EAN: 9783631543504

EXPLAINING FINANCIAL CRISES - MARC PETER RADKE ...

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
cyclical 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 irrational exuberance. 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'
Beauty Contest Theory.

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