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Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

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Chapter 18

Bubbles, Financial Crises, and Systemic Risk *

Markus K. Brunnermeiera and Martin Oehmkeb

aDepartment of Economics, Princeton University, Bendheim Center for Finance, 26 Prospect Avenue, Princeton, NJ 08540, USA

bColumbia Business School, 420 Uris Hall, 3022 Broadway, New York, NY 10027, USA, markus@princeton.edu

Abstract

This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and systemic risk, with particular emphasis on amplification ...

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