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Asset Prices and the Real Economy

  • Book
  • © 1997

Overview

Editors:
  1. Forrest Capie

    1. Department of Banking and Finance, City University Business School, London, United Kingdom

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    You can also search for this editor in PubMed   Google Scholar

  2. Geoffrey E Wood

    1. City University, London, United Kingdom

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    You can also search for this editor in PubMed   Google Scholar

Part of the book series: Studies in Banking and International Finance (SBIF)

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xi
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  2. Opening Remarks

    • Gordon Pepper
    Pages 1-3

  3. Introduction: Asset Prices and the Real Economy

    • Forrest Capie, Geoffrey E. Wood
    Pages 5-17

  4. The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985–93

    • Lars Jonung, Joakim Stymne
    Pages 19-64

  5. Debt-Deflation and Financial Instability: Two Historical Explorations

    • Barry Eichengreen, Richard S Grossman
    Pages 65-105

  6. Credit Crunch: A British Perspective

    • Leigh Drake, David T Llewellyn
    Pages 106-168

  7. Leverage as a State Variable for Employment, Inventory Accumulation and Fixed Investment

    • Charles W. Calomiris, Athanasios Orphanides, Steven A. Sharpe
    Pages 169-196

  8. Debt-Deflation: Theory and Evidence

    • Mervyn King
    Pages 197-241

  9. Debt-Deflation in Japan

    • Kagehide Kaku
    Pages 242-275

  10. Back Matter

    Pages 277-286
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Keywords

About this book

The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.

Editors and Affiliations

  • Department of Banking and Finance, City University Business School, London, United Kingdom

    Forrest Capie

  • City University, London, United Kingdom

    Geoffrey E Wood

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