Liquidity and asset prices a VECM approach /

The recent financial and economic crisis highlighted the importance to better understand the relationship between liquidity developments and asset price movements. Central banks with focus on inflation targeting allowed asset price inflation, following burst, with its devastating consequences for th...

Teljes leírás

Elmentve itt :
Bibliográfiai részletek
Szerző: Ács Attila
Dokumentumtípus: Könyv része
Megjelent: 2012
Sorozat:Crisis Aftermath: economic policy changes in the EU and its Member States : International Conference University of Szeged 8-9 March 2012 : conference Proceedings
Kulcsszavak:Gazdaságpolitika
Online Access:http://acta.bibl.u-szeged.hu/57479
Leíró adatok
Tartalmi kivonat:The recent financial and economic crisis highlighted the importance to better understand the relationship between liquidity developments and asset price movements. Central banks with focus on inflation targeting allowed asset price inflation, following burst, with its devastating consequences for the financial system and real economy. Equilibrium price should emanate from fundamentals. However liquidity conditions are part of fundamental variables and should be taken into consideration as explanatory variables in the process of asset pricing. Furthermore in many cases assets serve as collateral in refinancing which means that refinancing conditions influence values of pledged assets.
Terjedelem/Fizikai jellemzők:13-26
ISBN:978-963-306-159-6