Famous first bubbles : the fundamentals of early manias / Peter M. Garber.

The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "...

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Bibliographic Details
Main Author: Garber, Peter M.
Format: eBook
Language:English
Published: Cambridge, Mass. : MIT Press, ©2000.
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245 1 0 |a Famous first bubbles :  |b the fundamentals of early manias /  |c Peter M. Garber. 
260 |a Cambridge, Mass. :  |b MIT Press,  |c ©2000. 
300 |a 1 online resource (xi, 163 pages) :  |b illustrations, map 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
504 |a Includes bibliographical references (pages 149-153) and index. 
505 0 0 |t The Bubble Interpretation --  |t The Tulipmania Legend --  |t A Political and Economic Background --  |t The Traditional Image of Tulipmania --  |t Where Does the Tulipmania Legend Come From? --  |t Establishment Attitudes toward Futures Markets and Short Selling: The Source of the Pamphlets --  |t The Bubonic Plague --  |t The Broken Tulip --  |t The Bulb Market, 1634-1637 --  |t Some Characterization of the Data --  |t Post-Collapse Tulip Prices --  |t Bulb Prices in Later Centuries --  |t Was This Episode a "Tulipmania"? 
505 8 0 |t The Macro Bubbles A Preliminary View: The Mississippi and South Sea Bubbles --  |t John Law and the Fundamentals of the Mississippi and South Sea Bubbles --  |t John Law's Finance Operations --  |t A Rehash of Mississippi Market Fundamentals --  |t Law's Shadow: The South Sea Bubble --  |t South Sea Finance Operations --  |t Fundamentals of the South Sea Company --  |g Conclusion --  |g Appendix 1.  |t The Tulipmania in the Popular and Economics Literature --  |g Appendix 2.  |t The Seventeenth-Century Tulip Price Data --  |g Notes --  |g References --  |g Index 
520 |a The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event. In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals 
546 |a English. 
600 1 0 |a Law, John,  |d 1671-1729. 
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650 0 |a Tulip Mania, 1634-1637. 
650 0 |a South Sea Bubble, Great Britain, 1720. 
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