打字猴:1.703431033e+09
1703431033 [17]Yuliya Demyanyk and Otto Van Hemert,“Understanding the Subprime Mortgage Crisis,” Review of Financial Studies 24 （2011）:1848-80.
1703431034
1703431035 [18]这个估计数是基于ABX指数，它跟踪MBS的价值，这些住房抵押贷款是2007年发放的。
1703431036
1703431037 第8章
1703431038
1703431039 [1]Daniel Altman,“Charles P.Kindleberger,92,Global Economist,Is Dead,” New York Times,July 9,2003.
1703431040
1703431041 [2]Robert Solow,foreword to Manias,Panics,and Crashes:A History of Financial Crises,5th ed.,by Charles Kindleberger and Robert Aliber （Hoboken,NJ:John Wiley & Sons,2005）.
1703431042
1703431043 [3]Vernon Smith,Gerry Suchanek,and Arlington Williams,“Bubbles,Crashes and Endogenous Expectations in Experimental Spot Asset Markets,” Econometrica 56（1988）:1119-51.
1703431044
1703431045 [4]Robert Shiller,“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” American Economic Review 71 （1981）:421-36.
1703431046
1703431047 [5]Jeffrey Pontiff ,“Excess Volatility and ClosedEnd Funds,” American Economic Review 87 （1997）:155-69.
1703431048
1703431049 [6]David Porter and Vernon Smith,“Stock Market Bubbles in the Laboratory,”Journal of Behavioral Finance 4 （2003）:7-20.
1703431050
1703431051 [7]参见下列研究的模型，它们描述了这一逻辑：Michael Harrison and David Kreps,“Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations,” Quarterly Journal of Economics 92 （1978）:323-36; Jose Scheinkman and Wei Xiong,“Overconfidence and Speculative Bubbles,” Journal of Political Economy 111 （2003）:1183-219; and Dilip Abreu and Markus Brunnermeier,“Bubbles and Crashes,” Econometrica 71 （2003）:173-204。
1703431052
1703431053 [8]下面的讨论主要受到以下文章的启发：John Geanakoplos,“The Leverage Cycle,” in NBER Macroeconomic Annual 2009,vol.24,ed.Daron Acemoglu,Kenneth Rogoff,and Michael Woodford （Chicago:University of Chicago Press,2010）,1-65。
1703431054
1703431055 [9]可以通过以下公式确认：100 × ＄125,000 = ＄12.5百万。
1703431056
1703431057 [10]See,for example, Edward Glaeser,Joshua Gottlieb,and Joseph Gyourko,“Can Cheap Credit Explain the Housing Boom?” （working paper no.16230,NBER,July 2010）.
1703431058
1703431059 [11]Nicola Gennaioli,Andrei Shleifer,and Robert Vishny,“Neglected Risks,Financial Innovation,and Financial Fragility,” Journal of Financial Economics 104 （2012）:452-68.
1703431060
1703431061 [12]Solow,foreword to Manias,Panics and Crashes.
1703431062
1703431063 [13]Jon Hilsenrath,“A 91YearOld Who Foresaw Selloff is ‘Dubious’ of StockMarket Rally,” Wall Street Journal,July 25,2002.
1703431064
1703431065 第9章
1703431066
1703431067 [1]Euronews,“Spain’s Unforgiving Eviction Law,” December 11,2012; Suzanne Daley,“In Spain,Homes Are Taken but Debt Stays,” New York Times,October 27,2010.
1703431068
1703431069 [2]Gabriele Steinhauser and Matthew Dalton,“Lingering Bad Debts Stifl e Europe Recovery,” Wall Street Journal,January 31,2013.
1703431070
1703431071 [3]Daley,“In Spain,Homes.”
1703431072
1703431073 [4]Matt Moff ett and Christopher Bjork,“Wave of Evictions Spurs Sympathy in Spain,” Wall Street Journal,December 11,2012.
1703431074
1703431075 [5]Ilan Brat and Gabrielle Steinhauser,“EU Court Rules against Spanish Mortgage Laws,” Wall Street Journal,March 14,2013.
1703431076
1703431077 [6]Wall Street Journal,“Spanish Mortgage Misery,” March 21,2013.
1703431078
1703431079 [7]Sharon Smyth and Angeline Benoit,“PP Aims to Change Spanish Mortgage Law within Two Months,” Bloomberg,March 27,2013.
1703431080
1703431081 [8]Daley,“In Spain,Homes.”
1703431082
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