Financial Crisis: Is There a Wandering Asset-Price Bubble?

Dr. Orlowski argues in this Network Study and Analysis that the severity of the crisis is strongly influenced by changeable allocations of global savings, which lead to over-pricing of varied types of assets.  This process is termed a "wandering asset-price bubble". 

The full paper is available in CASE Network Studies and Analysis series No. 372: Stages of the Ongoing Global Financial Crisis: Is There a Wandering Asset-Price Bubble?]

For additonal comments on the subject, see also CASE Network E-brief 7/2008 by Marek Dabrowsi entitled The Global Financial Crisis: Causes, Channels of Contagion and Potential Lessons.