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This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by irrational exuberance. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes’ Beauty Contest Theory.

AA / International- internationaal --- 333.481 --- Financial crises --- -332 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Mathematical models --- 332 --- Mathematical models. --- Economic theory & philosophy --- Monetary economics --- Financial crises. --- Business cycles. --- Economic cycles --- Economic fluctuations --- Cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Approach --- Beauty Contest Theory --- Cyclical --- Explaining --- Financial --- Financial Crises --- Financial Stability --- Long-Run Rationality --- Radke --- Theorie --- Währungskrise

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The first edition of Japanese financial markets established itself as a standard work on one of the most important financial centres in the world. Since then there have been substantial changes, most notably a serious financial crisis and major subsequent reforms of the financial system. Written by leading analysts from the prestigious Nomura Group, this authoritative second edition explains these changes and their consequences for the current structure and operation of the country's financial markets.The book is arranged in four main sections:Part one provides an overview of t

JP / Japan - Japon --- 333.600 --- 333.481 --- Financial institutions --- -Money market --- -Capital market --- -Finance --- -332.0952 --- Funding --- Funds --- Economics --- Currency question --- Capital markets --- Market, Capital --- Finance --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Money markets --- Money --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Capital market --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Monetaire crisissen, hervormingen, saneringen en stabilisering

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This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.

Deflation (Finance) --- Monetary policy --- Prices --- 338 <09> --- 336.748 --- AA / International- internationaal --- 333.842 --- 333.481 --- 332.41 --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Disinflation --- Finance --- Economische geschiedenis --- Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Deflatie. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- 336.748 Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- 338 <09> Economische geschiedenis --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Deflatie --- Business, Economy and Management --- Economics --- Monetary policy. --- Prices.

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Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.

AA / International- internationaal --- 333.481 --- 382.11 --- International finance --- -Financial crises --- -Monetary policy --- -International finance --- -332.042 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- International monetary system --- International money --- Finance --- International economic relations --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering. --- International finance. --- Monetary policy - Congresses. --- Financial crises --- Monetary policy --- Business & Economics --- International Finance --- Business, Economy and Management --- Economics --- 332.042 --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering

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Until very recently it was assumed that the Asian miracle of prodigious economic growth would continue indefinitely. Europe and America, it seemed, were being left behind. The recent financial crisis in Asia has now changed all that. François Godement provides a broad-ranging survey of the regions economies since 1993 and explains the main reasons behind the recent financial crisis. He also examines important factors such as demography, Asian values, crony capitalism, industrial groupings and the wane of political authority.The Asian miracle has not come to an end, but the author mak

Financial crises --- Capital market --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Asia --- Economic conditions --- Marché financier --- Asie --- Conditions économiques --- az 355.2 --- Azië --- economische politiek --- 331.30 --- 331.32 --- 333.481 --- ASI / Asia - Azië - Asie --- economische politiek - Azië --- Economische toestand --- Structuur van de economie --- Monetaire crisissen, hervormingen, saneringen en stabilisering