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Quicksilver Markets

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  • Theodore Berg

Abstract

One of the missions of the Office of Financial Research is to analyse asset market valuations and if there are excesses, explore the potential financial stability ramifications of a sharp correction. The author argues that U.S. stock prices today appear high by historical standards. Although he notes that the financial stability implications of a market correction could be moderate due to limited liquidity transformation in equity markets, he addresses other financial stability issues that may be more relevant, such as leverage, compressed pricing of risk, interconnectedness, and complexity.

Suggested Citation

  • Theodore Berg, 2015. "Quicksilver Markets," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 16(2), pages 11-32, April.
    • Handle: RePEc:wej:wldecn:609
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=609
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    Cited by:

    1. Office of Financial Research (ed.), 2016. "2016 Financial Stability Report," Reports, Office of Financial Research, US Department of the Treasury, number 16-3.
    2. Thomas Theobald & Silke Tober & Emanuel List, 2015. "Finanzmarktstabilität in Zeiten unkonventioneller Geldpolitik," IMK Report 107-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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