EAN: 9783954892020

ECONOMIC BUBBLES A STORY OF NEW ERAS EMOTIONAL ...

Economic bubbles go hand in hand with financial inventions  financial liberalization and excess
leverage. Frequently these bubbles are fueled by the overoptimistic outlook not only of the
so-called experts or gurus but also by the extremely positive perception of the general public.
Great hikes in asset and commodity markets are believed to be a result of the new economy that
has been created. Historical levels of markets and where the level of fundamentals should
really be are either unknown or completely ignored. Partially one could account this to the
short financial memory of market participants. Partially the abstract nature of the markets and
the complexity of financial products themselves may be the reason. This paper tries to identify
regularities defining economic bubbles concentrating on the most recent ones. Different
approaches in explaining market movements will be discussed. Further  not only structural but
especially psychological factors which may cause the emergence  the inflation and the implosion
of economic bubbles are considered. Already existing agent based models  policy responses and
possible future policy measures are analyzed and evaluated.

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