Explaining Financial Crises : A Cyclical Approach
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Resumo
This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present <I>cyclical</I> approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by <I>irrational exuberance</I>. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes’
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Economic theory & philosophy; Monetary economicsCreative Commons
https://creativecommons.org/licenses/by/4.0/legalcodeLink para o recurso
https://directory.doabooks.org/handle/20.500.12854/26090Collections
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