Paul Krugman

@paulkrugman ↗

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Last Checked July 3, 2020

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Wed Mar 27 13:31:29 +0000 2019

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Paul Krugman @paulkrugman

Shleifer-Vishny argued that the business of keeping asset prices somewhere near fundamental values is normally handled by specialists who need sufficient capital - and that big price moves wipe out that very capital 3/ — PolitiTweet.org

Posted March 27, 2019 Hibernated

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Paul Krugman @paulkrugman

Basically they say that an unexpected drop in rates forced some investors to scramble to cover their bets, pushing rates even lower. If so, this is a classic illustration of a point Shleifer and Vishny made long ago 2/ https://t.co/K6X0RlBOjs — PolitiTweet.org

Posted March 27, 2019 Hibernated

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Paul Krugman @paulkrugman

So even if informed investors are well aware that a big asset price move -- say, a plunge in a developing country's currency – is excessive, they're unable to buy the undervalued asset because their capital has been depleted 4/ — PolitiTweet.org

Posted March 27, 2019 Hibernated