PRAISE FOR
BUBBLES
AND HOW TO SURVIVE THEM

“Financial bubbles have always exercised a fascination over academics
and financial journalists. Business economists can make their
reputation by spotting them in time. But in truth relatively little is
known about what generates bubbles, what causes the eventual bust,
what damage bubbles can do, and how they can be prevented. Most
importantly, are we in one now?
In this book, John Calverley explores this subject in considerable depth,
using an analytic approach but writing in a style accessible to the interested
layman. Calverley is the Chief Economist of American Express
bank, so he knows what he is talking about. He belongs to the school
that believes bubbles are recognisable, dangerous and preventable. Moreover,
he thinks the housing market in Britain and some other countries
now displays the characteristics of a bubble. He has a number of policy
recommendations, many of which will prove controversial.
Not everyone will agree with all aspects of his diagnosis or
prescription. But it is hard to dispute that this book addresses an
important and so far poorly understood topic.”
Sir Andrew Crockett, President, J. P. Morgan Chase International
and former General Manager, Bank of International Settlements,
1999–2003
“This is a must read for anyone considering investing in housing or
stocks as well as market practitioners wishing to glean insights into
how the herd can behave.”
Gerry Celaya, Chief Strategist, Redtower Research
“This is an indispensable book for everyone, investors and students
alike, who wants to understand how bubbles arise—and to avoid
being caught out by the next one.”
Roger Bootle, Capital Economics

“This book offers a timely warning. Around the world real estate
prices have been rising strongly as home-buyers take advantage of low
mortgage rates. But if home price increases turn out to be a bubble,
the consequences for many recent buyers as well as for the economy
as a whole could be severe.”
Ranga Chand, economist and expert on mutual funds, Toronto
“There is no more controversial question that what to do about the
housing bubble, whether you are a buyer, a seller, a renter or a
central bank governor. John Calverley has compiled a primer for all,
tackling the many difficult questions logically and informatively. He is
to be commended for making some very constructive proposals for
what looks like a problematic future.”
Alex Erskine, Managing Director of Erskinomics Consulting, Visiting
Fellow with Macquarie Applied Finance Centre, Sydney and
former head of Asian research for a leading global bank
“A clearly written analysis that deftly uses statistical data to reveal the
nature of bubble/bust cycles and offers insights on how to deal with
them.”
Tadashi Nakamae, Nakamae International Economic Research
“Calverley has written a book for our times: when growth is fuelled
by asset bubbles and central bankers held hostage by the fear of their
collapse. He brings a global view and the lessons of economic history
to diagnose the problem, to develop new ideas for policy makers and
to provide sound advice for investors.”
Dr. DeAnne Julius CBE
“If you are worried about your future, read this book with care. If
you’re not, read and take heed. This is high quality, X rated stuff, not
for the faint-hearted, written with great clarity and balance.
Essential reading on any public financial education course.”
Richard O’Brien, Partner, Outsights

是WORD版本的么