Thesis (PhD.(Economics) North-West University, Mafikeng Campus, 2013

published_or_final_version / Asian Studies / Master / Master of Arts

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Thesis (Ph. D.)--University of Texas at Austin, 1999. / Vita. Includes bibliographical references (leaves 169-176). Available also in a digital version from Dissertation Abstracts.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 2001. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph. D.)--University of Texas at Austin, 2001. / Vita. Includes bibliographical references (leaves 240-258). Available also in a digital version from Dissertation Abstracts.

Although there is no strict definition, the team “financial crisis” usually refers to an event in which the value of financial assets drops rapidly. The causes and consequences of different types of financial crisis could vary. The most recent global financial crisis happened in the year of 2008. The bursting of housing bubble in the U.S. and other countries caused the value of mortgage-related securities, created by financial institutions, to plummet. With governments' efforts to bailout banks, the collapse of global financial system was avoided. However, this crisis has resulted in unfortunate political and social turmoil. In 1910, a financial crisis happened in Shanghai, triggered by the bursting of rubber stock speculation bubble. Forty native banks (錢莊) in Shanghai, out of ninety-one, shut the doors by end of that year, attributed by global rubber material price fluctuation and the fraud in Shanghai capital market. As highly involved with stock speculation, several native banks incurred substantial losses, while the whole financial industry was encumbered with those native banks' insolvency, and then followed by the political and social turmoil, including the Xinhai Revolution (辛亥革命) in 1911. “The 1910 Financial Crisis in Shanghai” has been a popular topic. By further verifying historical materials, especially the articles on English and Chinese newspapers, this dissertation proves that some common understanding about the crisis cannot be re-affirmed. It is also proved that the modern economic model for financial crisis could be applied on the 1910 crisis in Shanghai. / published_or_final_version / Chinese Historical Studies / Master / Master of Arts

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This study is a theoretical and historical study of the combined issues of destabilizing speculation and financial crises. First, we critically examine the orthodox mathematical theory of a speculative bubble. This model, we determine, is inadequate for the empirical purposes of identifying and fully explaining a bubble. Next, we examine the 19th-century British Classical view of the mania-crisis phenomenon and compare it with some of the leading early 20th-century views. We find that the 20th-century writers maintained a distinctly Classical view of the issues and that this view is fundamentally different from the orthodox mathematical theory. We also find that the Classical theory, though richer than the mathematical theory, inadequately explains the phenomenon. We then turn to a comparative history of selected mania-crisis episodes. From a detailed analysis of these episodes, we establish those stylized facts which characterize unstable periods of financial activity. We complete the study with a new perspective on financial instability.

Thesis (Ph.D.)--University of California, Los Angeles, 2003. / Includes bibliographical references (leaves 229-232).