Jorda, Oscar
[VerfasserIn]
;
Schularick, Moritz
[Sonstige Person, Familie und Körperschaft];
Taylor, Alan M.
[Sonstige Person, Familie und Körperschaft]
Erschienen in:CESifo Working Paper Series ; No. 5489
Umfang:
1 Online-Ressource (36 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2663964
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 22, 2015 erstellt
Beschreibung:
What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit booms, asset price bubbles increase financial crisis risks; upon collapse they tend to be followed by deeper recessions and slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon