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  • © 2018

Financial Market Bubbles and Crashes, Second Edition

Features, Causes, and Effects

Palgrave Macmillan

Authors:

  • Provides wide-ranging and thorough explanations of how and why bubbles and crashes have historically evolved and are tied to money, credit, trust, psychology, risk preferences, behavioral finance, and social mood
  • Covers the role of central banks and the relationship to commercial lending
  • Presents a new descriptive theory and practical empirical approach to the measurement, analysis, and prediction of extreme financial market conditions
  • Serves as a handy scholarly reference for further studies via extensive surveys of previous academic research

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xliii
  2. Background

    1. Front Matter

      Pages 1-1
    2. Introduction

      • Harold L. Vogel
      Pages 3-45
    3. Bubble Stories

      • Harold L. Vogel
      Pages 47-116
    4. Crash Stories

      • Harold L. Vogel
      Pages 117-144
    5. Money and Credit Features

      • Harold L. Vogel
      Pages 145-185
  3. Part II

    1. Front Matter

      Pages 187-187
    2. Random Walks

      • Harold L. Vogel
      Pages 189-218
    3. Rationality Rules

      • Harold L. Vogel
      Pages 219-269
    4. Behavioral Beats

      • Harold L. Vogel
      Pages 271-295
  4. Part III

    1. Front Matter

      Pages 297-297
    2. Bubble Dynamics

      • Harold L. Vogel
      Pages 299-336
    3. Behavioral Risk Features

      • Harold L. Vogel
      Pages 337-350
    4. Estimating and Forecasting

      • Harold L. Vogel
      Pages 351-370
  5. Part IV

    1. Front Matter

      Pages 371-371
    2. Financial Asset Bubble Theory

      • Harold L. Vogel
      Pages 373-382
  6. Back Matter

    Pages 383-477

About this book

Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price. 

Reviews

“Financial Market Bubbles and Crashes (2nd Edition) is as comprehensive a book on this subject as one could wish ... and the prose makes for breezy reading … Anyone interested in finance should own it.” (Robert R. Prechter, CEO, Elliot Wave International, USA)

Authors and Affiliations

  • New York, NY, USA

    Harold L. Vogel

About the author

Harold (Hal) L. Vogel was the senior entertainment industry analyst at Merrill Lynch and inducted into Institutional Investor magazine’s All-America Research Team Hall of Fame in 2011. Holder of a PhD in financial economics, he is also a chartered financial analyst (C.F.A.) and served as an adjunct professor at Columbia University’s Graduate School of Business. His books include Entertainment Industry Economics: A Guide for Financial Analysis (10th edition forthcoming) and Travel Industry Economics: A Guide for Financial Analysis (3rd edition 2016). He currently heads an independent investment and consulting firm in New York City.

Bibliographic Information

Buy it now

Buying options

eBook USD 24.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever

Tax calculation will be finalised at checkout

Other ways to access