期刊名称：Ido Movement for Culture: Journal of Martial Arts Anthropology
印刷版ISSN：2084-3763
电子版ISSN：2082-7571
出版年度：2008
卷号：8
期号：1
页码：266-267
语种：English
出版社：Idokan Poland Association in Rzeszów
摘要：On 16–17th November 2007 All–Polish Scientific Conference of Polish scientific societies took place.It was organized on the occasion of the 20th anniversary of the Kalisz Association of Friends of Sciences.
其他摘要：Asset price bubble is the fact that "the real price of the asset deviats from the fundemantal value of the same asset”.In a macro perspective,a bubble can be defined as "the real change rate (rise) in the asset price index in a year exceeds the real economic growth rate that occurred in the same year and country”.In our papper it was targetted that the asset price bubbles which have been experienced in the stock market in the Turkey economy since 1980 were identified amprically.The definition used as the bubbles occurred are defined ampricallye was constructed on those:the change in the asset price index,inflation,and the real economic growth rate.The inflation was considered because of the fact that the asset price bubbles are perceived as "a sharp decline in the asset’s real price.The definition,which is used as the bubble burst case are defined,was constructed on those fundemantals:the change in the asset price index and inflation.In the study we moved from annual,quarterly,and monthly datas as the bubbles and bubble burst cases happened in our country’s stock market are identified amprically.In the article at first the amprical definition of the bubble was studied.In order to the this fact that the amprical definitions in the literature,and IMF approach were examined.Then,the amprical definition were derived from IMF approach.Finally the bubble and burst cases,have experienced since 1980 in stock market in Turkey economy,were identified amprically in regard to a macro frame as it was moved from annual,quarterly,and monthly datas.In the final part of the study,whether or not there is a relation between the bubbles and the financial instabilities was examined.Amprically bubble case was defined as that "the increase in the asset real price index exceeds the real economic growth rate,at least,25% in the same year”.In respect to the definitions as annual datas are used;the bubble cases are 1987,1990,1993,1997,2000,2004–5 events.As the bubble burst cases are defined amprically and annually,"the decrease in asset price index occurred during 1 year is at least 20%” was accepted as a criterium.If the burst cases are defined as "the decline in the asset market real and average price index during a year in respect to the previous year’s happen at least 20%”;1988,1991–2,2001– 2 cases were identified as bubble burst cases amprically.In respect to asset price index,IMKB National 100 Index was accepted as the basis.When the asset price bubble bursts,it can trigger a financial crises.Hence,the existing of a bubble is a serious threatment in regard to both financial stability and macroeconomic stability that includs general price stability.If the criterium is a period which consists of 2 years as the year when the bubble occurred in and the following year,it can be stated that:1987,1990,1993,2000 bubble cases were accompanied by a financial crises.However,2004–5 bubble case was accompanied by neither a financial crises nor a "sufficiently severe” financial instability.In this study it was meant that only "currency instability” or "banking instabilities” with "financial instability” term..
