Taming Global Village Risk II:Understanding and Mitigating Bubbles
探讨了资产泡沫的常见要素（金融创新、投资者心理和杠杆），分析其在市场泡沫和后续动荡中的表现，并提出加强风险管理的建议，包括建立灵活有力的监管框架以识别和遏制过度经济风险。
Asset bubbles and their subsequent bursts have been a part of capital markets since modern capital markets began to evolve some 300 years ago. Although each bubble environment has its own distinguishing characteristics, certain common elements persist over time as the key ingredients of market bubbles— financial innovation, the emotions and psychology of investors, and leverage. The author explores how these features present themselves in market bubbles and the ensuing market disruptions, and offers some suggestions for improving future risk management. Among the recommendations is a strong, yet flexible, oversight framework having the goal of identifying and containing areas of excessive economic risk. <bold>TOPICS:</bold> <ext-link>Financial crises and financial market history</ext-link>, <ext-link>in markets</ext-link>, <ext-link>exchanges/markets/clearinghouses</ext-link>