Title

Bubbles, Financial Crises, and Systemic Risk

Author(s)

Markus K. Brunnermeier Markus Brunnermeier (Princeton University)

Martin Oehmke Martin Oehmke (Columbia Business School)

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 literature 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.

Creation Date

2012-10

Section URL ID

ET

Paper Number

047_2012

URL

https://scholar.princeton.edu/sites/default/files/05c_Brunnermeier_Oehmke_Systemic_Risk_website_0.pdf

File Function

Jel

G00, G01, G20

Keyword(s)

Bubbles, Crashes, Financial Crises, Systemic Risk

Suppress

false

Series

10