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"Once traders have lost money faster than they made it, speculative fervor dies quickly," Ms. Callies said.
Officials at Chinese commodities markets are now taking steps to cool speculative fervor to avoid crashes, and prices have begun to ease.
Instead, like Mr. Greenspan, he seemed to view debt-fueled growth and speculative fervor as issues best dealt with after — but not before — the bursting of a bubble.
The bank has made lush profits in many of those markets but has also suffered bruising losses when speculative fervor overseas turned against it in recent years.
All of which makes Ms. Rey's research particularly relevant, not least her recommendation that policy makers in the United States and abroad put in place regulations that reduce the intensity and speculative fervor of these flows.
In fact, that has happened for most stocks, but the speculative fervor in favored stocks has continued unabated, and margin debt -- the money borrowed to buy stocks -- has begun to rise sharply.
Similar(49)
She inspires fervor.
Real fervor.
His fervor rose.
He also had fervor.
Speculative fiction?
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