Money, credit and asset prices
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書誌事項
Money, credit and asset prices
Macmillan Press , St. Martin's Press, 1994
- : uk
- : us
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注記
Includes bibliographical references and indexes
内容説明・目次
内容説明
According to mainstream economic theory, the prices of individual stocks respond rationally to unexpected news. However, real market movements appear to respond to news in more complex and sometimes perverse ways, overshooting or not reacting at all. Professor Pepper puts forward a new theory based on the analysis of the supply of and demand for investible funds. He shows that price movements are governed not by news but by financial requirements of investors, requirements which therefore become a powerful forecasting tool.
目次
- Part 1 Flows of funds: "flows of funds" versus "real factors"
- unexpected news or financial flows
- institutional flow of funds
- personal transactions for non-investment reasons
- inertia
- savings imbalances and the business cycle
- shifts in the savings demand for money
- supply and demand for credit in the US
- sectoral flows of funds
- the globalization of markets. Part 2 Some historical evidence: the 1950s and 1960s - actuarial paper
- the 1970s - the rational expectations hypothesis at work
- the 1980s - the 1987 stock market crash
- the 1920s and 1930s - The Brady Report. Part 3 Relevant papers: financial disequilibrium
- monitoring the money supply and distortions to monetary data
- capital flows and exchange rates - some implications
- regulation of stock markets.
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