author={Peter M. Garber},
  journal={Journal of Political Economy},
  pages={535 - 560}
Though it is always mentioned first among the list of obvious manias, no serious effort has ever been expended to investigate the market fundamentals that might have driven the tulip speculation. This paper compiles time series on individual tulip prices and examines market fundamentals potentially driving prices. Most of the "tulipmania" was not obvious madness. High but rapidly depreciating prices for rare bulbs is a typical pattern in the flower bulb industry. Only the last month of the… 
Bitcoin: The Longest Running Mania – Tulips of the 21st Century?
Almost four centuries later, the Dutch tulipmania of the 17th century is always mentioned as a mania and used as a reference point in the aftermath of contemporaneous economic and financial crises
The dutch monetary environment during tulipmania
W hen the economics profession turns its attention to financial panics and crashes, the first episode mentioned is tulipmania. In fact, tulipmania has become a metaphor in the economics field. Should
Bitcoin y la Compañía de los Mares del Sur : un análisis comparativo
This paper examines historical Bitcoin price data together with the price data of a well-known and generally accepted historical asset price bubble (the 1720 South Sea Bubble) with the aim of
Famous Myths of "Fiat Money"
The paper re-evaluates the conventional wisdom regarding the existence of moneys that supposedly circulated without any legal status or intrinsic value. Economists call these objects "fiat money." I
The Volatility of Cryptocurrencies in the Age of Digitalization
  • R. Lazar
  • Economics
    Anuarul Universitatii "Petre Andrei" din Iasi - Fascicula: Drept, Stiinte Economice, Stiinte Politice
  • 2021
The evolution of economic crises highlights their common elements, relatively easy to recognize; but mankind doesn't learn too much from its own history; so, we are able to recognize the futures of
Tulip Breaking: Past, Present, and Future.
This article focuses on the oldest recorded plant virus disease, tulip breaking, and reflects the authors’ interests in molecular virology, the history of virology, and the broad influence of viruses
Bursting the Bitcoin Bubble: Assessing the Fundamental Value and Social Costs of Bitcoin
This paper develops a microeconomic model of bitcoin production to analyze the economic effects of the Bitcoin protocol. I view the bitcoin as a tradable commodity that is produced by miners and
Bitcoin – is it a Bubble? Evidence from Unit Root Tests
Bitcoin is a decentralised cryptographic virtual currency scheme based on a peer-to-peer network that has attracted substantial number of users in recent years. In this paper, we investigate reasons
Asset Price Bubbles
Market lore recounts a host of fabled asset price bubbles: the Dutch tulip bubble of the 1630s, the South Sea and Mississippi bubbles of 1720, the dot-com bubble of the late 1990s, and the global


Manias, Panics and Crashes: A History of Financial Crises
1. Financial Crisis: A Hardy Perennial 2. Anatomy of a Typical Crisis 3. Speculative Manias 4. Fueling them Flames: The Expansion of Credit 5. The Critical Stage: Pricking the Bubble 6. Euphoria and
Palgrave's Dictionary of Political Economy
THOUGH this is the first volume of Palgrave's standard work, it is the second of the new edition to appear, and students of economics will have reason to be grateful to the publishers for furnishing
A Textbook of Plant Virus Diseases
It is here possible to obtain, for the first time, a detailed conspectus of the whole number of plant viruses known at present.
Survey Evidence on Diffusion of Investment Among Institutional Investors
Contagion or epidemic models of financial markets are proposed in which interest in or attention to individual stocks is spread by word of mouth. The models give alternative interpretations of the
The Dollar as Speculative Bubble: a Tale of Fundamentalists and Chartists
Several recent developments have inspired us to consider a non-standard model of the dollar as a speculative bubble without the constraint of fully rational expectations: (1) the dollar continued to
Is the Strong Dollar Sustainable?
This paper presents evidence strongly suggesting that the current strength of the dollar reflects myopic behavior by international investors; that is, that part of the dollar's strength can be viewed
An Unbiased Reexamination of Stock Market Volatility
Recent work demonstrates serious statistical problems with standard volatility tests. This paper proposes new tests that are unbiased in small samples and that do not require assumptions of
Bubbles, Rational Expectations and Financial Markets
This paper investigates the nature and the presence of bubbles in financial markets. Are bubbles consistent with rationality? If they are, do they, like Ponzi games, require the presence of new
A Test for Speculative Bubbles in the Sterling-Dollar Exchange Rate: 1981-84
The U.S. dollar price of the U.K. pound sterling is tested for a speculative bubble, defined as a period with a nonzero median in excessreturns. A nonparametric procedure is developed, which controls