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 ClosedEnd 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 91YearOld Who Foresaw Selloff is ‘Dubious’ of StockMarket 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
1703431083
[9]Raphael Minder,“Bailout in Spain Leaves Taxpayers Liable for Cost,” New York Times,June 12,2012.
1703431084
1703431085
[10]“Robert Reich,” Daily Show with Jon Stewart,Comedy Central,October 16,2008.
1703431086
1703431087
[11]Stephen G.Cecchetti,“Crisis and Responses
:The Federal Reserve in the Early Stages of the Financial Crisis,” Journal of Economic Perspectives 23,no.1 (2009).
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1703431089
[12]Pietro Veronesi and Luigi Zingales,“Paulson’s Gift ,” Journal of Financial Economics 97 (2010)
:339-68.
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