附註:Includes bibliographical references (pages 203-214) and index.
An anatomy of bubbles -- The great depression -- Japan and the specter of deflation -- The Greenspan bubble and reflation -- The worldwide boom -- Britain nears the top -- A US bubble? -- Household debt and monetary policy -- The pathology of bubbles -- Valuing markets sensibly -- New policy approaches -- Strategies for investors -- Final thoughts : living with bubbles.
摘要:We now live in an "asset-backed economy". Our spending decisions are dependent on asset values like house and share prices. In turn these are inextricably linked to burgeoning debt. But asset prices are now subject to fiercely volatile boom and bust cycles, which threaten serious recession, thus putting more downward pressure on prices and more damage to the financial system, leading to the danger of deflation.
