"Bubbles, Financial Crises, and Systemic Risk"
Handbook of the Economics of Finance 2A
Editor(s): G. M. Constantinides, M. Harris and R. M. Stulz
© Elsevier, 2013
Publication type: Chapter
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.
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