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Article: Welcome to bull country.(stock market performance)
- Article from:
- The Economist (US)
- Article date:
- July 18, 1998
CopyrightCOPYRIGHT 1998 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Have investors grown more courageous, or just more foolish? The outlook for the world economy may turn on the answer-and that depends on an elusive measure known as the ''equity premium''
EVERY day, it seems, another official joins the throngs who are warning the western world about overvalued stockmarkets. Even cautious central bankers have been speaking out. Alan Greenspan, chairman of America's Federal Reserve, has mostly kept his counsel since the markets rudely ignored his mutters, 18 months ago, about ''irrational exuberance''. But recently Hans Tietmeyer, president of Germany's Bundesbank, joined the doom merchants, promising that a gathering of central ...