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Burbujas e inestabilidad: el estado de la cuestión

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  • Antonio Torrero Mañas
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    Abstract

    El tema de las burbujas, esto es, la incidencia sobre la economía de las variaciones excesivas en la valoración de los activos y las consecuencias de su eventual corrección violenta, a parece con mucha frecuencia en la literatura reciente. En el presente trabajo se pretende plantear el estado de la cuestión con tres objetivos: Sintetizar las ideas fundamentales que han prevalecido de las principales experiencias de sobrevaloración de activos, exponer los principales puntos en los que existe acuerdo respecto al fenómeno de las burbujas y situar el papel de los bancos centrales dentro de este panorama. Bubbles, that is, the impact on economy of excessive variations in the valuation of assets and the consequences of its possible violent correction, represent a very common subject matter in the recent literature. In this working paper, we will try to set out the state of play with three objectives: To summarize the main prevailing ideas of the most important experiences of overvaluation of assets, to set out the main points of agreement regarding the bubbles phenomenon, and to give central banks their place within this scene.

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    File URL: http://www2.uah.es/iaes/publicaciones/DT_03_04.pdf
    File Function: First version, 2004
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    Bibliographic Info

    Paper provided by Instituto Universitario de Análisis Económico y Social in its series Working Papers with number 03/04.

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    Length: 39 pages
    Date of creation: May 2004
    Date of revision:
    Handle: RePEc:uae:wpaper:0304

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    Keywords: Bubbles; overvaluation of assets; central banks; Burbujas; sobrevaloración de activos; bancos centrales;

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