Bubbles and How to Survive Them / First Stocks. Now House Prices

Calverley, John P. / chief economist & strategist of American Express Bank

ISBN 10: 1857883489 / ISBN 13: 9781857883480

Edité par Nicholas Brealey Publishing, London - Boston, 2004

"First published by Nicholas Brealey Publishing in 2004." Boards resist opening past 50 degrees. Thus "as new unread," though both top board corners have been banged. "Calverley investigates why bubbles occur, focussing" (sic) "on the interaction between interest rate policy and the psychology and investor behavior. . . . Controversially, the book argues that we can identify bubbles as they emerge based on market valuations and a checklist of other factors. Armed with this knowledge there are ways to prevent bubbles inflating too far by designing 'speed limits' on bank lending" . . . presumably allowing regulators to cool Goldilocks' porridge till it's "just right." Book leads off with eight quotes in "praise" of this opus, the first from Sir Andrew Crockett, president, J.P. Morgan Chase International and former general manager, Bank of International Settlements, 1999-2003, who acknowledges that "Not everyone will agree with all aspects of his diagnosis and prescription." Totals 220 pp. including index. Reduced from $32. N° de réf. du vendeur 004128

Synopsis :

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. Since 1991 Japanese land prices have fallen 90 per cent. In a readable, non-technical guide the author explores the implications (e.g. bad for real assets, possibly good for some financial assets) and the solutions for individuals, companies and central banks now that asset prices dominate the economic system. Underlying all of this is the question of where asset prices should be, for example what is the "right" price earnings ratio for stocks or house prices? This is a highly controversial area but the author argues, if there are not exact levels, there are ranges or averages for these assets in which individuals can invest accordingly.

À propos de l?auteur: John P. Calverley is Chief Economist and Strategist at American Express Bank. Based in London he is responsible for the Global Economics Unit's economic and investment research capability, advising management and clients.



He edits the Bank's suite of publications on economic and market trends, Economics for Investment. He is the author of numerous articles on international economic issues and several books.

Détails bibliographiques

Titre : Bubbles and How to Survive Them / First ...
Éditeur : Nicholas Brealey Publishing, London - Boston
Date d'édition : 2004
Reliure : Hardcover
Etat : As New
Etat de la jaquette : Very Good
Edition : 1st Edition