03425nam 2200673 450 991046017900332120200520144314.01-4983-9762-X1-4983-0415-X(CKB)3710000000373839(EBL)1983703(SSID)ssj0001466558(PQKBManifestationID)11834961(PQKBTitleCode)TC0001466558(PQKBWorkID)11505825(PQKB)11515816(MiAaPQ)EBC1983703(Au-PeEL)EBL1983703(CaPaEBR)ebr11027497(CaONFJC)MIL740891(OCoLC)905985521(EXLCZ)99371000000037383920150317h20152015 uy 0engurcnu||||||||txtccrAsset bubbles re-thinking policy for the age of asset management /Brad Jones ; authorized for distribution by Luc Everaert[Washington, District of Columbia] :International Monetary Fund,2015.©20151 online resource (60 p.)IMF Working Paper ;WP/15/27Description based upon print version of record.1-4755-7620-X Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; Figures; Figure 1. Worldwide Financial Assets and Institutional Assets; Figure 2. Bank Assets vs. Investment Firm Assets under Management; II. The 'Clean vs. Lean' Debate: A Survey; Tables; Table 1. Dimensions of the Traditional 'Clean vs. Lean' Debate; III. Theories of (In)Efficient Markets and Speculative Bubbles; A. Bubbles and the (In)Efficiency of Markets - A Review; B. Competing Models of Bubble Formation and Persistence; Table 2. Stylized Summary of Asset Pricing/Bubble Models; Figure 3. Benchmark Decomposition of Hedge Fund ReturnsFigure 4. Subjective vs. Objective Expected Returns IV. Policy Implications; Table 3. Mapping Policy Responses to Bubble Models; Figure 5. Relative 10-year Annualized Out performance of Fundamental-based Indices; V. Concluding Remarks and Future ResearchIn distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence-such as limits to learning, frictional limits to arbitrage, and behavioral errors-seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of theIMF working paper ;WP/15/27.Asset-liability managementFinancial risk managementMonetary policyEconomic policyElectronic books.Asset-liability management.Financial risk management.Monetary policy.Economic policy.332.10681Jones Brad923863Everaert LucMiAaPQMiAaPQMiAaPQBOOK9910460179003321Asset bubbles2073315UNINA