论文标题
询问印度市场中的泡沫
Interrogation of A Bubble in the Indian Market
论文作者
论文摘要
印度等新兴市场为投资者提供的回报远远超过发达市场的回报。从1995年到2014年的平均收益为4.714％到发达市场的3.276％。大多数新兴市场开始与世界资本市场一起加入，从而允许大量资本流入，进而铺平了经济增长的道路。即使新兴市场提供高回报，这些也可能表明泡沫形成。发现泡沫是一项繁琐的任务，这主要是由于安全性的基本价值不确定，而且市场的基本原理的随机性使检测泡泡成为一项艰巨的任务。预测2007年金融危机的比率 - 市值与GDP，价格比，价格与账面价值，账面价值，Tobins Q.数据从1999年至1999年的各种印度指数收集，例如Nifty 50，Nifty Nifty Next 50，Nifty Bank，Nifty Bank，Nifty 500 S和PBSE Sensex，S and P bse100。 市场;使用的方法是Philips等人2015年右尾单元测试。该论文还倾向于采取步骤来通过修改金融政策和金融体系的货币流动性来减轻泡沫的影响。
Emerging markets such as India provide investors with returns far greater than those in developed markets; taking the average returns from the period 1995 to 2014 the returns are 4.714% to 3.276% of the developed market. The majority of emerging markets commenced joining with the capital market of the world, thus allowing a huge inflow of capital which in turn paved the path for economic growth. Even though the emerging markets provide high returns these may also be an indication of a bubble formation. Detection of a bubble is a tedious task primarily due to the fundamental value of the security being uncertain, and the randomness of the fundamentals of the market makes detecting bubbles an arduous task. Ratios that foretold the financial crisis of 2007- Market Capitalization to GDP, Price to Earnings Ratio, Price to Book Value, Tobins Q. Data is collected from 1999-2000 from various Indian indices such as NIFTY 50, NIFTY NEXT 50, NIFTY BANK, NIFTY 500 S and PBSE SENSEX, S and P BSE 100. The paper utilizes the ratios mentioned above to detect and backtrack various bubble episodes in the Indian market; the methodology used is the Philips et al 2015 right-tailed unit test. The paper is also inclined to take steps to mitigate the effects of a bubble by amending the financial policies and the monetary liquidity of the financial system.
