Format:
1 online resource (278 pages)
Edition:
1st ed.
ISBN:
9780415369688
,
9780203643099
Content:
Examining the current conditions before looking back to the events of the last century, this volume covers the Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980's and the emergence of the new economy
Note:
Book Cover -- Half-Title -- Title -- Copyright -- Contents -- Figures -- Tables -- Foreword -- Acknowledgements -- Introduction -- Why the stock bubble? -- From one bubble to another? -- A unique set of circumstances? -- How absurd were valuations? -- Why did investors ignore warning signals? -- Why did the stock bubble burst? -- Why did Greenspan ignore 'irrational exuberance? -- Greenspan and the markets -- How costly was corporate governance failure? -- The Fed's enemy: inflation or deflation? -- What are the lessons from the 1929 bubble? -- Japan's mess and deflation: what can the United States learn? -- The massive policy push: powerful enough to create sustainable growth? -- How fragile is the US recovery? -- Where from here? -- A bull or bear market rally? -- 1 The bubble era in US stocks -- Introduction -- Origins of the bubble -- Why the stock bubble? -- Stocks versus bonds -- Absurd valuations -- The bubble: geopolitical forces at work? -- The bubble: underwritten by a stable bond market? -- Debt, savings and switching -- Warning signals: why not switch? -- What of corporate earnings? -- Similarities with 1929 -- Where from here? -- Conclusion -- 2 The great bull run of the 1990s -- Introduction -- Macroeconomic background -- The policy paradigm -- Dip and recovery: 1990-1 -- The roaring Dow: 1992-3 -- The policy-induced correction: 1994-5 -- Up, up and away: 1996-7 -- Correction and a major recovery: 1998-2000 -- A real bubble? -- Financial perspectives -- Conclusion -- 3 Valuation methods and investment strategies -- Introduction -- Portfolio choice -- Diversification and risk -- News: economic or financial? -- Market efficiency -- Investing over the life cycle -- The fundamentals approach -- The contrarian strategy -- Serial correlation and mean reversion -- Investment strategies -- Financial fragility
,
Expectations, trading and timing -- Conclusion -- 4 The bubble era -- Introduction -- Biases in the one-way street -- Where were the arbitragers? -- Old benchmarks and turning points -- Was it a speculative bubble? -- The 'New' new economy -- The 1990s: a deviation from fundamentals -- Wealth storage and far-sightedness -- Greenspan's defense of the NASDAQ bubble -- Domestic origins of the boom -- Conclusion -- 5 The new economy -- Introduction -- Productivity growth and the stock market -- A rational bubble? -- Old questions and old answers -- The productivity slow down debate -- Sources of productivity growth -- The IT and communications revolution -- IT and communications: drivers of productivity growth? -- US government and productivity growth -- Productivity growth: how permanent? -- Productivity and the stock bubble -- Conclusion -- 6 Governance issues -- Introduction -- Market versus government failure -- Incentives and trade-offs -- What are the challenging issues? -- Wall Street in the 1960s: fresh challenges -- Past pressure for regulation -- The case of Enron -- A dangerous incentive structure? -- Regulatory reform and the Sarbanes-Oxley Act -- Conclusion -- 7 The Federal Reserve -- Introduction -- Ultimate objectives and trade-offs -- The yield curve -- The government environment -- America's economic cruise speed: what guideposts? -- Diagnosis of imbalances -- Hitting targets: what policy mix? -- What economic indicators? -- Critics of the 'Wrong Paradigm' -- Canterbery's Vatican paradigm -- Reputation and credibility of the Federal Reserve -- The caterpillar market and fear of the Fed -- Confessions of a central banker -- Is the Fed secretive? -- Conclusion -- 8 Shifting ground beneath the Federal Reserve -- Introduction -- Deregulation of the financial sector -- Financial product innovation -- Technology and innovation
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Financial origins of the bubble -- Corporate sector leverage before the crisis -- The roller-coaster of speculation -- Crony capitalism and accelerated development -- Financial sector failure: the fading heartbeat -- Erosion of competitiveness -- Foreign forces -- Excess liquidity revisited -- Why did the bubble burst? -- The Asian crisis: why so sudden? -- Stock market performances: post bubble -- Conclusion -- 13 US stock markets -- Introduction -- From one bubble to another? -- What of currency instability? -- The liberation of Iraq -- Geopolitical forces -- Synchronization and integrated markets -- Why the US stock rally? -- The powerful policy stimulus -- The US economic recovery: where from here? -- Lessons from the movie: Wall Street -- Conclusion -- Bibliography -- Index
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The effectiveness of monetary policy -- Target interest rates or monetary aggregates? -- Does money affect output? -- Channels of the monetary transmission mechanism -- Does money affect stock prices? -- Interest rates: how effective on output? -- Interest rates: what affect on stocks? -- Conclusion -- 9 Evaluating the Greenspan years: 1987-2004? -- Introduction -- Greenspan's background -- Greenspan's economic philosophy -- Greenspan and the markets -- Sifting wheat from the chaff -- Power to move the economy? -- Mistakes in the Greenspan era? -- Greenspan's two flagships -- Flexibility: Greenspan's hallmark -- Conclusion -- 10 The great asset price bubble of 1929 -- Introduction -- Seeds of the bust in the 1920s -- Damage to the real economy -- Causes of the 1929 crash and depression -- The Keynesian view -- The Galbraith-Kindleberger view -- The monetarist view -- Financial sector disintermediation and balance sheets -- Goods price deflation -- Asset price deflation -- What were the triggers? -- What lessons have we learnt? -- Could history repeat itself? -- Conclusion -- 11 Lessons from Japan's financial crisis -- Introduction -- Japan's old growth strategy -- Weaknesses and seeds of destruction -- Macroeconomic challenges -- Policy levers -- Why the asset price bubble? -- Financial not economic constraints -- Japan's asset price bubble: liquidity roots? -- What of the export growth strategy? -- Monetary policy failure -- Monetary transmission mechanism: clogged pipes? -- Fiscal policy failure -- Krugman's insight -- Japan's policy response: why so ineffective? -- Lessons from Japan's financial crisis -- A multi-pronged approach to recovery -- Flow on effects from Krugman's solution -- An appropriate policy response -- Lessons from Japan's stagnation -- Conclusion -- 12 The Asian bubble and crisis -- Introduction -- Some commonalities
Additional Edition:
Print version Western, David L. Booms, Bubbles and Busts in US Stock Markets Oxford : Taylor & Francis Group,c2004 ISBN 9780415369688
Language:
English
Keywords:
Electronic books
URL:
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