Stock market bubble

Short description: Economic bubble in a stock market

The NASDAQ Composite index spiked in the late 90s and then fell sharply as a result of the dot-com bubble.

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Assets

* Bond
* Commodity
* Derivatives
* Foreign exchange
* Money
* Over-the-counter
* Private equity
* Real estate
* Spot
* Stock

Participants

* Investor
* institutional
* Retail
* Speculator

Locations

* Financial centres
* Offshore financial centres
* Conduit and Sink OFCs

| list2name = instruments | list2title = Instruments | list2style = padding-left:2.0em;padding-right:2.0em;

| list2 =

* Bond
* Cash
* Collateralised debt obligation
* Credit default swap
* Time deposit (certificate of deposit)
* Credit line
* Deposit
* Derivative
* Futures contract
* Indemnity
* Insurance
* Letter of credit
* Loan
* Mortgage

* Option (call
* exotic
* put)}}
* performance bonds
* Repurchase agreement
* Stock
* Security
* Syndicated loan
* Synthetic CDO

A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation.

Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink and herd behavior. Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.[1] Other theoretical explanations of stock market bubbles have suggested that they are rational,[2] intrinsic,[3] and contagious.[4]

## Contents

* 1 History
* 2 Examples
* 3 Whether rational or irrational
* 4 Positive feedback
* 5 Effect of incentives
* 6 See also
* 7 References
* 8 External links

## History

Courtyard of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser) by Emanuel de Witte, 1653.

Historically, early stock market bubbles and crashes have their roots in financial activities of the 17th-century Dutch Republic, the birthplace of the first formal (official) stock exchange and market in history.[5][6][7][8][9] The Dutch tulip mania, of the 1630s, is generally considered the world's first recorded speculative bubble (or economic bubble).[10]

## Examples

Two famous early stock market bubbles were the Mississippi Scheme in France and the South Sea bubble in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in Charles Mackay's 1841 popular account, "Extraordinary Popular Delusions and the Madness of Crowds".

The Nikkei 225[relevant? - discuss]

The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the Wall Street crash of 1929 and the following Great Depression, and the Dot-com bubble of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including radio, automobiles, aviation and the deployment of electrical power grids. The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles.

Other stock market bubbles of note include the Encilhamento occurred in Brazil during the late 1880s-early 1890s, the "Go-Go" era of the late 1960s,[11][12][13] the Nifty Fifty stocks in the early 1970s, Taiwanese stocks in 1987–1989 and Japanese stocks in the late 1980s.

Stock market bubbles frequently produce hot markets in initial public offerings, since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating long-standing economic value. Typically, when there is an overabundance of IPOs in a bubble market, a large portion of the IPO companies fail to achieve what is promised to the investors, or can even be vehicles for fraud.

## Whether rational or irrational

Emotional and cognitive biases (see behavioral finance) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as to not go against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a new economy where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble, whereby everyone is investing with the intent of finding a greater fool. However, some analysts cite the wisdom of crowds and say that price movements really do reflect rational expectations of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.[14]

To sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are bubbles that occur in experimental asset markets. According to the efficient-market hypothesis, this doesn't happen, and so any data is wrong.[15] For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders).

In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. Vernon Smith has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the Spain Fund in 1989 and 1990 in his work on price bubbles.[16] At its peak, the Spain Fund traded near $35, nearly triple its Net Asset Value of about $12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums.

It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding.

## Positive feedback

A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsic value of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a positive feedback loop.

Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price volatility. However, a self-adjustment (negative feedback) normally takes place when prices rise, more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing disequilibrium. This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards.

## Effect of incentives

Investment managers, such as stock mutual fund managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.[17]

## See also

* Histoire des bourses de valeurs (French)
* 2008 financial crisis
* AI bubble
* Asset allocation
* Business cycle
* Collective behavior
* Diversification
* Dot-com bubble
* Fictitious capital
* Financial modeling
* Financial risk management
* Irrational exuberance
* Market trend
* Risk management
* Stock market crash

## References

1. ↑ Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets". Econometrica 56 (5): 1119–1151. doi:10.2307/1911361.
2. ↑ De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). "Noise Trader Risk in Financial Markets". Journal of Political Economy 98 (4): 703–738. doi:10.1086/261703. http://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdf.
3. ↑ Froot, Kenneth A.; Obstfeld, Maurice (1991). "Intrinsic Bubbles: The Case of Stock Prices". American Economic Review 81 (5): 1189–1214. doi:10.3386/w3091.
4. ↑ Topol, Richard (1991). "Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion". The Economic Journal 101 (407): 786–800. doi:10.2307/2233855.
5. ↑ Brooks, John: The Fluctuation: The Little Crash in '62, in Business Adventures: Twelve Classic Tales from the World of Wall Street. (New York: Weybright & Talley, 1968)
6. ↑ Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Origins of Value, in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175
7. ↑ Shiller, Robert (2011). Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses). [Transcript]
8. ↑ Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)
9. ↑ Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (Futures, Volume 68, April 2015, p. 5–18)
10. ↑ Terrell, Ellen. "Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania" (in en). https://guides.loc.gov/business-booms-busts/tulip-mania.
11. ↑ Robards, Terry (12 February 1973). "Go‐Go Fund Managers Mostly Gone". The New York Times. https://www.nytimes.com/1973/02/12/archives/go-go-fund-managers-mostly-gone-the-magic-money-wands-of-roaring.html.
12. ↑ Barbash, Barry P. (4 December 1997). "Remembering the Past: Mutual Funds and the Lessons of the Wonder Years". https://www.sec.gov/news/speech/speecharchive/1997/spch199.txt.
13. ↑ Brooks, John (20 September 1999) (in en). The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s. John Wiley & Sons. ISBN 978-0-471-35754-4. https://www.google.com/books/edition/The_Go_Go_Years/hkOdEAAAQBAJ.
14. ↑ Sergey Perminov, Trendocracy and Stock Market Manipulations (2008, ISBN 978-1-4357-5244-3).
15. ↑ Krugman, Paul (2009-09-02). "How Did Economists Get It So Wrong?". The New York Times. https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html.
16. ↑ Porter, David P.; Smith, Vernon L. (2003). "Stock Market Bubbles in the Laboratory" (in en). The Journal of Behavioral Finance 4 (1): 7–20. doi:10.1207/S15427579JPFM0401_03.
17. ↑ Blodget, Henry (2008-12-01). "Why Wall Street Always Blows It" (in en). The Atlantic. ISSN 2151-9463. https://www.theatlantic.com/magazine/archive/2008/12/why-wall-street-always-blows-it/307147/.

## External links

* Accounts of the South Sea Bubble, John Law and the Mississippi Company can be found in Charles Mackay's classic Extraordinary Popular Delusions and the Madness of Crowds (1843) – available from Project Gutenberg. Warning: this reference has been widely criticized by historians.

* v
* t
* e

Financial bubbles

* Commodity booms
* Credit cycle
* Diamond rush
* Gold rush
* Irrational exuberance
* Oil boom
* Real estate bubble
* Stock market bubble

1000–1760|

* Tulip mania (1634–1637)
* Mississippi bubble (1684–1720)
* Brazilian Gold Rush (c. 1690–1760)
* South Sea bubble (1711–1720)

1760–1840|

* Brazilian Gold Rush (1760–1840)
* Canal Mania (c. 1790–c. 1810)
* Carolina Gold Rush (1802–1825)
* 1810s Alabama real estate bubble
* Georgia Gold Rush (1828–c. 1840)
* 1830s Chicago real estate bubble
* Chilean silver rush (1830–1840)

1840–1870|

* Chilean silver rush (1840–1850)
* Railway Mania (c. 1840–c. 1850)
* Brazilian Gold Rush (1840–1870)
* California Gold Rush (1848–1855)
* Queen Charlottes Gold Rush (1851)
* Victorian gold rush (1851–c. 1870)
* New South Wales gold rush (1851–1880)
* Australian gold rushes (1851–1914)
* Fraser Canyon Gold Rush (1858)
* Pike's Peak Gold Rush (1858–1861)
* Rock Creek Gold Rush (1859)
* Pennsylvania oil rush (1859–1891)
* Similkameen Gold Rush (1860)
* Stikine Gold Rush (1861)
* Colorado River mining boom (1861–1864)
* Otago Gold Rush (1861–1864)
* Cariboo Gold Rush (1861–1867)
* First Nova Scotia Gold Rush (1861–1874)
* Wild Horse Creek Gold Rush (1864–1865)
* Leechtown Gold Rush (1864–1865)
* West Coast Gold Rush (1864–1867)
* Big Bend Gold Rush (c. 1865)
* Vermilion Lake Gold Rush (1865–1867)
* Kildonan Gold Rush (1869)
* Omineca Gold Rush (1869)

1870–1914|

* 1870s Lapland gold rush
* Coromandel Gold Rushes (c. 1870–c. 1890)
* Cassiar Gold Rush (c. 1870–c. 1890)
* Brazilian Gold Rush (1870–c. 1900)
* Black Hills Gold Rush (1874–1880)
* Colorado Silver Boom (1879–1893)
* Western Australian gold rushes (c. 1880–c. 1900)
* Indiana gas boom (c. 1880–1903)
* Ohio oil rush (c. 1880–c. 1930)
* Tierra del Fuego gold rush (1883–1906)
* Cayoosh Gold Rush (1884)
* Witwatersrand Gold Rush (1886)
* Encilhamento (1886–1890)
* Cripple Creek Gold Rush (c. 1890–c. 1910)
* Klondike Gold Rush (1896–1899)
* Second Nova Scotia Gold Rush (1896–1903)
* Kobuk River Stampede (1897–1899)
* Mount Baker Gold Rush (1897–c. 1925)
* Nome Gold Rush (1899–1909)
* Fairbanks Gold Rush (c. 1900–1918)
* Texas oil boom (1901–1918)
* Cobalt silver rush (1903–1918)
* Porcupine Gold Rush (1909–1918)

1918–1939|

* 1920s Florida land boom (c. 1920–1925)
* Fairbanks Gold Rush (1918–c. 1930)
* Texas oil boom (1918–1945)
* Cobalt silver rush (1918–c. 1930)
* Porcupine Gold Rush (1918–1945)
* 1930s Kakamega gold rush
* Third Nova Scotia Gold Rush (1932–1942)

1945–1973|

* Texas oil boom (1945–c. 1950)
* Porcupine Gold Rush (1945–c. 1960)
* Poseidon bubble (1969–1970)

1973–1982|

* Mexican oil boom (1977–1981)
* Silver Thursday (1980)
* New Zealand property bubble (c. 1980–1982)

1982–2007|

* 1980s oil glut
* New Zealand property bubble (1982–)
* Spanish property bubble (1985–2008)
* Japanese asset price bubble (1986–1990)
* Dot-com bubble (1995–2000)
* Baltic states housing bubble (2000–2006)
* Irish property bubble (c. 2000–2007)
* 2000s commodities boom (2000–2008)
* 2000s Danish property bubble (2001–2006)
* Indian property bubble (2001–2007)
* United States housing bubble (2002–2006)
* Romanian property bubble (2002–2007)
* Polish property bubble (2002–2008)
* Canadian property bubble (2003–2008)
* Chinese property bubble (2005–11)
* Lebanese housing bubble (2005–2008)
* Bulgarian property bubble (2006–2008)
* North Dakota oil boom (2006–2008)
* Chinese stock bubble of 2007
* Uranium bubble of 2007

Post–2008|

* North Dakota oil boom (2008–2012)
* 2000s commodities boom (2008–2014)
* Canadian property bubble (2008–2019)
* Lebanese housing bubble (2008–)
* Australian property bubble (2010–)
* Cryptocurrency bubble (2011–)

* AI winter
* Carbon bubble
* Chaotic bubble
* The Green Bubble
* Social media bubble
* Unicorn bubble
* U.S. higher education bubble

* v
* t
* e

Economic history of the United States and Commonwealth of Nations countries

Commercial revolution
(1000–1760)|

* Great Bullion Famine (c. 1400–c. 1500)
* Great Slump (1430–1490)
* The Great Debasement (1544–1551)
* Financial Revolution (1690–1800)
* Slump of 1706
* Great Frost of 1709
* South Sea bubble (1713–1720)
* Mississippi bubble (1717–1720)
* Economic impact of the Seven Years' War (1754–1763)

1st Industrial Revolution/
Market Revolution
(1760–1870)|

* Industrial Revolution
* Scotland
* United States
* Wales
* Bengal Bubble of 1769 (1769–1784)
* British credit crisis of 1772–1773
* American Revolutionary War inflation (1775–1783)
* Panic of 1785 (1785–1788)
* Copper Panic of 1789/Panic of 1792 (1789–1793)
* Canal Mania (c. 1790–c. 1810)
* Panic of 1796–1797 (1796–1799)
* 1802–1804 recession
* Carolina gold rush (1802–1825)
* Depression of 1807 (1807–1810)
* 1810s Alabama real estate bubble
* Alabama Fever
* 1812 recession
* Post-Napoleonic Depression (1815–1821)
* 1822–23 recession
* Panic of 1825
* Panic of 1826
* 1828–29 recession
* Georgia Gold Rush (1828–c. 1840)
* 1830s Chicago real estate bubble
* 1833–34 recession
* Panic of 1837 (1836–1838 and 1839–1843)
* U.S. state defaults in the 1840s
* Railway Mania (c. 1840–c. 1850)
* Plank Road Boom (1844–c. 1855)
* 1845–46 recession
* Panic of 1847 (1847–1848)
* California gold rush (1848–1855)
* British Columbia gold rushes
* Queen Charlottes Gold Rush, 1851
* Fraser Canyon Gold Rush, 1858
* Rock Creek Gold Rush, 1859
* Similkameen Gold Rush, 1860
* Stikine Gold Rush, 1861
* Cariboo Gold Rush, 1861–1867
* Wild Horse Creek Gold Rush, 1863–1870
* Leechtown Gold Rush, 1864–1865
* Big Bend Gold Rush, c. 1865
* Omineca Gold Rush, 1869
* Victorian gold rush (1851–c. 1870)
* New South Wales gold rush (1851–1880)
* Australian gold rushes (1851–1914)
* 1853–54 recession
* Panic of 1857 (1857–1858)
* Pike's Peak gold rush (1858–1861)
* Pennsylvania oil rush (1859–1891)
* 1860–61 recession
* Colorado River mining boom (1861–1864)
* Otago gold rush (1861–1864)
* U.S. Civil War economy (1861–1865)
* First Nova Scotia Gold Rush (1861–1874)
* West Coast Gold Rush (1864–1867)
* Panic of 1866 (1865–1867)
* Vermilion Lake gold rush (1865–1867)
* Kildonan Gold Rush (1869)
* Black Friday (1869–1870)

Gilded Age/
2nd Industrial Revolution
(1870–1914)|

* Coromandel Gold Rushes (c. 1870–c. 1890)
* Cassiar Gold Rush (c. 1870–c. 1890)
* Long Depression
* 1873–1879; Panic of 1873
* Black Hills gold rush (1874–1880)
* Colorado Silver Boom (1879–1893)
* Western Australian gold rushes (c. 1880–c. 1900)
* Indiana gas boom (c. 1880–1903)
* Ohio oil rush (c. 1880–c. 1930)
* Depression of 1882–1885
* Panic of 1884
* Cayoosh Gold Rush (1884)
* Witwatersrand Gold Rush (1886)
* 1887–88 recession
* Baring crisis (1890–1891)
* Cripple Creek Gold Rush (c. 1890–c. 1910)
* Panic of 1893 (1893–1897)
* Australian banking crisis of 1893
* Black Monday (1894)
* Panic of 1896
* Klondike Gold Rush (1896–1899)
* Second Nova Scotia Gold Rush (1896–1903)
* Kobuk River Stampede (1897–1899)
* Mount Baker gold rush (1897–c. 1925)
* 1899–1900 recession
* Nome Gold Rush (1899–1909)
* Fairbanks Gold Rush (c. 1900–c. 1930)
* Texas oil boom (1901–c. 1950)
* Panic of 1901 (1902–1904)
* Cobalt silver rush (1903–c. 1930)
* Panic of 1907 (1907–1908)
* Porcupine Gold Rush (1909–c. 1960)
* Panic of 1910–11 (1910–1912)
* Financial crisis of 1914 (1913–14)

World War home fronts/
Interwar period
(1914–1945)|

* World War I economy and home fronts
* Australia
* Canada
* United Kingdom
* United States
* Post–World War I recession (1918–1919)
* Recession of 1920–1921
* 1920s Florida land boom (c. 1920–1925)
* Roaring Twenties
* 1923–1924 recession
* 1926–1927 recession
* Great Depression
* 1929–1939; Wall Street crash of 1929
* Panic of 1930
* Great Contraction, 1929–1933
* Recession of 1937–1938
* Australia
* Canada
* India
* South Africa
* United Kingdom
* United States
* 1930s Kakamega Gold Rush
* Third Nova Scotia Gold Rush (1932–1942)
* World War II home front
* Australia
* Canada
* United Kingdom
* United States

Post–WWII expansion/
1970s stagflation
(1945–1982)|

* Great Compression
* 1945 recession
* Recession of 1949 (1948–1949)
* Hong Kong and Singapore Asian Tiger expansions (1950–1990)
* 1951 Canada recession
* Recession of 1953 (1953–1954)
* Recession of 1958 (1957–1958)
* Recession of 1960–1961
* Kennedy Slide of 1962
* Poseidon bubble (1969–1970)
* Recession of 1969–1970
* 1970s commodities boom
* 1973–1975 recession
* 1973–1974 stock market crash
* Secondary banking crisis of 1973–1975
* 1970s energy crisis
* 1973–1980; 1973 oil crisis
* 1979 oil crisis
* Steel crisis (1973–1982)
* 1976 sterling crisis
* Silver Thursday (1980)
* Early 1980s recession
* 1980–1982; United States

Computer Age/
Second Gilded Age
(1982–present)|

* Great Moderation (1982–2007)
* 1980s oil glut
* Black Saturday (1983)
* New Zealand property bubble (c. 1985–)
* Savings and loan crisis (1986–1995)
* Black Monday (1987)
* Friday the 13th mini-crash (1989)
* Early 1990s recession
* 1990–1991; Australia
* United States
* 1990 oil price shock
* Rhode Island banking crisis (1990–1992)
* 1991 Indian economic crisis
* 1990s United States boom (1991–2001)
* 1990s India economic boom
* Hyperinflation in Zimbabwe (1991–present)
* Black Wednesday (1992)
* 1994 bond market crisis
* 1994 Papua New Guinea financial crisis
* Dot-com bubble
* 1995–2004; Stock market downturn of 2002
* 1997 Asian financial crisis
* October 27, 1997, mini-crash
* Early 2000s recession
* 2001; 9/11 stock market crash
* 2000s commodities boom (2000–2014)
* United States housing bubble (2002–2006)
* Canadian property bubble (2002–)
* 2003 Myanmar banking crisis
* 2000s energy crisis (2003–2008)
* North Dakota oil boom (2006–2015)
* Uranium bubble of 2007
* Great Recession
* 2007–2009; Australia and New Zealand
* Bangladesh, India, Malaysia, Pakistan, and Sri Lanka
* British West Indies
* Canada
* South Africa
* United Kingdom
* United States
* 2008 financial crisis
* September
* October
* November
* December
* 2009
* Subprime mortgage crisis
* 2000s U.S. housing market correction
* U.S. bear market of 2007–2009
* 2007–2010 U.S. bank failures
* Corporate debt bubble (2008–)
* Blue Monday Crash 2009
* 2010 flash crash
* Malaysia Tiger Cub expansion (2010s)
* Australian property bubble (2010–)
* August 2011 stock markets fall
* Black Monday
* 2011 Bangladesh share market scam
* Cryptocurrency bubble (2011–)
* Puerto Rican government-debt crisis (2014–2022)
* 2015–2016 stock market selloff
* Brexit stock market crash (2016)
* 2017 Sri Lankan fuel crisis
* Ghana banking crisis (2017–2018)
* Sri Lankan economic crisis (2019–2024)
* COVID-19 recession
* 2020–2022; 2020 stock market crash
* financial market impact
* sectoral impacts
* shortages
* Canada
* India
* Malaysia
* New Zealand
* United Kingdom
* United States
* 2020s commodities boom
* Global energy crisis
* 2021–2023; 2021 United Kingdom natural gas supplier crisis
* regional effects
* 2021–2023 global supply chain crisis
* 2021–2023 inflation surge
* Pakistani economic crisis (2021–2024)
* 2022 stock market decline
* 2022–2023 global food crises
* 2023 United Kingdom recession
* 2023 United States banking crisis
* 2025 stock market crash

Countries and sectors|

* Australia
* rail transport
* slavery
* whaling/Western Australia
* Canada
* agriculture
* currencies
* early banking system
* list of recessions
* petroleum industry
* rail transport
* slavery
* technological and industrial
* whaling/Pacific Northwest
* Ghana
* India
* agriculture
* Company rule
* maritime
* British Raj
* Deindustrialisation
* salt tax
* slavery
* Malaysia
* New Zealand
* whaling
* Nigeria
* slavery
* Pakistan
* maritime
* rail transport
* South Africa
* slavery
* whaling
* Uganda
* United Kingdom
* Agricultural Revolution
* Atlantic slave trade
* banking
* British Empire
* English fiscal system
* Interwar unemployment and poverty
* list of recessions
* maritime/England/Scotland
* Middle Ages England/agriculture
* national debt
* Scotland/agriculture/Middle Ages
* rail transport/pre–1830/1830–1922/1923–1947/1948–1994/1995–present
* slavery
* trade unions
* Victorian era
* Wales
* whaling/Scotland
* United States
* agriculture
* banking/colonial-era credit/cooperatives/investment banking/wildcat banking
* business
* central banking
* coal mining
* indentured servitude
* iron and steel industry
* labor
* list of economic expansions
* list of recessions
* lumber industry
* maritime/colonial-era/1776–1799/1800–1899/1900–1999/2000–present
* monetary policy
* poverty
* petroleum industry/oil shale
* public debt
* rail transportation
* slavery/colonial-era slavery/forced labor/slave trade/slave markets
* tariffs
* taxation
* technological and industrial
* United States dollar
* whaling
* Zimbabwe

Business cycle topics|

* Aggregate demand/Supply
* Effective demand
* General glut
* Model
* Overproduction
* Paradox of thrift
* Price-and-wage stickiness
* Underconsumption
* Inflation and unemployment
* Chronic
* Classical dichotomy
* Debasement
* Debt monetization
* Demand-pull/cost-push/built-in inflation
* Deflation
* Disinflation
* Full employment
* Hyperinflation
* Money supply/demand
* NAIRU
* Natural rate of unemployment
* Neutrality of money
* Phillips curve
* Price level
* Real and nominal value
* Sahm rule
* Velocity of money
* Expansion
* Miracle
* Recovery
* Stagnation
* Interest rate
* Nominal interest rate
* Real interest rate
* Yield curve/Inverted
* Recession
* Balance sheet
* Depression
* Global
* Rolling
* Shapes
* Stagflation
* Shock
* Demand
* Supply

Credit cycle topics|

* Financial bubble
* Commodity booms/diamond rush/gold rush/oil boom
* Real-estate bubble/housing bubble/boomtown/ghost town
* Speculation
* Stock market bubble
* Financial crisis
* Bank run/bank failure
* Commodity price shocks
* Credit crunch
* Currency crisis
* Debt crisis
* Energy crisis
* Liquidity crisis/accounting/capital/funding/market
* Minsky moment/leverage cycle
* Stock market crash/Flash crash
* Social contagion
* Financial contagion
* Irrational exuberance
* Market trend
* Proposed bubbles
* AI bubble/AI boom/Fourth Industrial Revolution/Imagination Age
* Carbon bubble/Age of Oil/Peak oil
* Everything bubble
* Green bubble
* Social media stock bubble
* Unicorn bubble
* U.S. higher education bubble

de:Spekulationsblase fr:Bulle spéculative

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Original source: https://en.wikipedia.org/wiki/Stock market bubble. Read more

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