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Article

Предпосылки возникновения финансового пузыря

 

In this article the author analyses the characteristics of the economic assets the most suitable for financial bubbles appearance and the preconditions thereof. The best objects for bubble inflation are the investment assets with long life, rare and hard-to-value objects. The development of the bubbles is frequently based on the «new world» paradigm in its different varieties: the technological breakthrough, the development of geographical markets, the financial innovation, etc. The bubbles are promoted by favorable economic environment, new means of communication, social changes leading to the mass entry of new players in the financial markets, soft monetary policy, week investor’s budget constraint, and institutional architecture of financial markets favoring herd behavior.