What causes asset bubbles? This question is the great white whale of finance theory. We know that asset prices are given to spectacular rises and falls over short periods of time. Answering this question is hugely important, not just for people’s pensions and retirement, but for the whole economy, since crashes in asset prices can leave growth in the …

  The impeachment of South Korean leader Park Geun-hye should herald the end of a painful and drawn-out political scandal. As they move forward, Koreans should be thinking about how to avoid another one. With Friday’s 234-to-56 vote in the National Assembly, Park’s powers as president have been suspended. For weeks, she tried to fend off public anger over influence-peddling …

  Tens of thousands celebrated the impeachment of South Korean President Park Geun-Hye. The motion to impeach was adopted by 234 votes to 56, easily securing the required two-thirds majority in the 300-seat chamber. It triggered wild celebrations among hundreds of anti-Park activists gathered outside the National Assembly. The protesters called the impeachment a new beginning in South Korean politics. …