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- Product code: 19723
- ISBN: 1857883489,
ISBN13: 9781857883480,
238 pages, hardback
Published by Nicholas Brealey Publishing on 2004
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Description of Bubbles and How to Survive Them |
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.
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Contents of Bubbles and How to Survive Them |
Part I: Bubble and Bust
1. An Anatomy of Bubbles
2. The Great Depression
3. Japan and the Specter of Deflation
4. The Greenspan Bubble and Reflation
Part II: Housing: The Next Crash?
5. The Worldwide Boom
6. Britain Nears the Top
7. A US Bubble
8. Household Debt and Monetary Policy
Part III: Origins and Solutions
9. The Pathology of Bubbles
10. Valuing Markets Sensibly
11. New Policy Approaches
12. Strategies for Investors
Final Thoughts: Living with Bubbles
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About John Calverley |
John Calverley is the Chief Economist and Strategist at American Express Bank and edits its publication Economics for Investment. He is a well known commentator and appears frequently on CNN, CNBC, BBC and other TV stations as well as having his own column in Singapore Smart Investor monthly. He is Deputy Chairman of The Society of Business Economists. His previous books include The Pocket Guide to Economics for the Global Investor and The Investors Guide to Economic Fundamentals (Wiley 2003).
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