NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Bubbles, Financial Crises, and Systemic Risk

Markus K. Brunnermeier, Martin Oehmke

NBER Working Paper No. 18398
Issued in September 2012
NBER Program(s):Asset Pricing, Corporate Finance, Monetary Economics

This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and systemic risk, with particular emphasis on amplification and propagation mechanisms during financial crises, and the measurement of systemic risk. Finally, we point toward some questions for future research.

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Document Object Identifier (DOI): 10.3386/w18398

Published: Handbook of the Economics of Finance Volume 2, Part B, 2013, Pages 1221–1288 Cover image Chapter 18 – Bubbles, Financial Crises, and Systemic Risk * Markus K. Brunnermeiera, , Martin Oehmkeb,

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