Stock Market Crashes and Speculative ManiasEugene Nelson White Edward Elgar Pub., 1996 - 564 pages This volume offers an authoritiative selection of the best published articles on the great speculative manias and stock market crashes, which highlights their important similarities. These phenomena disrupt the normal activities of investors who use financial markets to accumulate diversified portfolios of assets. The attraction of rapid capital gains entices the unwary to abandon their customary investments, exposing them to ruin when prices of hot new assets collapse. The mania for tulips in seventeenth century Holland and schemes to refinance government debt in eighteenth century France and Britain burned many investors and transformed financial markets. The volatile American stock market of the nineteenth century and bursting regional real estate bubbles brought down many financial institutions, threatening economic stability. The striking parallels between the stock market crashes of 1929 and 1987 raise basic questions about the stability of the capital markets. By examining whether these phenomena represent rational movements of the market or some mania or fad, these articles focus on the central policy question of whether these markets require regulation to serve the investing public. |
Contents
7 | 199 |
Greenwood Chapter XIX | 217 |
Charles P Kindleberger 1986 The 1929 Stock Market Crash | 333 |
Copyright | |
10 other sections not shown
Common terms and phrases
annuities August average banknotes brokers bulbs bull market buyers capital cent cities closed-end funds collapse crises currency debt December decline Depression discount dividends estimates evidence exchange rate expected February Figure Florida fundamentals gold Gould growth guilders increase interest rates investment investors issue January John Law Journal of Economic July June Law's livres livres tournois loans mania March margin requirements market fundamentals Miami million shares Mississippi Company Mississippi shares Mississippi System monetary monthly months November NYSE October options panic Paris payments peak percent period pounds premia premium price-earnings ratios purchase recession Richard Cantillon rise securities sell September share prices Shiller sold South Sea Bubble South Sea Company South Sea stock specie speculation standard Statistical Stock Exchange stock market crash stock prices stock returns stock volatility Table trading tulip tulipmania U.S. Steel York Stock York Stock Exchange
References to this book
Why Stock Markets Crash: Critical Events in Complex Financial Systems Didier Sornette No preview available - 2003 |
Making Markets and Making Money: Strategy and Monetary Exchange Bernard Beaudreau Limited preview - 2004 |