Asset Price Bubbles : The Implications for Monetary, Regulatory, and International Policies
by William C. Hunter, George G. Kaufman and Michael Pomerleano (Eds.)Format: Hardcover
Pub. Date: 2003-02-01
Publisher(s): Mit Pr
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Summary
In both the industrialized and developing worlds, a distinctive feature of the last two decades has been prolonged buildups and sharp collapses in asset markets such as stock, housing, and exchange markets. The volatility has sparked intense debate in academic and policy circles over the appropriate monetary and regulatory response to dramatic market shifts. This book examines asset price bubbles to further our understanding of the causes and implications of financial instability, focusing on the potential of central banks and regulatory agencies to prevent it. The book grew out of a conference jointly sponsored by the Federal Reserve Bank of Chicago and the World Bank Group in April 2002.
Table of Contents
| Acknowledgments | p. ix |
| Preface | p. xi |
| Overview | p. xiii |
| Keynote Addresses | |
| Asset Price Bubbles, Information, and Public Policy | p. 3 |
| Asset Price Bubbles and Their Implications for Monetary Policy and Financial Stability | p. 15 |
| Rational and Nonrational Bubbles | p. 23 |
| Diverse Views on Asset Bubbles | p. 35 |
| Asset Prices and Monetary Policy | p. 41 |
| Recent Experience with Asset Price Bubbles | |
| US Stock Market Crashes and Their Aftermath: Implications for Monetary Policy | p. 53 |
| Japan's Experience with Asset Price Bubbles: Is It a Case for Inflation Targeting? | p. 81 |
| Lending Booms, Real Estate Bubbles, and the Asian Crisis | p. 101 |
| Tropical Bubbles: Asset Prices in Latin America, 1980-2001 | p. 127 |
| Different Countries, Similar Experience | p. 163 |
| Comments on Recent Experience with Asset Price Bubbles | p. 165 |
| Theory and History of Asset Price Bubbles | |
| Stocks as Money: Convenience Yield and the Tech-Stock Bubble | p. 175 |
| Bubble Psychology | p. 205 |
| Bubbles in Real Estate Markets | p. 217 |
| Comments on "Stocks as Money..." and "Bubble Psychology" | p. 231 |
| Comments on Theory and History of Asset Price Bubbles | p. 239 |
| Empirical Dimensions of Asset Price Bubbles | |
| Imbalances or "Bubbles?" Implications for Monetary and Financial Stability | p. 247 |
| Testing for Stock Market Overvaluation/Undervaluation | p. 271 |
| A Stochastic Index of the Cost of Life: An Application to Recent and Historical Asset Price Fluctuations | p. 277 |
| Comments on Empirical Dimensions of Asset Price Bubbles | p. 291 |
| Bubbles, Inflation, and the Big One: Comments on "A Stochastic Index of the Cost of Life..." and "Testing for Stock Market Overvaluation/Undervaluation" | p. 299 |
| International Transmission of Financial Shocks | |
| Globalization and Changing Patterns in Crisis Transmission | p. 309 |
| Asset Price Bubbles and Stock Market Interlinkages | p. 323 |
| Banking Policy and Macroeconomic Stability: An Exploration | p. 337 |
| A Global Perspective on Extreme Currency Linkages | p. 361 |
| Comments: Shifting the Risk after Shifting the Focus | p. 383 |
| Technology, the New Economy, and Asset Price Bubbles | |
| Valuation and New Economy Firms | p. 391 |
| Home Bias, Transactions Costs, and Prospects for the Euro | p. 403 |
| Comments on "Valuation and New Economy Firms" | p. 419 |
| Implications of Bubbles for Monetary Policy | |
| Asset Prices in a Flexible Inflation Targeting Framework | p. 427 |
| Interest Rate Policy Should Not React Directly to Asset Prices | p. 445 |
| Comments on Implications of Bubbles for Monetary Policy | p. 459 |
| Implications of Bubbles for Prudential Regulatory Policy | |
| The Historical Pattern of Economic Cycles and Their Interaction with Asset Prices and Financial Regulation | p. 467 |
| Asset Price Bubbles and Prudential Regulation | p. 481 |
| The Morning After: Restructuring in the Aftermath of an Asset Bubble | p. 503 |
| Comments on "The Historical Pattern of Economic Cycles and Their Interaction with Asset Prices and Financial Regulation" | p. 517 |
| Comments on "Asset Price Bubbles and Prudential Regulation" | p. 523 |
| Comments on "The Morning After..." | p. 529 |
| Looking Forward: Plans for Action to Protect against Bubbles | |
| Banking Provisions and Asset Price Bubbles | p. 537 |
| Looking Forward on Monetary and Supervision Policies to Protect against Bubbles | p. 547 |
| Planning to Protect against Asset Bubbles | p. 553 |
| Conference Program | p. 561 |
| Index | p. 569 |
| Table of Contents provided by Publisher. All Rights Reserved. |
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