Bubbles and Crises  

Oleh:

Allen, Franklin ; Gale, Douglas

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 110 no. 460 (2000), page 236-255.
Topik: bubbles; bubbles; crises
Fulltext: 236.pdf (209.15KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In recent financial crises a bubble, in which asset prices rise, is followed by a collapse and widespread default. Bubbles are caused by agency relationships in the banking sector. Investors use money borrowed from banks to invest in risky assets, which are relatively attractive because investors can avoid losses in low payoff states by defaulting on the loan. This risk shifting leads investors to bid up the asset prices. Risk can originate in both the real and financial sectors. Financial fragility occurs when positive credit expansion is insufficient to prevent a crisis.

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