News
17.09.2018
The Ben Graham Centre for Value Investing at the Ivey Business School is proud to announce the 6th Annual MBA Stock Picking Competition made possible by our key sponsors Burgundy Asset Management and Robotti & Company Advisors, as well as Bristol Gate Capital Partners Inc., Foyston, Gordon & Payne Inc., Stacey Muirhead Capital Management and Peters MacGregor Capital Management.
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12.09.2018
The deadline for the 6th Winter MFS Conference is September 14, 2018. Last chance to submit your paper!
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10.09.2018
The deadline for paper submission of the 6th Winter MFS Conference is September 10, 2018. The portal will be open as much as 48 hours after the deadline.
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Forthcoming MFJ Articles
13.08.2018



The Evolving Nature of Asset Price Bubbles, Financial Instability and Monetary Policy

Anastasios Malliaris, Loyola University Chicago, USA

This paper links the bursting of the housing asset price bubble around 2007 in the U.S. to the instability that arose in financial markets with the bankruptcy of Lehman Brothers in September 2008, and both of these to the Great Recession and the unconventional monetary policy that followed. Similar narratives about the Stock Market Crash of 1929, the Crash of 1987 and the Internet Bubble of 2000 are briefly presented to show their evolving financial nature, describe the financial instabilities produced by them and their costs and, finally examine the responses initiated, primarily, by monetary policy. This analytical synopsis of the four best-known U.S. asset bubble crashes guides us to an articulation of a few basic lessons learned. 

Keywords:
 asset price bubbles; financial instability; monetary policy; financial crises; the great recession

Click here to download the full article (pdf)
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Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area


Panayiotis Alexakis, National and Kapodistrian University of Athens, Greece
Gikas Hardouvelis, University of Piraeus, Greece
Dean Paxson, University of Manchester, UK
Gordon Sick, University of Calgary, Canada
Lenos Trigeorgis, University of Cyprus, Cyprus

This article addresses some key issues of the Greek sovereign debt crisis and its broader economic distress and growth implications for the Euro Area. It also offers a number of remedies, including growth indexed bonds, fiscal balances over the growth cycle, structural reforms, and the use of real option analysis in relevant public policy areas involving either inefficient or growth sectors of the economy.

Keywords:
 greek sovereign debt; eurozone financial crisis; GDP-linked bonds; structural reforms; real options

Click here to download the full article (pdf)
Click here for more information