Asset bubbles : re-thinking policy for the age of asset management / / Brad Jones ; authorized for distribution by Luc Everaert

• Autore: Jones Brad
• Pubblicazione: [Washington, District of Columbia] : , : International Monetary Fund, , 2015; ©2015
• Descrizione fisica: 1 online resource (60 p.)
• Disciplina: 332.10681
• Soggetto topico: Asset-liability management; Financial risk management; Monetary policy; Economic policy
• Soggetto genere / forma: Electronic books.
• Persona (resp. second.): EveraertLuc
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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 Returns ; Figure 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
• Sommario/riassunto: In 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
• Titolo autorizzato: Asset bubbles
• ISBN: 1-4983-9762-X; 1-4983-0415-X
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910460179003321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/15/27.