Arbeitspapier
Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets: an overinvestment view
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized countries has contributed to overinvestment cycles in Japan, East Asia, the new markets in the industrial countries and many emerging market economies. Expansionary monetary policies in response to the burst of bubbles are argued to have contributed to vagabonding bubbles around the globe.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 2100
- Classification
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Wirtschaft
Current Heterodox Approaches: Austrian
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Monetary Policy
- Subject
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Vermögen
Bubbles
Gesamtwirtschaftliche Liquidität
Internationale Kapitalmobilität
Konjunkturtheorie
Finanzmarktkrise
Aufstrebende Märkte
Welt
- Event
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Geistige Schöpfung
- (who)
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Schnabl, Gunther
Hoffmann, Andreas
- Event
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Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
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Munich
- (when)
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2007
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schnabl, Gunther
- Hoffmann, Andreas
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2007
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