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Bubbles: And How to Survive Them
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"A series of bubbles and busts in stock markets and home prices have played a central role in the world economy over the last 20 years. The volatile ups and downs of asset prices have become a serious threat not only to economic stability but also to the financial wellbeing of investors, home owners and pension holders." "John Calverley investigates why bubbles occur, focussing on the interaction between interest rate policy and the psychology of investor behavior. Central banks are still targeted to control consumer rather than asset prices but, like old generals, they may be fighting the last war. The theories of behavioral finance and critical states shed new light on why investors lose track of reality and how just a small event can trigger a market crash.". "Controversially, the book argues that we can identify bubbles as they emerge, based on market valuations and a checklist of other factors. Armed with this knowledge there are ways to prevent bubbles inflating too far by designing "speed limits" on bank lending."--BOOK JACKET.
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