Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/191896 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Economics Discussion Papers No. 2019-3
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
The authors analyze financial interactions between fundamentalists and chartists within a heterogeneous agent model, focusing on the role of fundamentalists stabilizing prices. In contrast to related studies, which are based on simulations and calculations, they analytically prove that the presence of fundamentalists is not sufficient to avoid asset price bubbles. The behavior of trend followers with bounded leverage can result in exploding prices irrespective of fundamentalists' investment decisions. They derive upper boundaries for positive feedback traders' initial investment necessary to avoid exploding prices. In order to stabilize stock/asset markets, intervention measures might be helpful.
Schlagwörter: 
heterogeneous agents
feedback trading
fundamentalists
chartists
trend followers
financial bubbles
financial crisis
JEL: 
D84
G01
G11
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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