Scheda pubblicazione

Termine da cercare
in Bibliodb:

Ric. Avanzata

per autore

Pubblicazioni per autori+abstract

Pubblicazioni per

Schede Autori


Identificatore numerico1662
Identificatore completoAllenGale98
Autore/iAllen, F.; Gale, D.
TitoloBubbles and Crises
Tipo di Pubblicazionepaper
Altre InformazioniUniversity of Pennsylvania, Wharton Financial Institution Center, Boston, working paper #98-01-B Web Download.
AbstractIn 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.
Precedente Prossimo