ENGLISH

Hidden Collective Factors in Speculative Trading: A Study in Analytical Economics

By Bertrand M. Roehner (auth.)

Book information

Publisher
Springer-Verlag Berlin Heidelberg
Year
2009
ISBN
3642030475, 9783642030475, 9783642030482
DOI
10.1007/978-3-642-03048-2
LCC
HG4637 .R64 2009
Open Library ID
OL25000731M
Language
english
Format
PDF
Filesize
51 MB (53141425 bytes)
Edition
2
Pages
312\336
Topic
Economy
Time added
2011-06-04 13:46:07
Dynamical Systems and ComplexityFinance /Banking;Quantitative Finance;Combinatoric

Description

What are the roots of the present economic crisis? The book shows that the factors commonly mentioned (e. g. subprime loans, fall in housing prices) have occurred in the past and therefore cannot account for the severity of the present crisis. There must be "something else". The analysis shows that there was a "phase transition" in the United States around 1975 which brought the following changes: - The stagnation of real wages over the past 30 years and a parallel rise in indebtment levels. - The abrupt fall in unionization rates and in the number of strikes. - The development of tax havens which deprived states of tax revenue. - The globalization of financial transactions which hinders long-term investment.

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