"Unternehmen verstehen unter freiem Wettbewerb die Freiheit, den Wettbewerb durch Erlangung einer marktbeherrschenden Stellung zu eliminieren."

The Quarterly Review of Economics and Finance 44 (2004) 237–252

Several empirical studies show that a substantial fraction of the changes in growth rates of real activity can be explained by lagged aggregate stock return variations in the U.S. as well as in other G-7 countries from the 1950s to the 1990s. However, the results presented in Binswanger.[International Review of Economics and Finance 9 (2000) 387] indicate that this traditionally strong relation has disappeared in the U.S. in the early 1980s. This paper shows that a similar breakdown occurred in Canada, Japan and in an aggregate economy consisting of the four European G-7 countries. The results provide evidence in favor of the hypothesis that speculative bubbles during the 1980s and 1990s were an international phenomenon. © 2003 Board of Trustees of the University of Illinois. All rights reserved.

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