] 6 J an 1 99 9 Critical Crashes
نویسنده
چکیده
The authors argue that the word “critical” in the title is not purely literary. Based on their and other previous work on nonlinear complex dynamical systems, they summarize present evidence, on the Oct. 1929, Oct. 1987, Oct. 1987 Hong-Kong, Aug. 1998 global market events and on the 1985 Forex event, for the hypothesis advanced three years ago that stock market crashes are caused by the slow buildup of long-range correlations between traders leading to a collapse of the stock market in one critical instant.
منابع مشابه
Supporting Information: Lack of critical slowing down suggests that financial meltdowns are not critical transitions, yet rising variability signals systemic risk
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تاریخ انتشار 1997