Asset prices and the real economy
By: edited by Forrest Capie and Geoffrey E. Wood.
Contributors: Capie, Forrest, 1940-; Wood, Geoffrey E. 1945-; City University. Centre for Banking and International Finance.
Series: Studies in banking and international finance
Publisher: Macmillan
Published: 1997
Place of publication: Basingstoke
Language: eng
Number of pages: 286
Subjects: Securities -- Prices.; Negotiable instruments -- Prices.; Real property -- Prices.
Description: The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession, and as a result of the behaviour of asset prices attention was turned to debt-deflation theories associated in different forms with John Maynard Keynes and Irving Fisher.

The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy-makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.
Notes: Includes index.

Published in association with Centre for Banking and International Finance, City University, London.