By Garett Jones
Why do banks cave in? Are monetary structures extra fragile in fresh a long time? Can rules to mend the banking approach do extra damage than sturdy? what is the historical past of banking crises? With dozens of short, non-technical articles via economists and different researchers, Banking Crises deals solutions from assorted scholarly viewpoints.
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And Dybvig, P. 1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401–19. Diamond, D. and Rajan, R. 2001. Liquidity risk, liquidity creation and financial fragility: a theory of banking. Journal of Political Economy 109, 287–327. Fama, E. 1980. Banking in the theory of finance. Journal of Monetary Economics 6, 39–57. Fama, E. 1985. What’s different about banks? Journal of Monetary Economics 15, 29–34. Focarelli, D. and Panetta, F. 2003. Are mergers beneficial to consumers?
The price–concentration relationship in banking. Review of Economics and Statistics 71, 291–9. , Kashyap, A. and Scalise, J. 1995. The transformation of the US banking industry: what a long trip it’s been. Brookings Papers on Economic Activity 1995(2), 55–201. , Scalise, J. and Udell, G. 1998. The effects of bank mergers and acquisitions on small business lending. Journal of Financial Economics 50, 187–229. Boot, A. and Thakor, A. 2000. Can relationship banking survive competition? Journal of Finance 55, 679–713.
Furthermore, the expected discounted value of future dividends is vt ¼ ðϕ=ð1 þ r À ϕÞÞdt . Hence, under the null-hypothesis of no bubble, that is pt = vt, the coefficient estimate of the regression of pt on dt provides a second estimate of ϕ=ð1 þ r À ϕÞ. In a final step, West uses a Hausman specification test to test whether both estimates coincide. He finds that the US stock market data usually reject the null hypothesis of no bubble. bubbles 31 Excessive volatility in the stock market seems to provide further evidence in favour of stock market bubbles.