... In recent decades, most of the economies in the world have been impacted by the presence of speculative bubbles in asset prices, to name some cases: the “kamikaze” bubble generated in the real estate sector in Japan ...
... that markets are effectively complete, departing from this setup by introducing household heterogeneity and in- complete financialmarkets involves addresing an important issue: as long as there are ...
... the financialmarkets, the Board of the Central Bank has imposed a period of silence on itself covering the days before meetings and the release of the ...
... both markets were in‡uenced by the same ...the markets. Then the next regime 09.2008-11.2008 occurs in both markets, as after the collapse of Lehman Brothers the panic spread to all the ...
... This final degree dissertation pretends to compare the optimal portfolios obtained applying two different approaches. On the one hand, the approach suggested by Markowitz (1952), according to which the risk measure ...
... financial markets, there are several lines of research [4, 5]: from computational agent-based models aiming to better understand phe- nomena such as herding behavior [6–9] to pure empirical analysis on investor’s ...
... when financial relationships become anonymous and are self-referential, based on the “market’s” movements, the crisis easily becomes ...our financial decisions to the short term, we need to ...savings; ...
... the financial crisis ...the financial system and that the provisions for providing public back up as well as resolution mechanisms can in fact amplify the problems related to market failures (moral hazard ...
... the financial crises of the late 1990s the regulatory infrastructure shifted towards a disclosure based system (SecuritiesCommision, 2009) That is, regulators no longer focused on the investment merits of ...
... protecting oneself from the imminent stock-price corrections. While the investor sentiment literature discusses how investors and investment firms exhibit herd-like behavior (and try to “find the greater fool”) ...
... the financial systems to allocate efficiently a strong injection of ...the financialmarkets give rise to a natural tendency for capital flows to induce major ...of financial and real assets, ...
... that markets are complete, and argue that, if financialmarkets are sufficiently incomplete, equilibrium trade generically exists, even when individual beliefs disagree on the null ...
... in financialmarkets over the last three ...manage financial assets in excess of US$ 45 trillion (IMF, ...regional markets with the exception of Brazil where the mutual fund industry is one of ...
... which financialmarkets ...these markets, their protracted segmentation and their failure to allocate credit for the most productive uses point to the existence of intrinsic “market failures” which ...
... agent-based financial mod- els is the herding mechanism proposed by Kirman (1991, 1993), which is based on a competition between pairwise copying interactions (herding behavior) and random changes of state ...
... when financial crisis hit Mexico in December 1994, the IMF (not to mention Wall Street, the media, and most academic analysts) was, to put it mildly, caught ...billion financial package that the IMF ...
... of financialmarkets gave rise to a natural tendency for capital flows to induce major ...of financial and real assets, such as land and real ...expansionary financial effects in domestic ...
... a financial crisis and later crossed over into the real ...energy, financial services and insurance sectors, saw a reduction in its informational ...the financial crisis, which is very useful for ...
... the financial leverage (indebtedness), the profitability, the degree of internationalisation, the existence of barriers to entry and, finally, the main economic activity ...different markets other than the ...
... Allen and Gale (1999, 2000) created a model to address the normative issue of whether financial markets or intermediaries like banks are better at financing projects where there is diversity of opinion, as in the ...