Bubbles, Financial Crises, And Systemic Risk

Markus K. Brunnermeier, Martin Oehmke

Research output: Chapter in Book/Report/Conference proceedingChapter

171 Scopus citations

Abstract

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.

Original languageEnglish (US)
Title of host publicationHandbook of the Economics of Finance
PublisherElsevier B.V.
Pages1221-1288
Number of pages68
EditionPB
DOIs
StatePublished - 2013

Publication series

NameHandbook of the Economics of Finance
NumberPB
Volume2
ISSN (Print)1574-0102

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Bubbles
  • Crashes
  • Financial crises
  • G00
  • G01
  • G20
  • Systemic risk

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