute for Economics & Business Administration, Kobe University, revised Oct 2007.
- Øyvind Eitrheim & Bjarne Gulbrandsen, 2001. "A model based approach to analysing financial stability," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 311-330 Bank for International Settlements.
- Bergman, U. Michael & Hansen, Jan, 2002. "Financial Instability and Monetary Policy: The Swedish Evidence," Working Paper Series 137, Sveriges Riksbank (Central Bank of Sweden).
- Aldean, Cory, 2010. "Financial crisis response plan," MPRA Paper 28166, University Library of Munich, Germany, revised 27 Jan 2011.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.