Financial Market Bubbles and Crashes
"This book looks at bubbles more deeply than any other. Recommended for anyone who follows finance or is interested in the roots of the financial crisis." - Tyler Cowen, George Mason University"This outstanding book is an essential starting point for anyone seeking to understand the economics of bubbles as they exist in the real world." - Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management at Columbia Business School"Financial market bubbles and crashes have long been the pauper parent of financial economics. By proposing an inspiring conceptual foundation spanning academic financial economics, professional management, and elements of complexity theory, Harold Vogel is rising to the challenge. The book attacks arguably the most difficult and controversial open problem, namely the diagnostic of bubbles, by developing promising bubble strength indicators. I predict that this type of research is going to thrive in the future and will lead to profound reassessments of our understanding on the stability of financial markets and of systemic risks." - Didier Sornette, ETH Zurich, Director of the Financial Crisis Observatory, Member of the Swiss Finance Institute, Co-Founder of the Competence Center for Coping with Crises in Socio-Economic Systems"Hal Vogel's book is fascinating and useful. It is accessible to the interested layperson, and its first part provides a readable refresher course on finance and financial history for the specialist. The second part contains some novel empirical approaches and results that give much food for thought. Taken as a whole, the book is both educational and a pleasure to read." - Geoffrey E. Wood, Cass Business School, City University, UK"Harold L. Vogel's new book, Financial Market Bubbles and Crashes... is a well-researched exposition of academic theories of financial market bubbles.... His copious citations make the book a useful reference, especially if you are interested in quantitative aspects of financial market models." - The Elliott Wave Theorist"Vogel provides a thorough overview of the current state of what we know about financial bubbles and crashes. The book is scholarly in nature but not pedantic, making it accessible and informative to business economists." - Business Economics"[This] book is useful not only for trained economists but also for anyone seeking to understand the extreme events in finance and economics." - Zentralblatt MATH