Asset prices and the real economy / edited by Forrest Capie and Geoffrey E. Wood.

New York : St. Martin's Press, 1997.
xi, 286 pages : illustrations ; 23 cm.


Studies in banking and international finance. [More in this series]
Summary note
  • The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession, and as a result of the behaviour of asset prices attention was turned to debt-deflation theories associated in different forms with John Maynard Keynes and Irving Fisher.
  • The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy-makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.
"In association with Centre for Banking and International Finance, City University, London."
Bibliographic references
Includes bibliographical references and index.
  • Opening Remarks / Gordon Pepper
  • Introduction: Asset Prices and the Real Economy / Forrest Capie and Geoffrey E. Wood
  • 1. The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985-93 / Lars Jonung and Joakim Stymne
  • Comment / Andrew Bain
  • Comment / Patrick Foley
  • 2. Debt-Deflation and Financial Instability: Two Historical Explorations / Barry Eichengreen and Richard S. Grossman
  • Comment / Nick Crafts
  • Comment / Anna J. Schwart
  • 3. Credit Crunch: A British Perspective / Leigh Drake and David T. Llewellyn
  • Comment / Roger Bootle
  • Comment / Alan Budd
  • 4. Leverage as a State Variable for Employment, Inventory Accumulation and Fixed Investment / Charles W. Calomiris, Athanasios Orphanides and Steven A. Sharpe
  • Comment / Leslie Hannah
  • Comment / Terence C. Mills
  • 5. Debt-Deflation: Theory and Evidence / Mervyn King
  • Comment / Allan H. Meltzer
  • Comment / Geoffrey E. Wood
  • 6. Debt-Deflation in Japan / Kagehide Kaku --
  • Comment / Alan Davies
  • Comment / John Whittaker.
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