Description

How beliefs shape financial markets and expose the economy to major risks

The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Nicola Gennaioli and Andrei Shleifer walk readers through the unraveling of Lehman and the ensuing meltdown of the US financial system, and present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A Crisis of Beliefs is a must-read for anyone seeking to navigate today's unpredictable financial waters.

A Crisis of Beliefs: Investor Psychology and Financial Fragility

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Paperback / softback by Nicola Gennaioli , Andrei Shleifer

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How beliefs shape financial markets and expose the economy to major risksThe collapse of Lehman Brothers in September 2008 caught... Read more

    Publisher: Princeton University Press
    Publication Date: 10/03/2020
    ISBN13: 9780691202235, 978-0691202235
    ISBN10: 0691202230

    Number of Pages: 264

    Non Fiction , Business, Finance & Law

    Description

    How beliefs shape financial markets and expose the economy to major risks

    The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Nicola Gennaioli and Andrei Shleifer walk readers through the unraveling of Lehman and the ensuing meltdown of the US financial system, and present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A Crisis of Beliefs is a must-read for anyone seeking to navigate today's unpredictable financial waters.

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