Irrational Exuberance: Second Edition

Shiller, Robert J.

ISBN 10: 0691123357 / ISBN 13: 9780691123356

Verlag: Princeton University Press, 2005

Item in very good condition! Textbooks may not include supplemental items i.e. CDs, access codes etc. Bestandsnummer des Verkäufers 00100179769

Inhaltsangabe:

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. The second edition, 2005, added an analysis of the real estate bubble as similar to the stock market bubble that preceded it, and warned that "Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well. Another long-run consequence could be a decline in consumer and business confidence, and another, possibly worldwide, recession." Thus, the second edition of this book was among the first to warn of the global financial crisis that began with the subprime mortgage debacle in 2007.

Über die Autorin bzw. den Autor: Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. He is author of "The New Financial Order: Risk in the 21st Century" (Princeton) and "Market Volatility and Macro Markets", which won the 1996 Paul A. Samuelson Award.

Bibliografische Details

Titel: Irrational Exuberance: Second Edition
Verlag: Princeton University Press
Erscheinungsdatum: 2005
Einband: Hardcover
Zustand: Very Good
Auflage: 2. Auflage