The years since the early 1970s are unprecedented in terms of the volatility in the prices of commodities, currencies, real estate and stocks, and the frequency and severity of financial crises. In the second half of the 1980s, Japan experienced a massive bubble in its real estate and in its stock markets. During the same period the prices of real estate and of stocks in Finland, Norway and Sweden increased even more rapidly than in Japan. In the early 1990s, there was a surge in real estate prices and stock prices in Thailand, Malaysia, Indonesia and most of the nearby Asian countries; in 1993, stock prices increased by about 100 percent in each of these countries. In the second half of the 1990s, the United States experienced a bubble in the stock market; there was a mania in the prices of the stocks of firms in the new industries like information technology and the dot.coms.
KeywordsDepression Europe Petroleum Income Shrinkage
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Financial Crisis: a Hardy Perennial
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