The Dutch tulipmania, the Mississippi Bubble, the South Sea Bubble these are always invoked with every outbreak of great financial instability. So implanted are they in our literature, that they are now used more as synonyms for financial instability than as references to the particular events themselves. Along with words such as herding and the newly popular irrational exuberance, they now dominate the policymaking, academic rhetoric, and market commentary on the crisis years of 1997, 1998, and 1999. In general, these events are viewed as outbursts of irrationality: self-generating surges of optimism that pump up asset prices and misallocate investments and resources to such a great extent that a crash and major financial and economic distress inevitably follow. [download]
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