Document Type
Article
Publication Date
2018
Publication Title
Multinational Finance Journal
Volume
22
Issue
3/4
Pages
35-62
Publisher Name
Multinational Finance Society
Abstract
This paper links the bursting of the housing asset price bubble around 2007 in the U.S. to the instability that arose in financial markets with the bankruptcy of Lehman Brothers in September 2008, and both of these to the Great Recession and the unconventional monetary policy that followed. Similar narratives about the Stock Market Crash of 1929, the Crash of 1987 and the Internet Bubble of 2000 are briefly presented to show their evolving financial nature, describe the financial instabilities produced by them and their costs and, finally examine the responses initiated, primarily, by monetary policy. This analytical synopsis of the four best-known U.S. asset bubble crashes guides us to an articulation of a few basic lessons learned.
Identifier
1096-1879
Recommended Citation
Malliaris, A. (Tassos) G.. The Evolving Nature of Asset Price Bubbles, Financial Instability and Monetary Policy. Multinational Finance Journal, 22, 3/4: 35-62, 2018. Retrieved from Loyola eCommons, School of Business: Faculty Publications and Other Works,
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.
Copyright Statement
© Multinational Finance Society, 2018.
Comments
Author Posting © Multinational Finance Society, 2018. This article is posted here by permission of the Multinational Finance Society for personal use, not for redistribution. The article was published in Multinational Finance Journal, Volume 22, Issue 3/4, 2018, http://www.mfsociety.org/modules/modDashboard/uploadFiles/journals/googleScholar/1747.html