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Գլխավոր էջ Արխիվ Մեր մասին Բաժանորդագրություն Գովազդ Կոնտակտներ
     
#7-8 (203-204) / -Հունվար 2017
 
Ara AVETISYAN
PRECONDITIONS FOR THE EMERGENCE OF ASSET PRICE BUBBLES AND THEIR INFLUENCE ON MACROECONOMIC ENVIRONMENT

Keywords: financial bubbles, financial instability, crisis, central bank, herd behavior, behavioral finance.
In financial markets the phenomenon called “bubble” occurs when the market stops adequately estimating asset prices. Bubbles greatly endanger financial stability in countries, and their maturation grows the negative impact on economy, which makes the identifying of bubbles an important problem for central banks. In this article the preconditions of bubble emergence and their impact on different economy sectors are introduced and also statistical tests for identifying bubbles are considered.Reference was made to real estate market bubbles, their peculiarities, and the above tests were used for identifying bubbles in stock market with the historical data of S&P500 stock market index, as well as in Yerevan real estate market.

PRECONDITIONS FOR THE EMERGENCE OF ASSET PRICE BUBBLES AND THEIR INFLUENCE ON MACROECONOMIC ENVIRONMENT  Բեռնել հոդվածը “PDF” ֆորմատով
 
     
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