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Bubbles and How To Survive Them
by John Calverley
" First stock markets. Now home prices. Bubbles have moved to centre stage in the world economy over the last 20 years and may now be a greater threat to economic and financial stability than ordinary consumer price inflation. We now live in an "asset-backed economy". Our spending decisions are dependent on asset values like house and share prices. In turn these are inextricably linked to burgeoning debt. But asset prices are now subject to fiercely volatile boom and bust cycles, which threaten serious recession. Since 1991 Japanese land prices have fallen 90 per cent.

In a readable, non-technical guide the author explores the implications and the solutions for individuals, companies and central banks now that asset prices dominate the economic system. Underlying all of this is the question of where asset prices should be, for example what is the "right" price earnings ratio for stocks or house prices? This is a highly controversial area but the author argues, if there are not exact levels, there are ranges or averages for these assets in which individuals can invest accordingly."

John Calverley is Chief Economist and Strategist at American Express Bank and has been analysing and writing on economics and markets for more than 25 years.

Hardback, 2004, 220pages, very good condition

CONTENTS
Foreword ix
Preface xi
Introduction:Why Bubbles Matter 1
PART I BUBBLE AND BUST 9
1 An Anatomy of Bubbles 11
2 The Great Depression 26
3 Japan and the Specter of De -ation 42
4 The Greenspan Bubble and Re -ation 57
PART II HOUSING: THE NEXT CRASH? 71
5 The Worldwide Boom 73
6Britain Nears the Top 83
7A US Bubble?96
8 Household Debt and Monetary Policy 106
PART III ORIGINS AND SOLUTIONS 121
9 The Pathology of Bubbles 123
10 Valuing Markets Sensibly 137
11 New Policy Approaches 159
12 Strategies for Investors 181
Final Thoughts:Living with Bubbles 195
Notes 203
Index 215
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  • Seller location: North Shore, Auckland, NZ

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