Market Crashes Without External Shocks

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Preprint 01 Jan 1997 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Sergiu Hart; Yair Tauman;

doi: 10.2139/ssrn.15115 , 10.1086/379859

Market Crashes Without External Shocks

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Abstract

It is shown that market crashes and bubbles can arise without external shocks. Sudden changes in behavior coming after a long period of stationarity may be the result of endogenous information processing. Except for the daily observation of the market, there is no new information, no communication, and no coordination among the participants.

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Keywords

jel: jel:C70, jel: jel:D82, jel: jel:D83, jel: jel:G10

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