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Bubbles and Total Factor Productivity

Author

Listed:
  • Jianjun Miao

    (Department of Economics, Boston University, CEMA, Central University of Finance and Economics, and AFR, Zhejiang University)

  • PENGFEI WANG

    (Department of Economics, Hong Kong University of Science and Technology, ClearWater Bay, Hong Kong.)

Abstract

Evidence shows that asset price bubbles typically precede financial crises and financial crises are accompanied by the collapse of bubbles. In addition, stock market booms and busts are typically associated with credit market booms and busts. The recent US housing and stock markets bubbles and the subsequent Great Recession that began in late 2007 provide an example. The stock market booms in the early 1990s and the subsequent Asian financial crisis in 1997 provide ...

Suggested Citation

  • Jianjun Miao & PENGFEI WANG, 2011. "Bubbles and Total Factor Productivity," Boston University - Department of Economics - Working Papers Series WP2011-030, Boston University - Department of Economics.
    • Handle: RePEc:bos:wpaper:wp2011-030
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    References listed on IDEAS

    as
    1. Sangeeta Pratap & Carlos Urrutia, 2012. "Financial Frictions and Total Factor Productivity: Accounting for the Real Effects of Financial Crises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 336-358, July.
    2. Albert Queralto, 2011. "Financial Market Frictions, Productivity Growth and Crises in Emerging Economies," 2011 Meeting Papers 697, Society for Economic Dynamics.
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