{"id":113390,"date":"2024-01-22T18:32:17","date_gmt":"2024-01-22T17:32:17","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/113390\/"},"modified":"2024-11-07T04:12:44","modified_gmt":"2024-11-07T03:12:44","slug":"finanzmarktkrise-als-phaenomen-des-ueberschiessens-auf-den-aktienmaerkten-eine-theoretische-analyse","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/113390\/","title":{"rendered":"The Financial Crisis as a Stock Market Overshooting Phenomenon: A Theoretical Analysis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-113390","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Inspired by Dornbusch's model of exchange rate overshooting we develop a theory of stock market behaviour. The idea is that stock prices overshoot and undershoot their long-run equilibrium values which are determined by the development in the real economy. The overshooting is triggered primarily by a loose monetary policy. The simple macro model consists of three markets \u2013 the money market, the stock market and the goods market \u2013 interacting at different speeds of adjustment. The goods market slowly adjusts relative to the money and the stock market. This model can explain some of the major features of the global financial crisis, having its origin in the loose monetary policy in the USA. The three-market model could also help to understand the emergence and consequences of the subprime crisis in the US housing market. Due to the globalised financial investment business the US crisis spread across the whole world, especially Europe and Asia.","onlinedate":"2009-12-21 01:00:00","lang":"German","publication_series":"","publication_date":"20091201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Finanzmarktkrise Overshooting\"]","jelcodes":"[]","related_publications":"[]","pdf":335592,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"82","monthly_report_pages":"933-941","monthly_report_pages_sort":"933","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span> (2009). <span>Finanzmarktkrise als Ph\u00e4nomen des \u00dcberschie\u00dfens auf den Aktienm\u00e4rkten. Eine theoretische Analyse<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>82<\\\/em>(12), 933-941. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37844\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37844<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span>. <span class=\\\"title\\\"><span>Finanzmarktkrise als Ph\u00e4nomen des \u00dcberschie\u00dfens auf den Aktienm\u00e4rkten. Eine theoretische Analyse<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2009 Dec;82(12):933-941.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{4ea15f1dac0849709cf6b0f942d15cb8,<\\\/div><div>  title    = \\\"Finanzmarktkrise als Ph{\\\\\\\"a}nomen des {\\\\\\\"U}berschie{\\\\ss}ens auf den Aktienm{\\\\\\\"a}rkten. Eine theoretische Analyse\\\",<\\\/div><div>  abstract = \\\"Eine zu lockere Geldpolitik inspirierte (vor allem in den USA) Spekulationen auf dem Aktienmarkt; das Platzen der Blase hatte eine Wirtschaftskrise zur Folge. Diese Mechanismen werden in einem theoretischen Modell mit drei interagierenden M{\\\\\\\"a}rkten (Geld-, Aktien- und G{\\\\\\\"u}termarkt) erkl{\\\\\\\"a}rt.\\\",<\\\/div><div>  keywords = \\\"Finanzmarktkrise Overshooting, Finanzmarktkrise Overshooting\\\",<\\\/div><div>  author   = \\\"Fritz Breuss\\\",<\\\/div><div>  note     = \\\"Finanzmarktkrise theoretische Analyse\\\",<\\\/div><div>  year     = \\\"2009\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"82\\\",<\\\/div><div>  pages    = \\\"933--941\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Finanzmarktkrise als Ph\u00e4nomen des \u00dcberschie\u00dfens auf den Aktienm\u00e4rkten. Eine theoretische Analyse<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>N1  - Finanzmarktkrise theoretische Analyse<\\\/p><p>PY  - 2009\\\/12<\\\/p><p>Y1  - 2009\\\/12<\\\/p><p>N2  - Eine zu lockere Geldpolitik inspirierte (vor allem in den USA) Spekulationen auf dem Aktienmarkt; das Platzen der Blase hatte eine Wirtschaftskrise zur Folge. Diese Mechanismen werden in einem theoretischen Modell mit drei interagierenden M\u00e4rkten (Geld-, Aktien- und G\u00fctermarkt) erkl\u00e4rt.<\\\/p><p>AB  - Eine zu lockere Geldpolitik inspirierte (vor allem in den USA) Spekulationen auf dem Aktienmarkt; das Platzen der Blase hatte eine Wirtschaftskrise zur Folge. Diese Mechanismen werden in einem theoretischen Modell mit drei interagierenden M\u00e4rkten (Geld-, Aktien- und G\u00fctermarkt) erkl\u00e4rt.<\\\/p><p>KW  - Finanzmarktkrise Overshooting<\\\/p><p>KW  - Finanzmarktkrise Overshooting<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 82<\\\/p><p>SP  - 933<\\\/p><p>EP  - 941<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Financial Crisis as a Stock Market Overshooting Phenomenon: A Theoretical Analysis - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/113390\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Financial Crisis as a Stock Market Overshooting Phenomenon: A Theoretical Analysis\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/113390\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:12:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113390\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113390\\\/\",\"name\":\"The Financial Crisis as a Stock Market Overshooting Phenomenon: A Theoretical Analysis - 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