FAMOUS FIRST BUBBLES
Details
The jargon of economics and finance contains numerous colorful terms formarket-asset prices at odds with any reasonable economic explanation. Examplesinclude "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash,""herding," and "irrational exuberance." Although such a term suggests that an eventis inexplicably crowd-driven, what it really means, claims Peter Garber, is that wehave grasped a near-empty explanation rather than expend the effort to understandthe event.In this book Garber offers market-fundamental explanations for the threemost famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble(1719-1720), and the closely connected South Sea Bubble (1720). He focuses mostclosely on the Tulipmania because it is the event that most modern observers view asclearly crazy. Comparing the pattern of price declines for initially rareeighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that theextremely high prices for rare bulbs and their rapid decline reflects normal pricingbehavior. In the cases of the Mississippi and South Sea Bubbles, he describes theasset markets and financial manipulations involved in these episodes and casts themas market fundamentals.
| Author: | GARBER P |
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| ISBN-13: | 9780262571531 |
| ISBN-10: | 9780262571531 |
| Publisher: | TRILITERAL LLC USA - DIST BY IPS |
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