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In Search of Stock Market Bubbles: A Comment on Rappoport and White

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  • Liu, Tung
  • Santoni, Gray J.
  • Stone, Courtenay C.

Abstract

In a recent article in this JOURNAL, Peter Rappoport and Eugene N. White (hereafter R-W) conclude that, “while there is still room for skepticism [of the presence of a bubble in the boom and bust stock market of 1928/29], the traditional accounts of a bubble in the market cannot be so easily dismissed”.1 Their conclusion is not based on econometric evidence for a stock market bubble per Se. Instead, it is based solely on their interpretation of the widening spread between the interest rates on brokers’ loans (call and time loans collateralized by stocks and bonds) and other money market interest rates in 1928 and 1929.

Suggested Citation

  • Liu, Tung & Santoni, Gray J. & Stone, Courtenay C., 1995. "In Search of Stock Market Bubbles: A Comment on Rappoport and White," The Journal of Economic History, Cambridge University Press, vol. 55(3), pages 647-654, September.
    • Handle: RePEc:cup:jechis:v:55:y:1995:i:03:p:647-654_04
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    Cited by:

    1. Chris Brooks & Apostolos Katsaris, 2003. "Rational Speculative Bubbles: An Empirical Investigation of the London Stock Exchange," Bulletin of Economic Research, Wiley Blackwell, vol. 55(4), pages 319-346, October.

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