Feteniuc, ValentinaLuchian, IvanGherbovet, Sergiu2021-03-262021-03-262014FETINIUC, Valentina, LUCHIAN, Ivan, GHERBOVEŢ, Sergiu. Speculative bubbles and financial crises. In: Journal of Financial and Monetary Economics. 2014, no. 1, pp. 153-162. ISSN 2392 – 9685.2392 – 9685https://rses.ince.md/handle/123456789/1150Bibliogr.: pp. 161-162 (25 titl.). JEL Classification: G11, G12, G15.The speculative bubble can be defined as the trade in high volumes at prices that are considerably at variance with intrinsic values of certain assets. The burst of speculative bubble can cause financial crisis in specific form created by situation of investment process dysfunction, when investors looking for investment refuges and refuse usual investment opportunities. This phenomenon can be a substantial basis of liquidity crisis and general financial crisis. Therefore is very important for regulation authorities to take in to account the possibility of this type of crisis to elaborate specific measures to prevent and reduce the consequences.encrisisassetpricefactorsspeculative bubblefinancial crisisArticle