Bubble occurrence and landing

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2023-12-15 DOI:10.1016/j.jfs.2023.101210

Junmin Wan

引用次数: 0

Abstract

First, a rational bubble with a stochastic crash is modelled under conditions of timelessness (or strictly a zero interest rate) and an infinite number of investors. The necessary and sufficient conditions for this bubble are a strictly positive bubble premium and a sufficient number of investors. Second, it is shown that a rational bubble occurs under a strictly negative interest rate. Finally, whether bubbles can be prevented or landed is discussed.

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气泡发生和着陆

首先，在无时间性（或严格意义上的零利率）和投资者数量无限的条件下，模拟了一个随机崩溃的理性泡沫。这种泡沫的必要条件和充分条件是严格的正泡沫溢价和足够数量的投资者。其次，证明了在严格的负利率条件下会出现理性泡沫。最后，讨论了泡沫是否可以预防或消除。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.