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著者をフォロー

(John D.) J. D. Turner
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Boom and Bust ペーパーバック – 2021/10/21

英語版 William Quinn (著)
4.4 5つ星のうち4.4 500個の評価
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Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
商品の詳細の前のスライド
  1. 本の長さ
    376ページ
  2. 言語
    英語
  3. 出版社
    Cambridge University Press
  4. 発売日
    2021/10/21
  5. 寸法
    12.85 x 2.16 x 19.84 cm
  6. ISBN-10
    1108431658
  7. ISBN-13
    978-1108431651
  8. すべての詳細を表示
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商品の説明

レビュー

'Where do financial bubbles come from? Can – and should – policy makers always try to stop them? Can investors avoid them? Quinn and Turner take us on an informative, engaging tour of the last three hundred years of bubbles and, using history as their guide, provide intriguing answers.' Richard S. Grossman, author of WRONG: Nine Economic Policy Disasters and What We Can Learn from Them.

'Quinn and Turner argue that the essential elements of capital markets: money, credit and speculation are also the necessary ingredients of financial bubbles. Can we have one without the other?' William Goetzmann, author of Money Changes Everything: How Finance Made Civilization Possible

'Quinn and Turner have made a major contribution to the literature on financial speculation and the bubbles to which they contribute. Not only do they provide an analytical dissection of ten salient episodes over some 300 years, they embed these narratives in an explanatory framework – the 'bubble triangle' – that links the relative marketability of financial assets and the supply of credit to speculative excess. Thus, Boom and Bust shows how to mine history for meaning, with lessons relevant today for investors and policy-makers alike.' Bill Janeway, author of Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State

'For anyone interested in financial history, Boom and Bust is essential reading.' John Plender, Financial Times

'An action-packed romp through ten of the biggest bubbles and busts of the past three centuries … Some (most) finance books are arid and hard-going; this one I couldn't put down.' Alistair Haimes, The Critic

'A lovely book. It describes and draws lessons from ten financial manias, from the South Sea Bubble to 'Casino Capitalism with Chinese Characteristics'. It also explains bubbles with what the authors call 'the bubble triangle'. Its three sides consists of oxygen, which is the 'marketability' of assets, fuel, which is 'money and credit' and heat, which is 'speculation'. This combination recurs repeatedly and so do bubbles. Just like fires, financial manias and crashes are destructive, but they can also be useful, by clearing out dead wood.' Martin Wolf, Financial Times, Best Books of 2020

'A readable and impressively researched title to be enjoyed by the generalist or specialist.' Niall McGarrigle, Irish Times

'Written with exquisite concision and packing a wealth of detail and citation into each chapter, Boom and Bust is an instant classic.' Rebecca L. Spang, Times Literary Supplement

'This wonderful book is interesting, informative, and insightful … Highly recommended.' R. M. Whaples, Choice

著者について

William Quinn is a Lecturer in Finance at Queen's University Belfast, where he conducts research on market manipulation, stock markets and, above all, bubbles.

John D. Turner is a Professor of Finance and Financial History at Queen's University Belfast. He is a Fellow of the Academy of Social Sciences and an editor of The Economic History Review. His book Banking in Crisis (2014) won the Wadsworth Prize in 2015.

登録情報

  • 出版社 ‏ : ‎ Cambridge University Press; New版 (2021/10/21)
  • 発売日 ‏ : ‎ 2021/10/21
  • 言語 ‏ : ‎ 英語
  • ペーパーバック ‏ : ‎ 376ページ
  • ISBN-10 ‏ : ‎ 1108431658
  • ISBN-13 ‏ : ‎ 978-1108431651
  • 寸法 ‏ : ‎ 12.85 x 2.16 x 19.84 cm
  • カスタマーレビュー:
    4.4 5つ星のうち4.4 500個の評価

著者について

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(John D.) J. D. Turner

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上位レビュー、対象国： 日本

  • 多摩のOutlier
    5つ星のうち5.0 読み上げ機能が新しいFireタブレットでは作動せず参っています。
    2023年7月5日に日本でレビュー済み
    iPadPro13でもKindleの読み上げ機能が作動しません。旧来のファイアタブレットで読み上げ機能を利用しています。
    役に立った
     レポート
  • 神田界隈
    5つ星のうち3.0 A good try, but...
    2021年2月17日に日本でレビュー済み
    Amazonで購入
    The work is commendable for its global perspective, for example including the Japanese bubble of the late 20th century. It also has interesting information such as the insignificance of the Tulip Mania.

    The value of the book, however, stops there.

    Reading the chapter on the Japanese bubble, I was disturbed by a number of factual (often grave) errors. For example, the authors attribute the spectacular growth of the Japanese economy in the 1960’s to “specialist manufacturing skills” for “consumer goods,” which is a common misconception (1960’s Japan was a domestic investment-led growth story). Another example is the accusation that the Industrial Bank of Japan lent $2 billion to an owner of a restaurant chain “popular with gangsters” (the IBJ did not lend that much and restaurant was frequented by bankers).

    Furthermore, the authors’ grasp of modern financial technology is also rather shaky. One example here is their claim that mortgage backed securities makes houses tradable commodity (creates a wrong impression that one can obtain exposure to the real estate market by trading MBSs).

    These errors makes one suspect that there are other errors lurking, especially in the otherwise interesting chapter on China.

    Really a two-star book, but one extra for its attempt to create a global narrative.
    役に立った
     レポート
  • Amazon カスタマー
    5つ星のうち5.0 一般人の読者も専門家も楽しく読むことが出来る金融バブルについての本です
    2021年5月6日に日本でレビュー済み
    Amazonで購入
    金融バブルがどのようにして生ずるか？過去300年間の金融バブルについて論述しています。一般人の読者も
    専門家も楽しく読むことが出来る本です。
    役に立った
     レポート

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すべてのレビューを日本語に翻訳
  • Amazon Customer
    5つ星のうち5.0 Tales of Caution
    2024年9月13日にアメリカ合衆国でレビュー済み
    Amazonで購入
    Very well researched and easy to read with no technical jargons. I’m sold by the fact that the authors do not subscribe to the view that bubbles do not exist or can be identified ex ante as proponents of efficient market claim. The book attempts to show otherwise.
    レポート
  • Kathleen
    5つ星のうち5.0 A great read!
    2021年1月17日にカナダでレビュー済み
    Amazonで購入
    This book is kind of an abridged version of Devil Take the Hindmost framed through the author's theoretical framework on bubble formation (their triangle). For an academic book the writing is refreshingly concise and accessible. A worthwhile read for anyone interested in markets of any kind. I do hope they release a second edition to revisit Bitcoin once the dust settles.
    レポート
  • Amit
    5つ星のうち5.0 A combination of clarity and depth!
    2021年6月17日にインドでレビュー済み
    Amazonで購入
    Since I started my investment journey, the Great Crash of 1929 has been looming over my awareness, as something that I should know and understand as an investor. But without a background in financial knowledge, I always thought understanding it would be beyond me. This book, with its easily understandable framework, simple language and broad coverage of bubbles across time and space, has been enlightening, to say the least!

    Also, to me it subtly puts stocks into perspective, as an essential, but not the only ingredient, in an investment portfolio. A great read!
    レポート
  • Olivier
    5つ星のうち5.0 Can't wait for the revised edition adding the 2021 meme stonks mania
    2021年1月29日にドイツでレビュー済み
    Amazonで購入
    The book analyzed the major cases of bubbles through a simple yet elegant framework explained in the first chapter.

    The authors approach the topic with the rigor of their academic background - don't expect any sensationalist sentence - yet it is much easier and enjoyable to read than many similar books I came across thanks to the simple writing style, to each chapter being a single case and to the constant reference to the base framework.

    I definitely recommend this book if you want to learn more on the topic of financial bubbles and am curious to see if the meme stonks mania of 2021(-?) will make it into a revised edition of the book.
    レポート
  • Rw Lawson
    5つ星のうち5.0 Essential reading for central bankers and politicians
    2020年12月23日に英国でレビュー済み
    Amazonで購入
    Avoiding buying into the peak of booms and selling at the bottom of a bust is one of key skills of any investor. But what causes them? This book attempts to answer that question by a close analysis of historical market manias.

    I found it a rather slow read to begin with but it proved to be a very thorough and interesting review of the subject. It covers bubbles through the ages such as the Mississippi and South Sea schemes back in the seventeen hundreds, through the railway and cycle manias plus Australian land boom of Victorian times to those in more living memory. That includes the Wall Street boom and 1929 crash, the Dot.com bubble of the 1990s and the sub-prime mortgage crisis in 2007/8.

    The latter resulted in a world-wide financial crisis with particularly damaging effects in the USA and UK. Banks had to be bailed out and bank shareholders lost their lifetime savings. But the dot.com bubble had relatively minor impacts on the general economy.

    I managed to sell a business and retire as a result of the dot.com bubble at the age of 50 because it was obvious that IT companies in general had become very highly valued. Software and internet businesses with no profits, even no sales, had valuations put on them that bore no relation to conventional valuations of businesses and forecasts of future profits were generally pie in the sky. One of the things the authors point out is that insiders generally benefit from booms while inexperienced retail investors and unwise speculators with little knowledge of an industry are often the losers.

    How are bubbles caused? The authors identify three big factors which they call the “bubble triangle” – speculation, money/credit and marketability. The latter is very important. For example, houses owned by occupiers tend to be part of markets that are sluggish and not prone to volatility as buying and selling houses is a slow process. But when sub-prime mortgages were created a whole new market was brought into being where mortgages could be easily traded. At the same time, the finance for mortgages was made easier to obtain.
    The latter was by driven by political decisions to encourage home ownership by easier credit and by the relaxation of regulations. Indeed it is obvious from reading the book that politicians are one of the major sources of booms. Governments can easily create booms, but they then have difficulty in controlling the excesses and managing the subsequent busts.

    The Dot.com boom was partly driven by technological innovation that attracted the imagination of the public and investors. It might have contributed positively to the development of new technologies, new services and hence to the economy, but most companies launched in that era subsequently failed or proved to be poor investments in terms of return on capital invested. Amazon is one of the few success stories. As the book points out, market bubbles tend to disprove the theory that markets are efficient. It is clear that sometimes they become irrational.

    There are particularly good chapters in the book on the Japanese land bubble in the 1980s and the development of China’s stock markets which may not be familiar to many readers.

    The authors tackle the issue of whether bubbles can be predicted and to some extent they can. But a good understanding of all the factors that can contribute is essential for doing so. Media comments can contribute to the formation of bubbles by promoting companies or technologies but can also suppress bubbles if they make informed comments. But this is what the authors say on the Bitcoin bubble and the impact of social media and blogs: “The average investor was much more likely to encounter cranks, uninformed journalists repeating the misinformation of cranks, bitcoin holders trying to attract new investors to increase its price and advertisements for bitcoin trading platforms”. They also say: “Increasingly the nature of the news media is shifting in a direction that makes it very difficult for informed voices to be heard above the noise”.

    The authors suggest that buying technology shares can be like a casino. Most of the bets will be losing ones but you may hit a jackpot. I would suggest you need to pay close attention to the business and its fundamentals when purchasing shares in such companies.

    In conclusion the book “Boom and Bust” is well worth reading by investors, and essential reading for central bankers and politicians!

    Roger Lawson
    レポート