Famous First Bubbles

Famous First Bubbles pdf epub mobi txt 電子書 下載2025

出版者:The MIT Press
作者:Peter M. Garber
出品人:
頁數:175
译者:
出版時間:2000-6-12
價格:USD 42.50
裝幀:Hardcover
isbn號碼:9780262072045
叢書系列:
圖書標籤:
  • 經濟學 
  • 泡沫經濟 
  • 周其仁 
  • 曆史6-經濟 
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The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event.

In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.

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