LEADER 03425nam 2200673 450 001 9910460179003321 005 20200520144314.0 010 $a1-4983-9762-X 010 $a1-4983-0415-X 035 $a(CKB)3710000000373839 035 $a(EBL)1983703 035 $a(SSID)ssj0001466558 035 $a(PQKBManifestationID)11834961 035 $a(PQKBTitleCode)TC0001466558 035 $a(PQKBWorkID)11505825 035 $a(PQKB)11515816 035 $a(MiAaPQ)EBC1983703 035 $a(Au-PeEL)EBL1983703 035 $a(CaPaEBR)ebr11027497 035 $a(CaONFJC)MIL740891 035 $a(OCoLC)905985521 035 $a(EXLCZ)993710000000373839 100 $a20150317h20152015 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAsset bubbles $ere-thinking policy for the age of asset management /$fBrad Jones ; authorized for distribution by Luc Everaert 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2015. 210 4$dİ2015 215 $a1 online resource (60 p.) 225 1 $aIMF Working Paper ;$vWP/15/27 300 $aDescription based upon print version of record. 311 $a1-4755-7620-X 320 $aIncludes bibliographical references. 327 $aCover; 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 Returns 327 $aFigure 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 Research 330 $aIn distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence-such as limits to learning, frictional limits to arbitrage, and behavioral errors-seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of the 410 0$aIMF working paper ;$vWP/15/27. 606 $aAsset-liability management 606 $aFinancial risk management 606 $aMonetary policy 606 $aEconomic policy 608 $aElectronic books. 615 0$aAsset-liability management. 615 0$aFinancial risk management. 615 0$aMonetary policy. 615 0$aEconomic policy. 676 $a332.10681 700 $aJones$b Brad$0923863 702 $aEveraert$b Luc 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910460179003321 996 $aAsset bubbles$92073315 997 $aUNINA