In both the industrialized and developing worlds, a distinctive feature                  of the last two decades has been prolonged buildups and sharp collapses in asset                  markets such as stock, housing, and exchange markets. The volatility has sparked                  intense debate in academic and policy circles over the appropriate monetary and                  regulatory response to dramatic market shifts.This book examines asset price bubbles                  to further our understanding of the causes and implications of financial                  instability, focusing on the potential of central banks and regulatory agencies to                  prevent it. The book grew out of a conference jointly sponsored by the Federal                  Reserve Bank of Chicago and the World Bank Group in April 2002.

Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies PDF

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