Macroeconomic Challenges

Dimitris N. Chorafas
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Dimitris N. Chorafas: New York Academy of Sciences

Chapter 2 in Capitalism Without Capital, 2009, pp 25-45 from Palgrave Macmillan

Abstract: Abstract There is a common thread in practically all financial crises, and this is irrational exuberance. Even if in 2003–6 interest rates were at rock bottom, it was irrational to believe that house prices would continue going up. In the end homeowners and investors turned themselves into speculators, betting against not only economic theory but also the evidence from past booms and dooms.

Keywords: Interest Rate; Gross Domestic Product; Central Bank; House Price; Banking System (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-25102-1_2

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DOI: 10.1057/9780230251021_2

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