Stock Market, Speculative Bubbles, and Economic Growth

Author: M. Benstein (Switzerland), translated by Zhang Jiansen
Translator: Zhang Jiansen
Publisher:
Publish Date: 2003-08-01
Features: Research on bubbles, whether theoretical or empirical, finds it difficult to make new contributions based on this book. From classical economics, neoclassical economics, Keynesian economics, rational expectations theory, monetarist methods, and various empirical tests, this book provides a comprehensive study of analyzing speculative bubbles. It holds significant importance for academic research in financial economics and the development of financial markets. The book is divided into four parts. Part I focuses on discussing some of the recently emerging important issues regarding the role of money and finance in the economic process. It offers an alternative perspective on the interaction between the real economy and the financial sector, while also addressing new institutional changes in the economy, particularly in the financial system. Part II analyzes speculative bubbles and, especially, speculative bubbles in the stock market, providing several models on the conditions under which bubbles can persist and how they develop. Part III presents empirical conclusions on the recent development of the U.S. economy. Part IV integrates different sections of the book to interpret recent economic developments.