EAN: 9783319822679

GLOBAL SHOCKS - NICHOLAS P SARGEN KARTONIERT (TB)

This book  which is written from a practitioner's perspective  fills the void by providing the
reader with a toolkit and guiding principles to manage money when markets are in turmoil. It
features ten case studies beginning with the breakdown of the Bretton Woods fixed exchange rate
system through the current situation in which investors are assessing whether China could
become the next bubble. Each chapter discusses how the respective crisis or bubble unfolded at
the time  the way policymakers and markets responded  and the optimal strategy for positioning
portfolios. The goal is to share these experiences and the lessons from them  so investors will
be better prepared for future shocks. The opening chapter explores whether there are common
patterns in movements of interest rates and exchange rates that investors can exploit. A
conceptual framework is presented that helps explain why this is the case for traditional
currency crises  but less so for asset bubbles. The concluding chapter ties the episodes
together and considers how the nature of financial crises has evolved since the collapse of
Bretton Woods. We cite factors that make it difficult for policymakers and investors to detect
problems in advance of an asset bubble. The good news is investors get a second chance to
outperform when markets are over-sold  however  they need to formulate a strategy to limit the
damage during the sell-off phase and to capitalize on the eventual recovery.

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