Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/59512 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorHoffmann, Andreasen
dc.contributor.authorUrbansky, Björnen
dc.date.accessioned2012-06-18-
dc.date.accessioned2012-06-28T10:35:16Z-
dc.date.available2012-06-28T10:35:16Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/59512-
dc.description.abstractThe paper describes boom-and-bust cycles within Hayek's framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in an economy. Such displacements can be endogenous (e.g. innovations) or exogenous (e.g. policy alteration). A cycle can be triggered if the displacement signals high short-run profit opportunities but agents lack an understanding of the long-run impact of the displacement and cannot form coherent expectations. The application of the framework aims at making sense of recurring financial crises since the break-down of the Bretton Woods System. First, we argue that the newly emerging international financial architecture has made the financial system more elastic. Second, we show how large exogenous displacements such as capital account liberalization inititated boom-and-bust cycles in developing countries. And third, we argue that the competitive market system themselves brought about many innovations that endogenously amplified the latest US boom-and-bust cycle and increased the crisis potential.en
dc.language.isoengen
dc.publisher|aUniversität Leipzig, Wirtschaftswissenschaftliche Fakultät |cLeipzigen
dc.relation.ispartofseries|aWorking Paper |x108en
dc.subject.jelE32en
dc.subject.jelB5en
dc.subject.ddc330en
dc.subject.keywordHayeken
dc.subject.keywordorderen
dc.subject.keyworddisplacementen
dc.subject.keywordfinancial crisesen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwKonjunkturen
dc.subject.stwWirtschaftsordnungen
dc.subject.stwMarktmechanismusen
dc.subject.stwEvolutionsökonomiken
dc.subject.stwTheorieen
dc.titleOrder, displacements and recurring financial crises-
dc.typeWorking Paperen
dc.identifier.ppn717858707en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:leiwps:108en

Datei(en):
Datei
Größe
248.24 kB





Publikationen in EconStor sind urheberrechtlich geschützt.