Asset prices and the real economy
by Forrest Capie and Geoffrey E. Wood
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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.
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Edition Notes
Includes index.
Published in association with Centre for Banking and International Finance, City University, London.
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| August 6, 2024 | Edited by MARC Bot | import existing book |
| September 3, 2022 | Edited by ImportBot | import existing book |
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