Asset Market Hangovers and Economic Growth: The OECD during 1984-1993
Опубликовано на портале: 14-03-2005
Oxford Review of Economic Policy.
1997.
Vol. 13.
No. 3.
P. 110-134.
Тематический раздел:
Asses prices and investment were unusually weak throughout the industrial world during
the early 1990s. This paper highlights this stylized fact, and connects it with another:
in most of the industrial world, asset markets boomed for several years before collapsing
around 1989. The paper suggests that asset market bubbles during the late 1980s may
have left the industrial world with an 'asset market hangover' in the early 1990s,
in the form of sluggish asset markets and investment. Empirical support for this
hypothesis is provided based on cross-country data for equity and real estate markets
in most industrial countries. We suggest that financial market developments not justified
by fundamentals can substantially affect real activity.
Статья рекомендована при изучении программы Corporate Finance and Financial Crises (Allen F.)
Ключевые слова
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